Company Registration No. 02466419 (England and Wales)
Falconway Limited
Unaudited accounts
for the year ended 31 January 2024
Falconway Limited
Unaudited accounts
Contents
Falconway Limited
Company Information
for the year ended 31 January 2024
Directors
Farid Motamed
Richard Turner
Company Number
02466419 (England and Wales)
Registered Office
THE OLD VYNE WEST HEATH
BAUGHURST
TADLEY
HAMPSHIRE
RG26 5LE
Accountants
Black & White Chartered Certified Accountants
2-3 Stable Court
Herriard Park
Herriard
Hampshire
RG25 2PL
Falconway Limited
Statement of financial position
as at 31 January 2024
Investment property
1,222,802
1,215,400
Investments
813,056
814,942
Cash at bank and in hand
16,219
32,240
Creditors: amounts falling due within one year
(701,605)
(706,008)
Net current liabilities
(656,379)
(673,768)
Total assets less current liabilities
1,379,596
1,356,730
Creditors: amounts falling due after more than one year
(260,998)
(260,000)
Provisions for liabilities
Deferred tax
(46,820)
(45,414)
Net assets
1,071,778
1,051,316
Called up share capital
155,000
155,000
Revaluation reserve
321,037
315,041
Profit and loss account
595,741
581,275
Shareholders' funds
1,071,778
1,051,316
For the year ending 31 January 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by
Farid Motamed
Director
Company Registration No. 02466419
Falconway Limited
Notes to the Accounts
for the year ended 31 January 2024
Falconway Limited is a private company, limited by shares, registered in England and Wales, registration number 02466419. The registered office is THE OLD VYNE WEST HEATH, BAUGHURST, TADLEY, HAMPSHIRE, RG26 5LE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Falconway Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 February 2023
1,215,400
Net gain from fair value adjustments
7,402
At 31 January 2024
1,222,802
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the properties are sold.
6
Investments
Other investments
Valuation at 1 February 2023
814,942
Fair value adjustments
(1,886)
Valuation at 31 January 2024
813,056
The company holds 26% of the issued Ordinary Share Capital to the value of £30,428 (2018 : £30,428) in Lodage Properties Limited, a company incorporated in England and Wales
Amounts falling due after more than one year
Accrued income and prepayments
29,007
-
Falconway Limited
Notes to the Accounts
for the year ended 31 January 2024
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
33,974
59,004
Taxes and social security
-
43,328
Other creditors
533,771
524,383
Loans from directors
132,840
77,993
The bank overdraft and mortgage is secured by a standard bank debenture, on the associated freehold property.
9
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
260,998
260,000
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).