Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302022-12-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09826775 2022-12-01 2023-11-30 09826775 2021-12-02 2022-11-30 09826775 2023-11-30 09826775 2022-11-30 09826775 2021-12-02 09826775 c:Director1 2022-12-01 2023-11-30 09826775 c:RegisteredOffice 2022-12-01 2023-11-30 09826775 d:FurnitureFittings 2022-12-01 2023-11-30 09826775 d:FurnitureFittings 2023-11-30 09826775 d:FurnitureFittings 2022-11-30 09826775 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09826775 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 09826775 d:FreeholdInvestmentProperty 2023-11-30 09826775 d:FreeholdInvestmentProperty 2022-11-30 09826775 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 09826775 d:CurrentFinancialInstruments 2023-11-30 09826775 d:CurrentFinancialInstruments 2022-11-30 09826775 d:Non-currentFinancialInstruments 2023-11-30 09826775 d:Non-currentFinancialInstruments 2022-11-30 09826775 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 09826775 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 09826775 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 09826775 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 09826775 d:ShareCapital 2023-11-30 09826775 d:ShareCapital 2021-12-02 2022-11-30 09826775 d:ShareCapital 2022-11-30 09826775 d:ShareCapital 2021-12-02 09826775 d:RevaluationReserve 2022-12-01 2023-11-30 09826775 d:RevaluationReserve 2023-11-30 09826775 d:RevaluationReserve 2021-12-02 2022-11-30 09826775 d:RevaluationReserve 2022-11-30 09826775 d:RevaluationReserve 2021-12-02 09826775 d:OtherMiscellaneousReserve 2022-12-01 2023-11-30 09826775 d:OtherMiscellaneousReserve 2023-11-30 09826775 d:OtherMiscellaneousReserve 2021-12-02 2022-11-30 09826775 d:OtherMiscellaneousReserve 2022-11-30 09826775 d:OtherMiscellaneousReserve 2021-12-02 09826775 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 09826775 d:RetainedEarningsAccumulatedLosses 2023-11-30 09826775 d:RetainedEarningsAccumulatedLosses 2021-12-02 2022-11-30 09826775 d:RetainedEarningsAccumulatedLosses 2022-11-30 09826775 d:RetainedEarningsAccumulatedLosses 2021-12-02 09826775 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 09826775 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 09826775 d:OtherDeferredTax 2023-11-30 09826775 d:OtherDeferredTax 2022-11-30 09826775 c:OrdinaryShareClass1 2022-12-01 2023-11-30 09826775 c:OrdinaryShareClass1 2023-11-30 09826775 c:OrdinaryShareClass1 2022-11-30 09826775 c:FRS102 2022-12-01 2023-11-30 09826775 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 09826775 c:FullAccounts 2022-12-01 2023-11-30 09826775 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09826775 5 2022-12-01 2023-11-30 09826775 6 2022-12-01 2023-11-30 09826775 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09826775










FALCON AIM LIMITED
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023





















 
FALCON AIM LIMITED
 
 
Company Information


Director
D. Bersos 




Registered number
09826775



Registered office
Unit 11 Slough Interchange Industrial Estate
Whittenham Close

Slough

SL2 5EP





 
FALCON AIM LIMITED
Registered number: 09826775

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,631
1,921

Investment properties
 5 
3,934,844
2,134,844

Investments
 6 
100,007
100,007

  
4,036,482
2,236,772

Current assets
  

Debtors: amounts falling due within one year
 7 
1,975
5,750

Cash at bank and in hand
  
9,756
48,807

  
11,731
54,557

Creditors: amounts falling due within one year
 8 
(2,202,389)
(773,629)

Net current liabilities
  
 
 
(2,190,658)
 
 
(719,072)

Total assets less current liabilities
  
1,845,824
1,517,700

Creditors: amounts falling due after more than one year
 9 
(122,496)
(139,927)

Provisions for liabilities
  

Deferred tax
 10 
(322,326)
(179,146)

  
 
 
(322,326)
 
 
(179,146)

Net assets
  
1,401,002
1,198,627


Capital and reserves
  

Called up share capital 
 11 
100,007
100,007

Revaluation reserve
 12 
965,754
812,956

Other reserves
 12 
1
1

Profit and loss account
 12 
335,240
285,663

  
1,401,002
1,198,627


Page 1

 
FALCON AIM LIMITED
Registered number: 09826775
    
Balance sheet (continued)
As at 30 November 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




D. Bersos
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
FALCON AIM LIMITED
 

Statement of changes in equity
For the Year Ended 30 November 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2021
100,007
812,956
1
194,963
1,107,927



Profit for the year
-
-
-
97,570
97,570

Dividends
-
-
-
(6,870)
(6,870)


Total transactions with owners
-
-
-
(6,870)
(6,870)



At 1 December 2022
100,007
812,956
1
285,663
1,198,627



Profit for the year
-
-
-
202,375
202,375

Transfers
-
152,798
-
(152,798)
-


At 30 November 2023
100,007
965,754
1
335,240
1,401,002


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

1.


General information

Falcon Aim Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Slough Interchange Industrial Estate, Whittenham Close, Slough, SL2 5EP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Turnover represents rental income from investment properties which is recognised in the profit and loss account on a straight line basis over the lease term.

 
2.4

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Page 4

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.6

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 
2.7

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Page 5

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 
2.12

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Page 6

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.14

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.


3.


Employees




The average monthly number of employees, including the director, during the year was 1 (2022 - 1).

Page 7

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 December 2022
2,897



At 30 November 2023

2,897



Depreciation


At 1 December 2022
976


Charge for the year
290



At 30 November 2023

1,266



Net book value



At 30 November 2023
1,631



At 30 November 2022
1,921

Page 8

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
2,134,844


Additions at cost
1,504,092


Surplus on revaluation
295,908



At 30 November 2023
3,934,844

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,647,171
1,143,079

2,647,171
1,143,079


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
100,007



At 30 November 2023
100,007




Page 9

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,617
859

Other debtors
-
1,040

Prepayments and accrued income
358
3,851

1,975
5,750



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
17,431
16,695

Trade creditors
11,333
4,489

Amounts owed to group undertakings
1,570,461
475,269

Corporation tax
14,834
26,456

Other creditors
577,107
235,184

Accruals and deferred income
11,223
15,536

2,202,389
773,629


The bank loan amounting to £17,431 (2022 - £16,695) is secured against the investment property owned by the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
122,496
139,927

122,496
139,927


The bank loan amounting to £122,496 (2022 - £139,927) is secured against the investment property owned by the company.

Page 10

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

10.


Deferred taxation




2023


£






At beginning of year
(179,146)


Charged to profit or loss
(143,180)



At end of year
(322,326)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(408)
(337)

Revaluation of investment property
(321,918)
(178,809)

(322,326)
(179,146)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,007 (2022 - 100,007) Ordinary shares of £1 each shares of £1.00 each
100,007
100,007



12.


Reserves

Revaluation reserve

Revaluation reserve represents the net cumulative fair value gain on revaluation of investment properties. The revaluation reserve is a non-distributable reserve and utilised for presentation purposes.

Other reserves

Other reserves represents equity instruments issued on the acquisition of a subsidiary.

Profit & loss account

Profit & loss account represents the cumulative profits and losses of the company less dividends paid.

Page 11

 
FALCON AIM LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2023

13.


Related party transactions

The company is exempt under FRS 102 s33.1A. from disclosing any transactions with wholly owned Group companies.
Dividends totalling £nil (2022 - £6,870) were paid in the year in respect of shares held by the company's director.
During the year the director maintained a loan account with the company. At the balance sheet date, the company owed the director £559,391 (2022 - £226,334). Interest of £11,096 (2022 - £nil) was charged.

 
Page 12