Company Registration Number
06767324
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FISHER BROTHERS 1994 LIMITED
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UNAUDITED
FINANCIAL STATEMENTS
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FISHER BROTHERS 1994 LIMITED
REGISTERED NUMBER:
06767324
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2020
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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FISHER BROTHERS 1994 LIMITED
REGISTERED NUMBER:
06767324
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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FISHER BROTHERS 1994 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The company is a private company, limited by shares, incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom. The company trades from its registered office at Great Head House, Priory Road, Ulverston, Cumbria, LA12 9RX.
The principal activity of the company is letting and management of properties.
These Financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The directors have considered the on-going situation with regard to COVID-19 as part of their going
concern assessment. The view of the directors is that, while they acknowledge the significant
disruption that the pandemic has brought and will continue to bring over the coming weeks and
months, the directors feel that the company is well placed to negotiate the unique set of conditions
currently facing the UK economy.
The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing
the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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FISHER BROTHERS 1994 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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Operating leases: the Company as lessor
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Rentals income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 4
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FISHER BROTHERS 1994 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was
4
(2019 -
4
)
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Freehold investment property
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The 2020 valuations were made by the directors, on an open market value for existing use basis.
Page 5
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FISHER BROTHERS 1994 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Amounts owed by related companies
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Current asset investments
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Creditors: Amounts falling due within one year
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Amounts owed to related companies
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Accruals and deferred income
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Allotted, called up and fully paid
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2
(2019 -
2
)
Ordinary
shares of £
1.00
each
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250,000
(2019 -
250,000
)
B Ordinary
shares of £
1.00
each
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250,000
(2019 -
250,000
)
J Ordinary
shares of £
1.00
each
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The prescribed particulars of the share capital is as follows:
- Ordinary shares of £1 each have voting rights
- B and J Ordinary shares of £1 each have no voting rights
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Page 6
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FISHER BROTHERS 1994 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Related party transactions
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Included within creditors, amounts falling due within one year is an amount owed to
Great Head House Estates Limited
, a company with common directors and shareholders, of £30,620 (2019 - £3,986). The balance is interest free and repayable on demand.
Included within creditors, amounts falling due within one year, is an amount owed to Fisher Brothers 1979 Limited, a company with common directors and shareholders, of £52,600 (2019 debtor - £11,338). The balance is interest free and repayable on demand.
Included within debtors, is an amount due from Fisher Bros. Limited, a company with common directors and shareholders, of £NIL (2019 - £18,041). The balance is interest free and repayable on demand.
Included within creditors, amounts falling due within one year, is an amount owed to Conishead Services Limited, a company with common directors and shareholders, of £NIL (2019 - £80,332). The balance is interest free and repayable on demand.
Included within creditors, amounts falling due within one year, is an amount owed to the director,
Mrs E M Fisher
, of £254,000 (2019 - £278,000). The balance is interest free and repayable on demand
ncluded within creditors, amounts falling due within one year, is an amount owed to B F Fisher, a shareholder of the company, of £904,334 (2019 - £935,768). The balance is interest free and repayable on demand.
Included within creditors, amounts falling due within one year, is an amount owed to J S Fisher, a shareholder of the company, of £970,087 (2019 - £968,087). The balance is interest free and repayable on demand.
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Page 7
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