2023-04-012024-03-3131 March 2024Favours Inc LLPOC430997falseOlaitan Johnson Abimbola6 November 20246 November 2024The principal activity of the company continued to be Property Investment.11 Ruskin DriveWellingDA16 3QH00Ajaccts Software3.1.0 betaOC430997bus:FullAccounts2023-04-012024-03-31OC430997bus:FRS1022023-04-012024-03-31OC430997bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC430997bus:AuditExempt-NoAccountantsReport2023-04-012024-03-31OC430997core:PlantMachinery2023-03-31OC430997core:InvestmentPropertyIncludedWithinPPE2023-03-31OC430997core:LandBuildings2023-03-31OC430997core:FurnitureFittingsToolsEquipment2023-03-31OC430997core:Vehicles2023-03-31OC430997core:ComputerEquipment2023-03-31OC430997core:PlantMachinery2024-03-31OC430997core:InvestmentPropertyIncludedWithinPPE2024-03-31OC430997core:LandBuildings2024-03-31OC430997core:FurnitureFittingsToolsEquipment2024-03-31OC430997core:Vehicles2024-03-31OC430997core:ComputerEquipment2024-03-31OC4309972022-04-01OC430997core:DevelopmentCostsPatentsSimilar2023-04-012024-03-31OC430997core:DevelopmentCostsPatentsSimilar2024-03-31OC430997core:DevelopmentCostsPatentsSimilar2023-03-31OC430997core:DividendsProposed2023-04-012024-03-31OC430997core:DividendsProposed2022-04-012023-03-31OC430997core:LandBuildings2022-04-012023-03-31OC430997core:PlantMachinery2022-04-012023-03-31OC430997core:FurnitureFittingsToolsEquipment2022-04-012023-03-31OC430997core:Vehicles2022-04-012023-03-31OC430997core:ComputerEquipment2022-04-012023-03-31OC430997core:InvestmentPropertyIncludedWithinPPE2023-04-012024-03-31OC430997core:LandBuildings2023-04-012024-03-31OC430997core:PlantMachinery2023-04-012024-03-31OC430997core:FurnitureFittingsToolsEquipment2023-04-012024-03-31OC430997core:Vehicles2023-04-012024-03-31OC430997core:ComputerEquipment2023-04-012024-03-31OC430997core:ComputerEquipment2022-04-01OC430997core:ComputerEquipment2023-04-01OC4309972023-03-31OC430997bus:Consolidated2023-03-31OC4309972024-03-31OC430997bus:Consolidated2024-03-31OC4309972022-04-012023-03-31OC430997bus:Consolidated2022-04-012023-03-31OC4309972023-04-012024-03-31OC430997bus:Consolidated2023-04-012024-03-31OC430997bus:CompanySecretaryDirector12023-04-012024-03-31OC430997bus:Director12023-04-012024-03-31OC430997bus:Director22023-04-012024-03-31OC430997bus:Director32023-04-012024-03-31OC430997bus:Director42023-04-012024-03-31OC430997bus:Director52023-04-012024-03-31OC430997bus:Director62023-04-012024-03-31OC430997bus:Director72023-04-012024-03-31OC430997bus:Director82023-04-012024-03-31OC430997bus:Director92023-04-012024-03-31OC430997bus:Director102023-04-012024-03-31OC430997bus:Director112023-04-012024-03-31OC430997bus:Director122023-04-012024-03-31OC430997bus:Director132023-04-012024-03-31OC430997bus:Director142023-04-012024-03-31OC430997bus:Director152023-04-012024-03-31OC430997bus:Director162023-04-012024-03-31OC430997bus:Director172023-04-012024-03-31OC430997bus:Director182023-04-012024-03-31OC430997bus:Director192023-04-012024-03-31OC430997bus:Director202023-04-012024-03-31OC4309972023-04-012024-03-31OC430997bus:CompanySecretaryDirector12024-03-31OC430997bus:Director12024-03-31OC430997bus:Director22024-03-31OC430997bus:CompanySecretaryDirector12023-04-012024-03-31OC430997bus:Director12023-04-012024-03-31OC430997bus:Director22023-04-012024-03-31OC4309972023-04-012024-03-31OC430997bus:CompanySecretaryDirector12023-03-31OC430997bus:Director12023-03-31OC430997bus:Director22023-03-31OC430997bus:EntityAccountantsOrAuditors2023-04-012024-03-31OC430997bus:EntityAccountantsOrAuditors2023-04-012024-03-31OC430997bus:EntityAccountantsOrAuditors2024-03-31OC430997bus:RegisteredOffice2023-04-012024-03-31OC430997bus:EntityBankers2023-04-012024-03-31OC430997bus:EntityLawyersOrLegalAdvisers2023-04-012024-03-31xbrli:pureiso4217:GBPxbrli:shares
Filleted Unaudited Accounts for Favours Inc LLP
Partnership Information and Financial Statements

For the Financial Year ended 31 March 2024

Partnership Information

Partners
Olaitan Johnson Abimbola
Temitayo Abimbola
Oluwatimilehin Abimbola
Oreoluwa Abimbola
Favours Inc LLP is a Limited Liability Partnership in the United Kingdom and registered in England and Wales.
Registered Office Address
Favours Inc LLP
11 Ruskin Drive
Welling
DA16 3QH
Registered Number
OC430997
Filleted Unaudited Financial Statements
Statement of Financial Position
at 31 March 2024
20242023
££
Fixed Assets
Intangible assets--
Tangible assets5--
Investments884,000884,000
884,000884,000
Current assets
Stocks--
Debtors149912
Cash at bank and in hand31,62824,307
Other--
31,77725,219
Creditors: amounts falling due within one year4(6,908)(2,423)
Net current assets24,86922,796
Total assets less current liabilities908,869906,796
Creditors: amounts falling due after more than one year(550,039)(547,435)
Deferred tax liability(-)(-)
Other Provisions for Liabilities(-)(-)
Net Assets358,830359,361
Members' Interests
Profit and Loss account358,830359,361
Total Equity358,830359,361
Statement of Accordance with Small Companies regime, and Audit not required
The LLP members confirm that financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLP regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The LLP members confirm that the Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The LLP members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. No audit has been obtained
The LLP members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The income statement and directors report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Other Footnotes
None
Signature of Statement of Financial Position
Signed by
Designated MemberOlaitan Johnson Abimbola
Approved by the members, 6 November 2024
Notes to the financial statements
at 31 March 2024
1. General Information
Favours Inc LLP is a Limited liability partnership in the United Kingdom and registered in England and Wales.
Registered Office Address:
Favours Inc LLP
11 Ruskin Drive
Welling
DA16 3QH
2. Basis of Preparation and Policies
The financial statements are prepared under the historical cost convention and in accordance with FRS 102 section 1A, the Financial Reporting Standard applicable in the UK and Republic of Ireland applicable to Smaller Entities.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Statement of Cash flows
Exempt from cash flow statement requirement : true
Accounting Policies
Turnover
Turnover represents revenue earned during the period, net of Value Added Tax.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery -- over a period of between 2 and 5 years straight line
Computer equipment -- over a period of 3 years straight line
Motor vehicles -- over a period of between 2 and 5 years straight line
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
Other
3. Analysis of Debtors
Short term debtors : Trade Debtors
20242023
££
--
Short term debtors : Prepayments
20242023
££
149912
Short term debtors : Others
20242023
££
--
4. Analysis of Creditors
Short term creditors : Trade Creditors
20242023
££
--
Short term creditors : Accruals
20242023
££
6,9082,423
Short term creditors : Bank Overdraft
20242023
££
--
Short term creditors : Other Loan/HP
20242023
££
--
Short term creditors : Corporation Tax
20242023
££
--
Short term creditors : VAT/Social Security
20242023
££
--
Short term creditors : Dividends
20242023
££
--
Short term creditors : Others
20242023
££
--
Short term creditors : Directors Loans
20242023
££
--
Group Undertakings
20242023
££
--
Long term creditors (incl. Directors Loans)
20242023
££
550,039547,435
5. Tangible fixed assets
Investments/PropertyPlant MachineryFixts, Fittings, EquipmentComputer EquipmentVehiclesTotal
££££££
Cost
At 31 March 2023884,0000000884,000
Additions000000
Disposals(0)(0)(0)(0)(0)(0)
Revaluations000000
At 31 March 2024884,0000000884,000
Depreciation/Impairment
At 31 March 2023000000
Charge for the year000000
Eliminated this year(0)(0)(0)(0)(0)(0)
At 31 March 2024000000
Net book value
At 31 March 2023884,0000000884,000
At 31 March 2024884,0000000884,000
6. Other Notes
The average number of employees in the year was 0 (Previous: 0)
End of Notes to Financial Statements