Fariss Ltd - Accounts to registrar (filleted) - small 18.2

Fariss Ltd - Accounts to registrar (filleted) - small 18.2

FARISS LTD - Company Information

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REGISTERED NUMBER: NI648712 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

FARISS LTD
FARISS LTD (REGISTERED NUMBER: NI648712)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


FARISS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2020







DIRECTOR: A Simms





REGISTERED OFFICE: 17 Clarendon Road
Belfast
BT1 3BG





REGISTERED NUMBER: NI648712 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
Co. Antrim
BT1 3BG
Page 1
FARISS LTD (REGISTERED NUMBER: NI648712)

BALANCE SHEET
31 OCTOBER 2020

31.10.20 31.10.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,777 46,154
Investments 5 914,167 1,334,558
969,944 1,380,712

CURRENT ASSETS
Debtors 6 220,971 86,518
Cash at bank 231,136 464,695
452,107 551,213
CREDITORS
Amounts falling due within one year 7 326,623 429,205
NET CURRENT ASSETS 125,484 122,008
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,095,428
1,502,720

PROVISIONS FOR LIABILITIES 6,837 4,089
NET ASSETS 1,088,591 1,498,631

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 1,088,441 1,498,481
1,088,591 1,498,631

The notes form part of these financial statements

Page 2 continued...
FARISS LTD (REGISTERED NUMBER: NI648712)

BALANCE SHEET - continued
31 OCTOBER 2020


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 October 2021 and were signed by:





A Simms - Director


The notes form part of these financial statements

Page 3
FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020


1. STATUTORY INFORMATION

Fariss Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Consider the recoverability of other debtors and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Establish whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investment and the business in general.

The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures, fittings & equipment - 10% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.


Page 4 continued...
FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


2. ACCOUNTING POLICIES - continued
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 balance sheet date.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2019 51,672
Additions 14,917
At 31 October 2020 66,589
DEPRECIATION
At 1 November 2019 5,518
Charge for year 5,294
At 31 October 2020 10,812
NET BOOK VALUE
At 31 October 2020 55,777
At 31 October 2019 46,154

Page 5 continued...
FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


5. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 November 2019 1,334,558 - 1,334,558
Additions - 40 40
Impairments (420,431 ) - (420,431 )
At 31 October 2020 914,127 40 914,167
NET BOOK VALUE
At 31 October 2020 914,127 40 914,167
At 31 October 2019 1,334,558 - 1,334,558

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Amounts owed by participating interests 187,420 -
Other debtors 33,551 86,518
220,971 86,518

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Trade creditors 14,297 5,468
Taxation and social security 77,960 104,379
Other creditors 234,366 319,358
326,623 429,205

8. RELATED PARTY DISCLOSURES

The company continues to be controlled by A Simms, by virtue of his shareholding.

Page 6