Fourways Investments Ltd - Accounts to registrar (filleted) - small 23.1.2

FOURWAYS INVESTMENTS LTD - Company Information

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REGISTERED NUMBER: 08743962 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

FOURWAYS INVESTMENTS LTD

Page

Statement of Financial Position

Notes to the Financial Statements

FIXED ASSETS

Tangible assets

1,252

1,669

Investment property

3,490,000

3,340,000

3,491,252

3,341,669

CURRENT ASSETS

Debtors

395,473

147,435

Cash at bank and in hand

4,159

4,617

399,632

152,052

CREDITORS

Amounts falling due within one year

205,492

106,055

NET CURRENT ASSETS

194,140

45,997

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,685,392

3,387,666

CREDITORS

Amounts falling due after more than one
year

(2,463,252

)

(2,319,047

)

PROVISIONS FOR LIABILITIES

(262,525

)

(234,025

)

NET ASSETS

959,615

834,594

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

1,119,157

997,657

Retained earnings

(159,642

)

(163,163

)

959,615

834,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 17 August 2023 and were signed on its behalf by:

Mr A S 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 are as below:

Registered number:

08743962

Registered office:

1 Kings Avenue

London

N21 3NA

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 significant judgements and estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

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, which is property held to earn rentals, 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 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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

COST

At 1 November 2021

and 31 October 2022

14,186

DEPRECIATION

At 1 November 2021

12,517

Charge for year

417

At 31 October 2022

12,934

NET BOOK VALUE

At 31 October 2022

1,252

At 31 October 2021

1,669

5.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 November 2021

3,340,000

Revaluations

150,000

At 31 October 2022

3,490,000

NET BOOK VALUE

At 31 October 2022

3,490,000

At 31 October 2021

3,340,000

Fair value at 31 October 2022 is represented by:

Valuation in 2016

234,400

Valuation in 2017

994,939

Valuation in 2021

2,343

Valuation in 2022

150,000

Cost

2,108,318

3,490,000

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

2022

2021

Cost

2,108,318

Investment properties were valued on an open market basis on 31 October 2022 by the directors and considers it to be at the value stated in the financial statements at the year end.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

Other debtors

395,473

147,435

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

Bank loans and overdrafts

97,783

5,335

Trade creditors

15,858

13,542

Other creditors

91,851

87,178

205,492

106,055

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

Bank loans

2,463,252

2,319,047

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

929,414

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

Bank loans

2,524,413

2,283,414

Bank loans are secured by way of fixed and floating charge on the investment property of the company and contains a negative pledge.

10.	PROVISIONS FOR LIABILITIES

2022

2021

Deferred tax

Other timing differences

262,525

234,025

Deferred

tax

Balance at 1 November 2021

234,025

Provided during year

28,500

Balance at 31 October 2022

262,525

11.

RESERVES

Fair

value

reserve

At 1 November 2021

997,657

Movement

121,500

At 31 October 2022

1,119,157

12.	RELATED PARTY DISCLOSURES

Included in the other debtors due within a year, is an amount of £340,608 (2021 - £103,238) due from connected companies under common control. The loans were interest free and repayable on demand.

Included in the other creditors due within a year, is an amount of £90,064 (2021 - £87,193) due to connected companies under common control. Also, included is an amount of £4,128 (2021: £Nil) due to the directors of the company. The loans were interest free and repayable on demand.