Company Registration No. 05179320 (England and Wales)
FACILITY & PROPERTY RESOURCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
FACILITY & PROPERTY RESOURCE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FACILITY & PROPERTY RESOURCE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
97
130
Investment properties
5
500,000
500,000
500,097
500,130
Current assets
Debtors
6
99
99
Cash at bank and in hand
1,376
10,180
1,475
10,279
Creditors: amounts falling due within one year
7
(515,811)
(517,896)
Net current liabilities
(514,336)
(507,617)
Total assets less current liabilities
(14,239)
(7,487)
Capital and reserves
Called up share capital
8
99
99
Revaluation reserve
9
10,533
10,533
Profit and loss reserves
(24,871)
(18,119)
Total equity
(14,239)
(7,487)
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 December 2019 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.
The 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 by the board of directors and authorised for issue on 15 December 2020 and are signed on its behalf by:
Mr D T Rebbettes
Director
Company Registration No. 05179320
FACILITY & PROPERTY RESOURCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Facility & Property Resource Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Griffins Court, 24-32 London Road, Newbury, Berkshire, RG14 1JX.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has prepared it's accounts on a going concern basis as the shareholders have confirmed they will continue to support the entity for a period of twelve months from the date the financial statements are signed.
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:
Improvements to property
Straight line over 5 years
Fixtures and fittings
25% reducing balance
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairments
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
FACILITY & PROPERTY RESOURCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from associated companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
FACILITY & PROPERTY RESOURCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 considered to be 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.
Investment property
The directors have also made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
FACILITY & PROPERTY RESOURCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
8,032
1,088
9,120
Depreciation and impairment
At 1 January 2019
8,032
958
8,990
Depreciation charged in the year
-
33
33
At 31 December 2019
8,032
991
9,023
Carrying amount
At 31 December 2019
-
97
97
At 31 December 2018
-
130
130
5
Investment property
2019
£
Fair value
At 1 January 2019 and 31 December 2019
500,000
The fair value of the investment property has been arrived at on the basis of the best estimation of the directors given their knowledge of the property and the area in which it is situated.
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
99
99
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
2,084
Other creditors
515,811
515,812
515,811
517,896
FACILITY & PROPERTY RESOURCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary of £1 each
99
99
9
Revaluation reserve
2019
2018
£
£
At the beginning and end of the year
10,533
10,533
10
Related party transactions
At the year end, the company owed key management personnel £ 175 (2018 - £ 175).
2019-12-312019-01-01false15 December 2020CCH SoftwareCCH Accounts Production 2020.310No description of principal activityMrs R A RebbettesMr S P RebbettesMr D T RebbettesMr B RebbettesMrs R A Rebbettes051793202019-01-012019-12-31051793202019-12-31051793202018-12-3105179320core:FurnitureFittings2019-12-3105179320core:FurnitureFittings2018-12-3105179320core:CurrentFinancialInstrumentscore:WithinOneYear2019-12-3105179320core:CurrentFinancialInstrumentscore:WithinOneYear2018-12-3105179320core:CurrentFinancialInstruments2019-12-3105179320core:CurrentFinancialInstruments2018-12-3105179320core:ShareCapital2019-12-3105179320core:ShareCapital2018-12-3105179320core:RevaluationReserve2019-12-3105179320core:RevaluationReserve2018-12-3105179320core:RetainedEarningsAccumulatedLosses2019-12-3105179320core:RetainedEarningsAccumulatedLosses2018-12-3105179320bus:Director22019-01-012019-12-3105179320core:LeaseholdImprovements2019-01-012019-12-3105179320core:FurnitureFittings2019-01-012019-12-31051793202018-01-012018-12-3105179320core:LeaseholdImprovements2018-12-3105179320core:FurnitureFittings2018-12-31051793202018-12-3105179320core:LeaseholdImprovements2019-12-3105179320core:WithinOneYear2019-12-3105179320core:WithinOneYear2018-12-3105179320core:KeyManagementPersonnel2019-12-3105179320core:KeyManagementPersonnel2018-12-3105179320bus:PrivateLimitedCompanyLtd2019-01-012019-12-3105179320bus:SmallCompaniesRegimeForAccounts2019-01-012019-12-3105179320bus:FRS1022019-01-012019-12-3105179320bus:AuditExemptWithAccountantsReport2019-01-012019-12-3105179320bus:Director12019-01-012019-12-3105179320bus:Director32019-01-012019-12-3105179320bus:Director42019-01-012019-12-3105179320bus:CompanySecretary12019-01-012019-12-3105179320bus:FullAccounts2019-01-012019-12-31xbrli:purexbrli:sharesiso4217:GBP