Company Registration No. 05296655 (England and Wales)
Faron Grant Associates Ltd
Unaudited accounts
for the year ended 31 March 2022
Faron Grant Associates Ltd
Unaudited accounts
Contents
Faron Grant Associates Ltd
Company Information
for the year ended 31 March 2022
Company Number
05296655 (England and Wales)
Registered Office
43 EAST STREET
BROMLEY
BR1 1QQ
ENGLAND
Accountants
McTernan Associates Ltd
Bedford Heights
Brickhill Drive
Bedford
Bedfordshire
MK41 7PH
Faron Grant Associates Ltd
Accountants' report
Accountants' report to the director of Faron Grant Associates Ltd on the preparation of the unaudited statutory accounts for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Faron Grant Associates Ltd for the year ended
31 March 2022 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Faron Grant Associates Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Faron Grant Associates Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Faron Grant Associates Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Faron Grant Associates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Faron Grant Associates Ltd. You consider that Faron Grant Associates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Faron Grant Associates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
McTernan Associates Ltd
Bedford Heights
Brickhill Drive
Bedford
Bedfordshire
MK41 7PH
9 December 2022
Faron Grant Associates Ltd
Statement of financial position
as at
31 March 2022
Tangible assets
2,225,000
2,225,000
Cash at bank and in hand
771
43,436
Creditors: amounts falling due within one year
(86,321)
(102,778)
Net current liabilities
(85,550)
(39,342)
Total assets less current liabilities
2,139,450
2,185,658
Creditors: amounts falling due after more than one year
(1,396,897)
(1,443,887)
Provisions for liabilities
Deferred tax
(102,853)
(102,853)
Net assets
639,700
638,918
Called up share capital
100
100
Revaluation reserve
626,137
626,137
Profit and loss account
13,463
12,681
Shareholders' funds
639,700
638,918
For the year ending 31 March 2022 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 director acknowledges his 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.
The financial statements were approved by the Board and authorised for issue on 9 December 2022 and were signed on its behalf by
Chris Grant
Director
Company Registration No. 05296655
Faron Grant Associates Ltd
Notes to the Accounts
for the year ended 31 March 2022
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 cost
At 1 April 2021
2,225,000
At 31 March 2022
2,225,000
At 31 March 2022
2,225,000
At 31 March 2021
2,225,000
The properties were valued as of 31 March 2020 at £2,225,000 by the directors taking into account the condition of the properties and length of leases remaining. This is no change to the previous revaluation as of 31 March 2019.
Faron Grant Associates Ltd
Notes to the Accounts
for the year ended 31 March 2022
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
183
3,148
Loans from directors
86,138
99,630
7
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
1,396,897
1,443,887
8
Share capital
2022
2021
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 1 (2021: 1).