Company Registration No. 10778528 (England and Wales)
FAB MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
FAB MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
J Farber
T Farber
Company number
10778528
Registered office
Captiva House
9 Heythrop Close
Whitefield
Manchester
M45 7YB
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
FAB MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FAB MANAGEMENT LIMITED
BALANCE SHEET
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,289
Investment properties
4
850,000
465,448
855,289
465,448
Current assets
Debtors
5
250,426
250,935
Cash at bank and in hand
9,404
22,175
259,830
273,110
Creditors: amounts falling due within one year
6
(701,968)
(460,589)
Net current liabilities
(442,138)
(187,479)
Total assets less current liabilities
413,151
277,969
Provisions for liabilities
(24,048)
Net assets
389,103
277,969
Capital and reserves
Called up share capital
7
250,000
250,000
Other reserves
102,520
(3,982)
Profit and loss reserves
36,583
31,951
Total equity
389,103
277,969
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
FAB MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
2020
2019
as restated
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 May 2021 and are signed on its behalf by:
J Farber
Director
Company Registration No. 10778528
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 3 -
1
Accounting policies
Company information
Fab Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Captiva House, 9 Heythrop Close, Whitefield, Manchester, M45 7YB.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for modification
to a fair value basis where specified in the accounting policies below
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue in respect to rent from investment properties is recognised on a straight-line basis over the term
of the associated lease.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Enter depreciation rate via StatDB - cd77
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including
creditors, are initially recognised at transaction cost and not amortised as they are either receivable or
payable within one year.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2019
Additions
7,052
At 31 May 2020
7,052
Depreciation and impairment
At 1 June 2019
Depreciation charged in the year
1,763
At 31 May 2020
1,763
Carrying amount
At 31 May 2020
5,289
At 31 May 2019
4
Investment property
2020
£
Fair value
At 1 June 2019
465,448
Additions
253,068
Revaluations
131,484
At 31 May 2020
850,000
The valuations of investment properties were made on the 31 May 2020 by the directors, on an open market basis. No depreciation is provided in respect of these properties.
If investment properties were stated on a historical basis rather than a fair value basis, the properties would have been included at an original cost of £723,432.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
250,426
250,000
2020
2019
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
5
Debtors
(Continued)
- 7 -
Amounts falling due after more than one year:
£
£
Deferred tax asset
935
Total debtors
250,426
250,935
6
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
9,471
8,084
Other creditors
692,497
452,505
701,968
460,589
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and not fully paid
50,000 A Ordinary of £1 each
50,000
50,000
50,000 B Ordinary of £1 each
50,000
50,000
50,000 C Ordinary of £1 each
50,000
50,000
50,000 D Ordinary of £1 each
50,000
50,000
50,000 E Ordinary of £1 each
50,000
50,000
250,000
250,000
8
Prior period adjustment
A prior year adjustment has been made in thee accounts to reflect the reclassification of non-distributable reserves and distributable reserves for the revaluation of the companies investment properties.
The effect of these changes on the balance sheet is shown in the table below,
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 May 2019
£
£
£
Net assets
277,969
-
277,969
FAB MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
8
Prior period adjustment
As previously reported
Adjustment
As restated at 31 May 2019
(Continued)
- 8 -
Capital and reserves
Other reserves
-
(3,982)
(3,982)
Profit and loss
27,969
3,982
31,951
Total equity
277,969
-
277,969