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Registration number: 11685686

Fannon Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023
 

Pages for filing with Registrar

 

Fannon Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Fannon Estates Limited

Company Information

Directors

J P Fannon

S Fannon

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

11685686

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Fannon Estates Limited

(Registration number: 11685686)
Balance Sheet as at 30 November 2023

Note

2023
£

(As restated)
2022
£

Fixed assets

 

Investment property

5

1,367,000

1,200,000

Current assets

 

Cash at bank and in hand

 

5,498

21,945

Creditors: Amounts falling due within one year

6

(1,322,429)

(1,150,123)

Net current liabilities

 

(1,316,931)

(1,128,178)

Net assets

 

50,069

71,822

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

50,067

71,820

Total equity

 

50,069

71,822

 

Fannon Estates Limited

(Registration number: 11685686)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................

J P Fannon
Director

 

Fannon Estates Limited

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

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fannon Estates Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Fannon Estates Limited

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

4

Prior year adjustment

The company's results for the year ended 30 November 2023 have been restated from the results previously reported. The adjustment is to correct the valuation of the investment property. The investment property is carried at fair value, which remains as previously reported at £1,200,000.

The overall impact on the financial statements for the year ended 30 November 2022 is as follows:
Increase creditors by £83,817
Decrease other operating income by £83,817
Decrease profit by £83,817
Decrease the reserves carried forward by £83,817

5

Investment properties

2023
£

At 1 December

1,200,000

Additions

167,000

At 30 November

1,367,000

Investment property is carried at fair value determined by the directors with reference to the condition and location of the property, as well as current observable market prices. There has been no valuation by an independant valuer.

 

Fannon Estates Limited

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

6

Creditors

2023
£

(As restated)
2022
£

Amounts falling due within one year

Bank loans and overdrafts

-

600,000

Trade creditors

166

-

Amounts owed to group undertakings

415,192

251,000

Accruals

1,600

2,625

Directors' loan accounts

905,471

296,498

1,322,429

1,150,123

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2