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REGISTERED NUMBER: 02347135 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FAYS LIMITED

FAYS LIMITED (REGISTERED NUMBER: 02347135)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FAYS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr I A Seedat
Mrs F I Seedat





REGISTERED OFFICE: 406 East Park Road
Leicester
Leicestershire
LE5 5HH





REGISTERED NUMBER: 02347135 (England and Wales)





ACCOUNTANTS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

FAYS LIMITED (REGISTERED NUMBER: 02347135)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 245,007 220,836
Cash at bank and in hand 52,342 77,541
297,349 298,377
CREDITORS
Amounts falling due within one year 6 61,107 64,643
NET CURRENT ASSETS 236,242 233,734
TOTAL ASSETS LESS CURRENT LIABILITIES 236,242 233,734

CREDITORS
Amounts falling due after more than one
year

7

7,161

7,161
NET ASSETS 229,081 226,573

CAPITAL AND RESERVES
Called up share capital 150,000 150,000
Retained earnings 79,081 76,573
229,081 226,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr I A Seedat - Director


FAYS LIMITED (REGISTERED NUMBER: 02347135)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Fays Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

FAYS LIMITED (REGISTERED NUMBER: 02347135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 280,088
PROVISIONS
At 1 January 2023
and 31 December 2023 280,088
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Midland Wholesalers Limited
Registered office: 406 East Park Road, Leicester LE5 5HH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 21,991 11,745
Other debtors 2,885 2,395
24,876 14,140

Amounts falling due after more than one year:
Other debtors 220,131 206,696

Aggregate amounts 245,007 220,836

Other debtors falling due after more than one year are intercompany loans which are charged a commercial rate of interest, no specific date for recall has been set.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,013 1,770
Taxation and social security 2,124 1,451
Other creditors 56,970 61,422
61,107 64,643

FAYS LIMITED (REGISTERED NUMBER: 02347135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 7,161 7,161

8. RELATED PARTY DISCLOSURES

Other creditors include a directors loan of £56,969 (2022 £60,327). The loan is repayable on demand and no interest is charged on the loan. Creditors also includes an amount of £7,161 (2022 £7,161) due to the subsidiary company who have undertaken not to demand repayment for a period of at least 12 months of the date of signing the balance sheet.