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REGISTERED NUMBER: 03875359 (England and Wales)









Financial Statements

for the Year Ended 30 November 2023

for

Ray Fawehimi Limited

Ray Fawehimi Limited (Registered number: 03875359)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ray Fawehimi Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: R. Fawehimi





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 03875359 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Ray Fawehimi Limited (Registered number: 03875359)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 111,713 103,060
Investments 5 - 500
Investment property 6 2,250,000 2,868,908
2,361,713 2,972,468

CURRENT ASSETS
Debtors 7 1,011,180 243,512
Cash at bank 6,412 9,557
1,017,592 253,069
CREDITORS
Amounts falling due within one year 8 (24,878 ) (25,188 )
NET CURRENT ASSETS 992,714 227,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,354,427

3,200,349

PROVISIONS FOR LIABILITIES (78,269 ) (920 )
NET ASSETS 3,276,158 3,199,429

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 786,902 1,041,099
Retained earnings 2,489,254 2,158,328
SHAREHOLDERS' FUNDS 3,276,158 3,199,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 November 2024 and were signed by:




R. Fawehimi - Director


Ray Fawehimi Limited (Registered number: 03875359)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Ray Fawehimi 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 5 years
Fixtures and fittings - 33.33% on cost

Investment property
Investment properties are shown at market valuation. Any aggregate surpluses and deficits are reflected in the fair value reserve less related deferred taxation provision.

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 1 (2022 - 1 ) .

Ray Fawehimi Limited (Registered number: 03875359)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 98,214 49,052 147,266
Additions 10,050 - 10,050
At 30 November 2023 108,264 49,052 157,316
DEPRECIATION
At 1 December 2022 - 44,206 44,206
Charge for year - 1,397 1,397
At 30 November 2023 - 45,603 45,603
NET BOOK VALUE
At 30 November 2023 108,264 3,449 111,713
At 30 November 2022 98,214 4,846 103,060

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 December 2022 500
Disposals (500 )
At 30 November 2023 -
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 500

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 2,868,908
Disposals (530,231 )
Revaluations (88,677 )
At 30 November 2023 2,250,000
NET BOOK VALUE
At 30 November 2023 2,250,000
At 30 November 2022 2,868,908

Ray Fawehimi Limited (Registered number: 03875359)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. INVESTMENT PROPERTY - continued

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2007 (26,061 )
Valuation in 2013 344,037
Valuation in 2015 165,000
Valuation in 2018 130,000
Valuation in 2021 340,000
Valuation in 2023 (88,667 )
Cost 1,385,691
2,250,000

If Investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,385,691 2,157,682

The investment properties were valued on an open market basis on 30 November 2022 by the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,251 2,252
Other debtors 1,008,929 241,260
1,011,180 243,512

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 332 2,887
Taxation and social security 20,761 13,689
Other creditors 3,785 8,612
24,878 25,188

9. RESERVES
Fair
value
reserve
£   
At 1 December 2022 1,041,099
To profit & loss account (254,197 )

At 30 November 2023 786,902

Ray Fawehimi Limited (Registered number: 03875359)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
R. Fawehimi
Balance outstanding at start of year (5,685 ) (168,711 )
Amounts advanced 534,360 163,026
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 528,675 (5,685 )

The director, R Fawehimi, has paid interest of 2.5% per annum in respect of the debit balance on his loan account. The loan was repaid on 29 August 2024.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R. Fawehimi.