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COMPANY REGISTRATION NUMBER: 10471634
Fernbank Investments UK Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Fernbank Investments UK Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
2,620
2,620
Current assets
Debtors
5
1,998,906
2,000,288
Creditors: amounts falling due within one year
6
1,242
1,242
------------
------------
Net current assets
1,997,664
1,999,046
------------
------------
Total assets less current liabilities
2,000,284
2,001,666
------------
------------
Net assets
2,000,284
2,001,666
------------
------------
Capital and reserves
Called up share capital
7
3,548
3,548
Share premium account
2,003,992
2,003,992
Profit and loss account
( 7,256)
( 5,874)
------------
------------
Shareholders funds
2,000,284
2,001,666
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr Michael W M R MacPhee
Director
Company registration number: 10471634
Fernbank Investments UK Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tate House, Rye Hill, Rye, East Sussex, TN31 7NH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments in subsidiaries
Investments in subsidiary undertakings are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which includes other debtors is initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which includes other creditors are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Investments
Shares in group undertakings
£
Cost
At 1 March 2022 and 28 February 2023
2,620
-------
Impairment
At 1 March 2022 and 28 February 2023
-------
Carrying amount
At 28 February 2023
2,620
-------
At 28 February 2022
2,620
-------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Fernbank Investments Limited
7 Ainslie Place
Ordinary A
100
Edinburgh
Ordinary B
100
EH3 6AS
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,998,906
2,000,288
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,242
1,242
-------
-------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary Class A shares of £ 1 each
1,000
1,000
1,000
1,000
Ordinary Class B shares of £ 1 each
2,548
2,548
2,548
2,548
-------
-------
-------
-------
3,548
3,548
3,548
3,548
-------
-------
-------
-------