Company Registration No. 10619753 (England and Wales)
FIFTI HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
FIFTI HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
FIFTI HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIFTI HOLDINGS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FIFTI Holdings Limited for the year ended 31 December 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of FIFTI Holdings Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of FIFTI Holdings Limited
and state those matters that we have agreed to state to the Board of Directors of FIFTI Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FIFTI Holdings Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that FIFTI Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of FIFTI Holdings Limited. You consider that FIFTI Holdings Limited 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 financial statements of FIFTI Holdings Limited. 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 financial statements.
Ormerod Rutter Limited
28 July 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIFTI HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
4
200
200
Current assets
Debtors
5
61,829
2,024
Creditors: amounts falling due within one year
6
(57,343)
(366)
Net current assets
4,486
1,658
Total assets less current liabilities
4,686
1,858
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
4,586
1,758
Total equity
4,686
1,858
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 July 2021.
Mr B N Pattni
Director
Company Registration No. 10619753
FIFTI HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
FIFTI Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
97 Cole Valley Road, Hall Green, Birmingham, West Midlands, B28 0DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
2
Exceptional costs
2020
2019
£
£
Irrecoverable loan
84
During the year, a group company, Banyan Property Investments Limited was dissolved. The related balance is not going to be recovered and has therefore been written off.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1
).
4
Fixed asset investments
2020
2019
£
£
Investments
200
200
FIFTI HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020
200
Additions
100
Disposals
(100)
At 31 December 2020
200
Carrying amount
At 31 December 2020
200
At 31 December 2019
200
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
61,829
105
Other debtors
1,919
61,829
2,024
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
7
7
Other creditors
57,336
359
57,343
366
7
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Bank overdrafts
7
7
FIFTI HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100
100
9
Related party transactions
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.
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan account
-
1,919
(1,919)
-
1,919
(1,919)
-
11
Ultimate controlling party
The ultimate controlling party is Mr B N Pattni.