Faia Investment Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11512052 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

FAIA INVESTMENT COMPANY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R L Crichton

Mrs E A Crichton

SECRETARY:

Turcan Connell Company Secretaries Limit

REGISTERED OFFICE:

C/o Turcan Connell

12 Stanhope Gate

London

W1K 1AW

REGISTERED NUMBER:

11512052 (England and Wales)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

4

110,841

36,955

Investments

5

4,498,047

4,387,002

4,608,888

4,423,957

CREDITORS

Amounts falling due within one year

6

(4,731,537

)

(4,480,775

)

NET CURRENT LIABILITIES

(4,731,537

)

(4,480,775

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(122,649

)

(56,818

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(122,749

)

(56,918

)

SHAREHOLDERS' FUNDS

(122,649

)

(56,818

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 10 May 2021 and were signed on its behalf by:

R L Crichton - Director

1.	STATUTORY INFORMATION

Faia Investment Company Ltd is a private company, limited by shares, registered in England, registration number 11512052. The registered office is c/o Turcan Connell, 12 Stanhope Gate, London, United Kingdom, W1K 1AW.

The principal activity of the company is investments.

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.

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

Going concern

After reviewing the company's forecasts and projections, which include a detailed assessment of the potential impact of COVID-19 on the operations of the business, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This requires the continued financial support of the company directors and shareholders to meet any liabilities which fall due.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

There are no significant judgements or estimates used in the preparation of these accounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are initially recognised at cost and subsequently measured at cost less any accumulated impairment losses.

Unlisted Investments

Unlisted investments are measured at fair value with changes in fair value recognised in profit or loss.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

40,355

Additions

72,168

Reclassification/transfer

13,533

At 31 August 2020

126,056

DEPRECIATION

At 1 September 2019

3,400

Charge for year

11,815

At 31 August 2020

15,215

NET BOOK VALUE

At 31 August 2020

110,841

At 31 August 2019

36,955

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 September 2019

4,387,002

-

4,387,002

Additions

4,578

120,000

124,578

Reclassification/transfer

(13,533

)

-

(13,533

)

At 31 August 2020

4,378,047

120,000

4,498,047

NET BOOK VALUE

At 31 August 2020

4,378,047

120,000

4,498,047

At 31 August 2019

4,387,002

-

4,387,002

The company owns 100% of the interest and voting capital in an overseas subsidiary, which includes all rights and ownership of a residential property held by the subsidiary.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

4,731,537

4,480,775