Findlay Fraher Sunderland Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Mercy Terrace, London, SE13 7UX.
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 £.
At the statement of financial position date, there were liabilities of £1,593,197 (2019: £1,594,512) and net liabilities of £305,866 (2019: £292,126). 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.
The comparative reporting period was shortened by 7 months so that the total period was 5 months. The comparative 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 5 months to 31 October 2019 is not comparable.
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.
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, 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.
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.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The Company has continued to monitor the effects that the COVID-19 pandemic is having on global commerce and the sectors that the Company serves. T he Company believe s that the effects of the COVID-19 pandemic are not material to the Company's ability to trade as a going concern.
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. 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 year, the company lent £7,900 to (2019: borrow from £6,000) its parent company, Findlay Fraher Development Limited. The loan is interest free. At the balance sheet date £33,720 (2019: £25,820) was owed by its parent company and this amount is included in amounts due from group undertakings.
During the year, the company lent £1,248,907 (2019: £Nil) to a group undertaking, Findlay Fraher Borland Limited. The loan is interest free. At the balance sheet date £1,248,907 (2019 £Nil) was owed by the group undertaking and this amount is included in amounts due from group undertakings.
During the year, the company lent £Nil (2019: £35,182) to a related company, Fraher & Findlay Management Limited. The loan is interest free. At the balance sheet date £Nil (2019: £35,091) was owed by the related company and this amount was included in other debtors.
During the year, the company lent £Nil (2019: £155,226) to a related company, Fraher & Fraher Construction Limited. The loan is interest free. At the balance sheet date £Nil (2019: £163,816) was owed by the related company and this amount was included in other debtors.
During the year, the company lent £Nil (2019: £41,994) to a related company, Fraher & Findlay Architects Limited. The loan is interest free. At the balance sheet date £Nil (2019: £45,000) was owed by the related company and this amount was included in other debtors.
The parent company of Findlay Fraher Sunderland Limited is Findlay Fraher Development Limited and its registered office is Unit 3 Mercy Terrace, London, England SE13 7UX.