Company Registration No. 09989185 (England and Wales)
FINDLAY FRAHER SUNDERLAND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
FINDLAY FRAHER SUNDERLAND LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
FINDLAY FRAHER SUNDERLAND LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
31.10.2019
31.05.2019
Notes
£
£
£
£
Current assets
Stocks
898,588
1,242,376
Debtors
3
270,128
28,502
Cash at bank and in hand
133,670
58,540
1,302,386
1,329,418
Creditors: amounts falling due within one year
4
(1,594,512)
(1,611,098)
Net current liabilities
(292,126)
(281,680)
Capital and reserves
Called up share capital
820
820
Profit and loss reserves
(292,946)
(282,500)
Total equity
(292,126)
(281,680)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2020 and are signed on its behalf by:
Joseph Fraher
Director
Company Registration No. 09989185
FINDLAY FRAHER SUNDERLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
Findlay Fraher Sunderland Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, Unit F, Damsel House, Dragonfly Place, London, SE4 2FN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the statement of financial position date, there were liabilities of £1,594,512 (2019: £1,611,098) and net liabilities of £292,126 (2019: £281,680). The liabilities include £1,589,957 (2019: £1,589,957) due to a director. On the basis of the continued support from this director, the directors consider the company will be able to meet its liabilities as they fall due and that it is appropriate to prepare these financial statements on a going concern basis.
1.3
Reporting period
The reporting period was shortened by 7 months so that the total period was 5 months. The period was shortened in order to align the accounting period end with group companies and companies under the common control or connected to related companies. As a consequence of this the prior period information for the 12 months to 31 May 2019 is not comparable.
1.4
Turnover
Turnover represents the rental income received, excluding value added tax, during the year and the proceeds
from the sale of
property. Revenue from the sale of property
is recognised when
contracts have been exchanged and legal title has passed to the purchaser or upon the grant of a long-term lease.
1.5
Stocks
Property in the course of development and completed units
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
acquisition costs,
direct materials
and subcontracted work,
and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FINDLAY FRAHER SUNDERLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
FINDLAY FRAHER SUNDERLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31.10.2019
31.05.2019
Number
Number
Total
2
2
3
Debtors
31.10.2019
31.05.2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25,820
19,820
Other debtors
244,308
8,682
270,128
28,502
4
Creditors: amounts falling due within one year
31.10.2019
31.05.2019
£
£
Trade creditors
282
15,282
Other creditors
1,594,230
1,595,816
1,594,512
1,611,098
FINDLAY FRAHER SUNDERLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 5 -
5
Related party transactions
At the balance sheet date £1,589,957 (2019: £1,589,957) was owed to Mr Robertson, a director, and this amount is included in other creditors. During the period Mr Robertson lent the company £Nil (2019: £769,992). The amount is repayable on demand and is interest free.
The following transactions are with companies in which the directors have a directorship and or shareholding:
During the period, the company lent £6,000 to (2019: borrowed £12,000 from) its parent company, Findlay Fraher Development Limited. The loan is interest free. At the balance sheet date £25,820 (2019: £19,820) was owed by its parent company and this amount is included in debtors (2019: debtors).
During the period, the company lent £155,226 to (2019: borrowed £8,590 from) a related company, Fraher & Fraher Construction Limited. The loan is interest free. At the balance sheet date £163,816 (2019: £8,590) was owed by the related company and this amount is included in other debtors (2019: other debtors).
During the period, the company lent £35,182 (2019: £1,631) to a related company, Fraher & Findlay Management Limited. The loan is interest free. At the balance sheet date £35,091 was owed by (2019: £91 was owed to) the related company and this amount is included in other debtors. (2019: other creditors).
During the period, the company lent £41,994 to (2019: borrowed £3,006 from) a related company, Fraher & Findlay Architects Limited. The loan is interest free. At the balance sheet date £45,000 was owed by (2019: £3,006 was owed to) the related company and this amount is included in other debtors (2019: other creditors).
6
Parent company
The parent company of Findlay Fraher Sunderland Limited is Findlay Fraher Development Limited and its registered office is 1st Floor, Unit F Damsel house, Dragonfly Place, London, England SE4 2FN.