Falcon Alliance Limited
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Notes to the Accounts |
for the year ended 31 May 2021
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 June 2020 |
5,323 |
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At 31 May 2021 |
5,323 |
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Depreciation |
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At 1 June 2020 |
5,322 |
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At 31 May 2021 |
5,322 |
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Net book value |
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At 31 May 2021 |
1 |
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At 31 May 2020 |
1 |
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4 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 June 2020 |
950,000 |
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At 31 May 2021 |
950,000 |
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5 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Other debtors |
1,950,000 |
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1,950,000 |
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6 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Other creditors |
1,214,671 |
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1,214,671 |
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7 |
Other information |
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Falcon Alliance Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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13 Glentworth Crescent |
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Skegness |
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PE25 2TG |