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 2017

FOR

FOURWAYS INVESTMENTS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S T Savage

Mr D 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

3

5,279

7,039

Investment property

4

3,309,998

2,305,575

3,315,277

2,312,614

CURRENT ASSETS

Debtors

5

900

2,242

Cash at bank and in hand

8,110

2,755

9,010

4,997

CREDITORS

Amounts falling due within one year

6

26,443

26,269

NET CURRENT LIABILITIES

(17,433

)

(21,272

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,297,844

2,291,342

CREDITORS

Amounts falling due after more than one year

7

(2,312,336

)

(2,247,926

)

PROVISIONS FOR LIABILITIES

9

(233,580

)

(46,880

)

NET ASSETS/(LIABILITIES)

751,928

(3,464

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

10

995,759

187,521

Retained earnings

(243,931

)

(191,085

)

751,928

(3,464

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 12 July 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the

company will have adequate resources to meet its liabilities to third parties as they fall due.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 November 2015.

The transition has resulted in reclassification of the leasehold property and the cost of the property at the date of

transition is shown as deemed fair value of the property on transition. Deferred tax has been recognised on the

reclassification on transition.

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. Income 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 asset 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 is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated

residual value over their expected useful lives, on the following basis:

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.

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.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 November 2016

and 31 October 2017

14,186

DEPRECIATION

At 1 November 2016

7,147

Charge for year

1,760

At 31 October 2017

8,907

NET BOOK VALUE

At 31 October 2017

5,279

At 31 October 2016

7,039

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

2,305,575

Additions

427,140

Revaluations

577,283

At 31 October 2017

3,309,998

NET BOOK VALUE

At 31 October 2017

3,309,998

At 31 October 2016

2,305,575

Fair value at 31 October 2017 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:

2017

2016

£

£

Cost

2,080,660

2,071,175

Investment properties were valued on an open market basis on 31 October 2017 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

900

-

Other debtors

-

2,242

900

2,242

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

5,835

5,619

Trade creditors

17,188

13,932

Other creditors

3,420

6,718

26,443

26,269

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,014,766

1,810,708

Other creditors

297,570

437,218

2,312,336

2,247,926

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,991,426

1,788,232

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,020,601

1,816,327

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.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Other timing differences

233,580

46,880

Deferred

tax

£

Balance at 1 November 2016

46,880

Provided during year

186,700

Balance at 31 October 2017

233,580

10.

RESERVES

Fair

value

reserve

£

At 1 November 2016

187,521

Movement

808,238

At 31 October 2017

995,759

11.	RELATED PARTY DISCLOSURES

Included in Other Debtors is an amount of £900 (2016: £2,200) due to connected companies with a common

director.

Included in Other Creditors is an amount of £262,412 (2016: £305,623) due to connected companies with

common a director. The amounts are interest free and repayable on demand.