Company Registration No. 05296655 (England and Wales)
Faron Grant Associates Ltd
Unaudited accounts
for the year ended 31 March 2017
Faron Grant Associates Ltd
Unaudited accounts
Contents
Faron Grant Associates Ltd
Company Information
for the year ended 31 March 2017
Directors
Chris Grant
Rebecca Grant
Company Number
05296655 (England and Wales)
Registered Office
43 EAST STREET
BROMLEY
BR1 1QQ
ENGLAND
Accountants
McTernan Associates Ltd
5 Clapham Chase
Clapham
Bedford
Bedfordshire
MK41 6FA
Faron Grant Associates Ltd
Statement of financial position
as at
31 March 2017
Tangible assets
2,915,000
2,303,000
Cash at bank and in hand
436
5,403
Creditors: amounts falling due within one year
(81,347)
(8,726)
Net current liabilities
(80,911)
(3,323)
Total assets less current liabilities
2,834,089
2,299,677
Creditors: amounts falling due after more than one year
(1,410,613)
(1,395,277)
Provisions for liabilities
Deferred tax
(174,116)
(174,116)
Other provisions
(122,400)
-
Net assets
1,126,960
730,284
Called up share capital
100
100
Revaluation reserve
1,186,063
799,579
Profit and loss account
(59,203)
(69,395)
Shareholders' funds
1,126,960
730,284
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 December 2017.
Chris Grant
Director
Company Registration No. 05296655
Faron Grant Associates Ltd
Notes to the Accounts
for the year ended 31 March 2017
Faron Grant Associates Ltd is a private company, limited by shares, registered in England and Wales, registration number 05296655. The registered office is 43 EAST STREET, BROMLEY, BR1 1QQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Land & buildings
Cost or valuation
At valuation
At 1 April 2016
2,303,000
At 31 March 2017
2,915,000
At 31 March 2017
2,915,000
At 31 March 2016
2,303,000
The properties were revalued as of 31 March 2017 to £2,915,000 in association with Jones Nickolds.
Faron Grant Associates Ltd
Notes to the Accounts
for the year ended 31 March 2017
5
Creditors: amounts falling due within one year
2017
2016
Other creditors
81,347
8,726
6
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
1,410,613
1,395,277
Aggregate of amounts that fall due for payment after five years
1,395,629
1,395,277
7
Deferred taxation
2017
2016
Revaluation of land and buildings
174,116
174,116
Provision at start of year
174,116
174,116
Provision at end of year
174,116
174,116
8
Provisions for liabilities
£
Additional provisions made during the period
122,400
9
Share capital
2017
2016
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 1 (2016: 1).