RE JONES AND CO
Statement of Consent to Prepare Abridged Financial Statements
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All of the members of Fairview Building Solutions Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
08387959
Fairview Building Solutions Limited
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Filleted Unaudited Abridged Financial Statements
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RE JONES AND CO
Fairview Building Solutions Limited
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Abridged Financial Statements
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Year ended 28 February 2017
Abridged statement of financial position
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1
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Notes to the abridged financial statements
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3
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RE JONES AND CO
Fairview Building Solutions Limited
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Abridged Statement of Financial Position
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28 February 2017
Current assets
Stocks
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1,983,396
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948,836
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Debtors
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–
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654
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Cash at bank and in hand
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89,113
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525,387
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-------------
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-------------
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2,072,509
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1,474,877
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Creditors: amounts falling due within one year
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539,234
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575,933
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Net current assets
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1,533,275
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898,944
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Total assets less current liabilities
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1,533,275
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898,944
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Creditors: amounts falling due after more than one year
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1,421,652
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596,632
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Net assets
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111,623
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302,312
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Capital and reserves
Called up share capital
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1
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1
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Profit and loss account
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111,622
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302,311
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Members funds
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111,623
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302,312
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These abridged 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 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 28 February 2017 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 abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
RE JONES AND CO
Fairview Building Solutions Limited
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Abridged Statement of Financial Position (continued)
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28 February 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 November 2017
, and are signed on behalf of the board by:
Company registration number:
08387959
RE JONES AND CO
Fairview Building Solutions Limited
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Notes to the Abridged Financial Statements
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Year ended 28 February 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Kingsand Road, London, SE12 0LE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
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Balance brought forward and outstanding
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2017
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2016
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£
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£
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Mr S Basi
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(
301,816)
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(
301,816)
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Mr G Ghosal
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(
100,000)
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(
100,000)
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Mr A Khatker
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(
194,816)
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(
194,816)
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(
596,632)
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(
596,632)
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5.
Related party transactions
The company was under the control of
Mr S Basi
, Mr G Ghosal
and Mr A Khatker
throughout the current period. Mr S Basi, Mr G Ghosal
and Mr A Khatker are directors and joint equal shareholders.
6.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.