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Registration number: 15062771

Faim Holdings Ltd

Unaudited Filleted Financial Statements

for the Period from 10 August 2023 to 31 August 2024

 

Faim Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Faim Holdings Ltd

Company Information

Director

Mohsin Patel

Registered office

128 City Road
London
EC1V 2NX

Accountants

Carbon Accountancy Limited
80-83 Long Lane
London
EC1A 9ET

 

Faim Holdings Ltd

(Registration number: 15062771)
Balance Sheet as at 31 August 2024

Note

2024
£

Fixed assets

 

Investment property

4

286,613

Investments

5

3,334

 

289,947

Current assets

 

Debtors

6

3,200

Cash at bank and in hand

 

85,686

 

88,886

Creditors: Amounts falling due within one year

7

(7,864)

Net current assets

 

81,022

Net assets

 

370,969

Capital and reserves

 

Called up share capital

8

3,434

Retained earnings

367,535

Shareholders' funds

 

370,969

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 January 2025
 

.........................................
Mohsin Patel
Director

 

Faim Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2023 to 31 August 2024

1

General information

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

The address of its registered office is:
128 City Road
London
EC1V 2NX

These financial statements were authorised for issue by the director on 6 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the value of rental and dividend income earned in the year arising from the investment property owned by the company and investment in an associated company.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director 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.

 

Faim Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2023 to 31 August 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Investment properties

2024
£

Additions

286,613

At 31 August

286,613

The investment property has been valued at the balance sheet date by the director, who believes the carrying value to be its fair value.
There has been no valuation of investment property by an independent valuer.

 

Faim Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2023 to 31 August 2024

5

Investments

2024
£

Investments in associates

3,334

Associates

£

Cost

Additions

3,334

Provision

Carrying amount

At 31 August 2024

3,334

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

Associates

Factor Risk Management Ltd

Ordinary

33.33%

England

6

Debtors

Current

2024
£

Other debtors

3,200

 

3,200

 

Faim Holdings Ltd

Notes to the Unaudited Financial Statements for the Period from 10 August 2023 to 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Taxation and social security

2,159

Accruals and deferred income

1,500

Other creditors

4,205

7,864

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

3,434

3,434

   

9

Related party transactions

Transactions with the director

2024

At 10 August 2023
£

Other payments made to company by director
£

At 31 August 2024
£

Mohsin Patel

Amount owed (to)/from the director

-

(4,205)

(4,205)

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mohsin Patel.