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Company registration number: 10653891
Fayre N Square Polzeath Limited
Unaudited filleted financial statements
30 April 2024
Fayre N Square Polzeath Limited
Contents
Statement of financial position
Notes to the financial statements
Fayre N Square Polzeath Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 5 - 1,103,045
_______ _______
- 1,103,045
Current assets
Debtors 6 87,524 -
_______ _______
87,524 -
Creditors: amounts falling due
within one year 7 ( 87,424) ( 316,945)
_______ _______
Net current assets/(liabilities) 100 ( 316,945)
_______ _______
Total assets less current liabilities 100 786,100
_______ _______
Net assets 100 786,100
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account - 786,000
_______ _______
Shareholders funds 100 786,100
_______ _______
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
B Bal P Bal
Director Director
Company registration number: 10653891
Fayre N Square Polzeath Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 25 Wheal Regent Park, Carlyon Bay, St Austell, PL25 3SP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered net of VAT.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 1,103,045 1,103,045
Disposals ( 1,103,045) ( 1,103,045)
_______ _______
At 30 April 2024 - -
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 - -
_______ _______
At 30 April 2023 1,103,045 1,103,045
_______ _______
6. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 87,524 -
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 173,754
Other creditors 87,424 143,191
_______ _______
87,424 316,945
_______ _______