REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
FAITHISSUE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
71 Howard Street |
North Shields |
Tyne and Wear |
NE30 1AF |
BANKERS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Undistributable reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
FAITHISSUE LIMITED (REGISTERED NUMBER: 02622315) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Faithissue Limited is a |
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 |
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 |
Fixtures and fittings | - |
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 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
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 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
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 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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. |