Fourways Investments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08743962 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

FOURWAYS INVESTMENTS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S T Savage

Mr D C Nicou

Mr A S Christofis

Mr M J Williams

Mrs A Christofis

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

08743962 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

3,959

5,279

Investment property

5

3,309,998

3,309,998

3,313,957

3,315,277

CURRENT ASSETS

Debtors

6

2,050

900

Cash at bank and in hand

14,441

8,110

16,491

9,010

CREDITORS

Amounts falling due within one year

7

27,780

26,443

NET CURRENT LIABILITIES

(11,289

)

(17,433

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,302,668

3,297,844

CREDITORS

Amounts falling due after more than one year

8

(2,281,072

)

(2,312,336

)

PROVISIONS FOR LIABILITIES

10

(233,580

)

(233,580

)

NET ASSETS

788,016

751,928

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

995,759

995,759

Retained earnings

(207,843

)

(243,931

)

788,016

751,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 July 2019 and were signed on its behalf by:

Mrs A Christofis - Director

1.	STATUTORY INFORMATION

Fourways Investments Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents rents receivable during the year. Revenue is recognised when services are rendered to

customers.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment

losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances

indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful

lives.

Plant and machinery 25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet

date.

Taxation

Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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 year end and that are expected to apply to the

reversal of the timing difference.

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.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short

term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly

liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant

risk of changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 November 2017

and 31 October 2018

14,186

DEPRECIATION

At 1 November 2017

8,907

Charge for year

1,320

At 31 October 2018

10,227

NET BOOK VALUE

At 31 October 2018

3,959

At 31 October 2017

5,279

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

and 31 October 2018

3,309,998

NET BOOK VALUE

At 31 October 2018

3,309,998

At 31 October 2017

3,309,998

Fair value at 31 October 2018 is represented by:

£

Valuation in 2016

234,400

Valuation in 2017

994,938

Cost

2,080,660

3,309,998

If investment properties had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

2,080,660

2,080,660

Investment properties were valued on an open market basis on 31 October 2018 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

900

Other debtors

2,050

-

2,050

900

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

6,804

5,835

Trade creditors

14,459

17,188

Other creditors

6,517

3,420

27,780

26,443

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,007,561

2,014,766

Other creditors

273,511

297,570

2,281,072

2,312,336

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,732,209

1,732,000

Repayable by instalments

Bank loans more 5 yr by instal

275,352

259,426

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,014,365

2,020,601

The bank loan is secured on the property by way of fixed and floating charge on the assets of the company and

contains a negative pledge.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Other timing differences

233,580

233,580

Deferred

tax

£

Balance at 1 November 2017

233,580

Balance at 31 October 2018

233,580

11.

RESERVES

Fair

value

reserve

£

At 1 November 2017

and 31 October 2018

995,759

12.	RELATED PARTY DISCLOSURES

Included in other creditors less than one year,is an amount of £880 (2017: Nil) due to connected companies

with common directorship. The amounts are interest free and repayable on demand.

Included in other creditors more than one year, is an amount of £1,880 (2017: £1,000) due to the director of the

company. The loan is interest free.

Included in other creditors more than one year, is an amount of £237,432 (2017: £262,412) due to connected

companies with common directorship. The loans are interest free.