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Financial Statements for the Period 1 May 2018 to 31 August 2019 |
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Falkner Street Limited |
REGISTERED NUMBER:
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Financial Statements for the Period 1 May 2018 to 31 August 2019 |
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for |
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Falkner Street Limited |
Falkner Street Limited (Registered number: 09824803) |
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Contents of the Financial Statements |
for the Period 1 May 2018 to 31 August 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Falkner Street Limited |
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Company Information |
for the Period 1 May 2018 to 31 August 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Falkner Street Limited (Registered number: 09824803) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 30.4.18 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
by: |
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Falkner Street Limited (Registered number: 09824803) |
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Notes to the Financial Statements |
for the Period 1 May 2018 to 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Falkner Street Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of these financial statements in accordance with FRS 102 requires the use of certain critical |
accounting estimates. Estimates and and judgements are continually evaluated and are based on historical |
experience, current knowledge and expectations of future events. |
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Key accounting estimates- provisions |
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Upon the sale of property to an investor the company guarantees a return of a specified amount for a specified |
period of time. The rental income received on the property may not always meet the liability due to running |
costs and vacant periods so a provision is made against this cost. The provision at 31st August 2019 is based on |
a best estimate and will be calculated at 31st August 2020 with a new property management company instructed. |
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Turnover |
Turnover, derived from ordinary activities and net of VAT, relates to the sale of property and is recognised as |
the sale completes. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2018 - NIL). |
Falkner Street Limited (Registered number: 09824803) |
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Notes to the Financial Statements - continued |
for the Period 1 May 2018 to 31 August 2019 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 30.4.18 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 30.4.18 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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At the balance sheet date included in other creditors was £nil (2018 £352,710) due to companies under common |
control and £2,177,624 (2018 £105,335) due from companies under common control. The loans are interest free |
and repayable on demand. |