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Registered number: 05099001
Falmouth House Limited
Unaudited Financial Statements
For The Year Ended 30 March 2023
Mikailian & Co
Suite 8, 1-3 Little Titchfield Street
London
W1W 7BU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05099001
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 950,000 950,000
950,000 950,000
CURRENT ASSETS
Debtors 5 757,674 833,300
Cash at bank and in hand 54,230 60,454
811,904 893,754
Creditors: Amounts Falling Due Within One Year 6 (205,496 ) (270,940 )
NET CURRENT ASSETS (LIABILITIES) 606,408 622,814
TOTAL ASSETS LESS CURRENT LIABILITIES 1,556,408 1,572,814
PROVISIONS FOR LIABILITIES
Deferred Taxation (142,814 ) (142,814 )
NET ASSETS 1,413,594 1,430,000
RESERVES
Revaluation reserve 7 679,393 679,393
Income and Expenditure Account 734,201 750,607
MEMBERS' FUNDS 1,413,594 1,430,000
Page 1
Page 2
For the year ending 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Abdulrahman Alsane
Director
01/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Falmouth House Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 05099001 . The registered office is Suite 8, 1-3 Little Titchfield Street, London, W1W 7BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income and expenditure account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Investment Property
2023
£
Fair Value
As at 25 March 2022 and 30 March 2023 950,000
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 757,674 833,300
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to group undertakings 174,496 177,196
Other creditors 31,000 29,560
Taxation and social security - 64,184
205,496 270,940
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7. Reserves
Revaluation Reserve
£
As at 25 March 2022 679,393
As at 30 March 2023 679,393
8. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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