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Registered number: 12079352









FATABS INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FATABS INVESTMENTS LIMITED
REGISTERED NUMBER: 12079352

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
104
2,429

Investments
 5 
200
200

Investment property
 6 
1,850,000
1,750,000

  
1,850,304
1,752,629

Current assets
  

Debtors: amounts falling due within one year
 7 
33,426
33,347

Cash at bank and in hand
  
27,011
44,745

  
60,437
78,092

Creditors: amounts falling due within one year
 8 
(671,038)
(653,151)

Net current liabilities
  
 
 
(610,601)
 
 
(575,059)

Total assets less current liabilities
  
1,239,703
1,177,570

Creditors: amounts falling due after more than one year
 9 
(937,492)
(942,774)

Provisions for liabilities
  

Deferred tax
 10 
(101,290)
(76,290)

  
 
 
(101,290)
 
 
(76,290)

Net assets
  
200,921
158,506


Capital and reserves
  

Called up share capital 
  
200
200

Revaluation reserve
  
303,869
228,869

Profit and loss account
  
(103,148)
(70,563)

  
200,921
158,506


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
Page 1

 
FATABS INVESTMENTS LIMITED
REGISTERED NUMBER: 12079352
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

to the small companies regime.

The Company has opted not to file the profit and loss account 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 25 February 2025.




Adeniyi Ayodele Akadiri
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Fatabs Investments Limited is a private company, limited by shares, and registered in England and Wales.
The address of its registered office is 124 Finchley Road, London NW3 5JS.  
The functional and presentational currency of the company is pounds sterling (£).

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the
Company will continue in operation for the foreseeable future.
The company is reliant upon it's bank loans and sums being made available to it from the company's
subsidiary undertaking and the director expects these funds to continue to be made available for the
foreseeable future.
Based on this undertaking the director believes that the Company will have sufficient resources to
enable it to continue in operation for a period of at least twelve months from the date of approval of
these financial statements, and it is therefore appropriate to prepare the financial statements on a
going concern basis.

  
2.3

Revenue

Revenue represents rents receivable during the year from investment properties. Rental income is
recognised on a time apportioned basis in accordance with the terms of the lease between the
company and its tenants.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.5

Group financial statements

The financial statements present information about the Company as an individual undertaking and
not about its group. The Company and its subsidiary undertaking comprises a small-sized group. The
Company has therefore taken advantage of the exemptions provided by section 399 of the Company
Act 2006 not to prepare group financial statements.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 and fittings
-
25%
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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

  
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 7

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




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

Page 8

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
9,298



At 31 December 2023

9,298



Depreciation


At 1 January 2023
6,869


Charge for the year on owned assets
2,325



At 31 December 2023

9,194



Net book value



At 31 December 2023
104



At 31 December 2022
2,429


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
200



At 31 December 2023
200





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Fatabs Investment Company Limited
British Virgin Island
Ordinary
100%

Page 9

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertaking (continued)



Name



6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,750,000


Surplus on revaluation
100,000



At 31 December 2023
1,850,000

The 2023 valuations were made by the director, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Other debtors
33,426
27,929

Prepayments and accrued income
-
5,418

33,426
33,347



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,829
9,829

Trade creditors
-
1,839

Amounts owed to group undertakings
582,610
582,610

Accruals and deferred income
78,599
58,873

671,038
653,151


Page 10

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
937,492
942,774

937,492
942,774


The following liabilities were secured:

2023
2022
£
£



Bank loans
937,492
942,774

937,492
942,774

Details of security provided:

An aggregate amount of creditors secured by legal charge over the company's investment properties
amounted to £919,877 (2022 - £915,330) and are secured by legal charge over the company's
investment properties.


10.


Deferred taxation




2023


£






At beginning of year
(76,290)


Charged to profit or loss
(25,000)



At end of year
(101,290)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Arising upon the revaluation of investment properties to their fair value
(101,290)
(76,290)

(101,290)
(76,290)


11.


Share capital

2023
2022
Page 11

 
FATABS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.Share capital (continued)

£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary Shares shares of £1.0 each
200
200



12.


Reserves

Revaluation reserve

The fair value reserve shows unrealised profits and losses arising on the fixed asset investment properties measured at the fair value.

Profit and loss account

The profit and loss account reflects realised profits and losses to date less distributions to the owner.


13.


Related party transactions

The Company has taken advantage of the exemption afforded by FRS102 not to disclose transactions or balances with other wholly owned members of the group.

 
Page 12