COMPANY REGISTRATION NUMBER:
06382435
Falcon Way Management Limited
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Company Limited by Guarantee
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Filleted Unaudited Financial Statements
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Falcon Way Management Limited
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Company Limited by Guarantee
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Statement of Financial Position
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30 September 2018
Current assets
Debtors
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5
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458
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509
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Cash at bank and in hand
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3,317
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2,784
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-------
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-------
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3,775
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3,293
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Creditors: amounts falling due within one year
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6
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3,420
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3,104
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-------
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Net current assets
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355
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189
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----
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Total assets less current liabilities
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355
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189
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Provisions
Other provisions
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355
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189
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----
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Net liabilities
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–
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–
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----
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----
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 November 2018
, and are signed on behalf of the board by:
Company registration number:
06382435
Falcon Way Management Limited
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Company Limited by Guarantee
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Notes to the Financial Statements
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Year ended 30 September 2018
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is C/O Jarmans Solicitors, Bell House, Bell Road, Sittingbourne, Kent, ME10 4DH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Company limited by guarantee
This company is limited by guarantee.
The liability of each member is limited to £1 in the event of the company being wound up or ceasing to trade.
5.
Debtors
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2018
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2017
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£
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£
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Trade debtors
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68
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66
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Other debtors
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390
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443
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458
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509
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----
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6.
Creditors:
amounts falling due within one year
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2018
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2017
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£
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£
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Other creditors
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3,420
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3,104
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-------
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-------
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7.
Related party transactions
During the year the company paid management fees to Nationspaces Developments Limited of £690 (2017: £670) a company of which R. D. A Syme and J. R. W Syme are also Directors.