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REGISTERED NUMBER: 01999393 (England and Wales)


Unaudited Financial Statements for the Year Ended 31 March 2024

for

Fandrive Limited

Fandrive Limited (Registered number: 01999393)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Fandrive Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mukesh Kanubhai Patel
Parul Narendra Patel
Viresh Mukesh Patel
Niral Narendra Patel





SECRETARY: Mukesh Kanubhai Patel





REGISTERED OFFICE: 2nd Floor, Compton House
29-33 Church Road
Stanmore
Middleses
HA7 4AR





REGISTERED NUMBER: 01999393 (England and Wales)





ACCOUNTANTS: Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
Kings Cross
London
London
WC1X9DU

Fandrive Limited (Registered number: 01999393)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 52 52

CURRENT ASSETS
Debtors 5 298,409 298,769

CREDITORS
Amounts falling due within one year 6 235,687 235,687
NET CURRENT ASSETS 62,722 63,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,774

63,134

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 62,674 63,034
SHAREHOLDER FUNDS 62,774 63,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





Viresh Mukesh Patel - Director


Fandrive Limited (Registered number: 01999393)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Fandrive 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Fandrive Limited (Registered number: 01999393)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 7 45 52
NET BOOK VALUE
At 31 March 2024 7 45 52
At 31 March 2023 7 45 52

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

HOTSET LIMITED
Registered office:
Nature of business: Property development and rental
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 363,582 345,851
Profit for the year 17,731 15,396

Associated company

Ravengate Estate Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 45.00

The financial statements for Ravesngate Limited for the year ended 31st March 2024 have not been finalised at the time of preparing these financial statements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 298,409 298,769

Fandrive Limited (Registered number: 01999393)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 23,292 23,292
Loan fr associated undertaking 20,000 20,000
Other loans less than 1yr 173,649 173,649
Directors' current accounts 17,361 17,361
Accrued expenses 1,385 1,385
235,687 235,687

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at balance sheet date the company owed £17,361 (2023: £17,361) to its directors.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Trustees of the Niral and Vishal Patel Trust.