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REGISTERED NUMBER: 02622315 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FAITHISSUE LIMITED

FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAITHISSUE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: Mr J S Reid



SECRETARY: Mrs A P Reid



REGISTERED OFFICE: 41 Errington Road
Ponteland
Northumberland
NE20 9LB



REGISTERED NUMBER: 02622315 (England and Wales)



ACCOUNTANTS: Read, Milburn & Co
71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



BANKERS: Barclays Bank plc
215 High Street
Gateshead
Tyne and Wear
NE8 1BX

FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 346 402
Investment property 5 450,000 450,000
450,346 450,402

CURRENT ASSETS
Debtors 6 189,423 216,040
Cash at bank 19,787 28,924
209,210 244,964
CREDITORS
Amounts falling due within one year 7 8,199 46,014
NET CURRENT ASSETS 201,011 198,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

651,357

649,352

CREDITORS
Amounts falling due after more than one
year

8

-

(13,826

)

PROVISIONS FOR LIABILITIES (22,796 ) (22,796 )
NET ASSETS 628,561 612,730

FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

BALANCE SHEET - continued
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Undistributable reserve 10 288,286 288,286
Retained earnings 340,273 324,442
SHAREHOLDERS' FUNDS 628,561 612,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





Mr J S Reid - Director


FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Faithissue Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest Pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents income from the rental of properties owned by the company excluding value added tax. The income is recognised in the accounts on the date when the rent becomes due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the director considers that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be identified or quantified. The director considers that this policy results in the accounts giving a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
Financial instruments are shown at their market value, with any annual movement being reflected as a realised gain or loss in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 3,683
DEPRECIATION
At 1 September 2023 3,281
Charge for year 56
At 31 August 2024 3,337
NET BOOK VALUE
At 31 August 2024 346
At 31 August 2023 402

FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 450,000
NET BOOK VALUE
At 31 August 2024 450,000
At 31 August 2023 450,000

Fair value at 31 August 2024 is represented by:
£   
Valuation in 1993 40,541
Valuation in 1998 25,459
Valuation in 2009 222,000
Valuation in 2014 (1 )
Cost 162,001
450,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 162,001 162,001

Investment property was valued on an open market basis on 31 August 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 189,423 216,040

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 34,144
Taxation and social security 3,704 7,157
Other creditors 4,495 4,713
8,199 46,014

FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 13,826

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 47,970

The bank loan is secured by a charge against the assets of the company.

10. RESERVES
Undistributable
reserve
£   
At 1 September 2023
and 31 August 2024 288,286

11. RELATED PARTY DISCLOSURES

Sonic Age Limited
Included in other debtors is an amount of £179,296 (2023 - £206,040) in respect of amounts due from Sonic Age Limited. Mr J S Reid, director and 50% shareholder of Faithissue Limited, is a director and 51% shareholder in Sonic Age Limited.

Pinetree Health and Fitness Limited
Included in other debtors is an amount of £10,000 (2023 - £10,000) in respect of amounts due from Pinetree Health and Fitness Limited. Mr J S Reid, director and 50% shareholder of Faithissue Limited is a director and 90% shareholder in Pinetree Health and Fitness Limited.