2023-02-28 2022-03-01 false The principal activity of the Company during the financial year was that of renting out residential property. N W Roberts F E Roberts N W Roberts and F E Roberts N W Roberts and F E Roberts N W Roberts and F E Roberts N W Roberts and F E Roberts SC669197 2022-03-01 2023-02-28 SC669197 2023-02-28 SC669197 2022-02-28 SC669197 2021-03-01 2022-02-28 SC669197 core:PlantMachinery 2022-03-01 2023-02-28 SC669197 core:PlantMachinery 2023-02-28 SC669197 core:PlantMachinery 2022-02-28 SC669197 core:FurnitureFittings 2022-03-01 2023-02-28 SC669197 core:FurnitureFittings 2023-02-28 SC669197 core:FurnitureFittings 2022-02-28 SC669197 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC669197 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 SC669197 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 SC669197 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 SC669197 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2023-02-28 SC669197 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2022-02-28 SC669197 core:CurrentFinancialInstruments 2023-02-28 SC669197 core:CurrentFinancialInstruments 2022-02-28 SC669197 core:CurrentFinancialInstruments 2022-02-28 SC669197 core:CurrentFinancialInstruments 2021-02-28 SC669197 core:ShareCapital 2023-02-28 SC669197 core:ShareCapital 2022-02-28 SC669197 core:RevaluationReserve 2023-02-28 SC669197 core:RevaluationReserve 2022-02-28 SC669197 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC669197 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC669197 core:ShareCapitalOrdinaryShares 2023-02-28 SC669197 core:ShareCapitalOrdinaryShares 2022-02-28 SC669197 core:SaleOrPurchasePropertyOrOtherAssets core:KeyManagementIndividualGroup1 2022-03-01 2023-02-28 SC669197 core:SaleOrPurchasePropertyOrOtherAssets core:KeyManagementIndividualGroup1 2021-03-01 2022-02-28 SC669197 core:KeyManagementIndividualGroup1 2022-03-01 2023-02-28 SC669197 core:KeyManagementIndividualGroup1 2021-03-01 2022-02-28 SC669197 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC669197 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC669197 bus:FRS102 2022-03-01 2023-02-28 SC669197 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC669197 bus:FullAccounts 2022-03-01 2023-02-28 SC669197 bus:Director1 2022-03-01 2023-02-28 SC669197 bus:Director2 2022-03-01 2023-02-28 xbrli:pure xbrli:shares iso4217:GBP
COMPANY REGISTRATION NO. SC669197
FARNACK PROPERTY LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR
1 MARCH 2022 TO 28 FEBRUARY 2023
FARNACK PROPERTY LTD.
UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
ContentsPage
Balance Sheet 1
Notes to the financial Statements 3
FARNACK PROPERTY LTD.
BALANCE SHEET
AS AT 28 February 2023
- 1 -
2023 2022
Notes £ £
FIXED ASSETS
Tangible assets4 897 1,163
Investment property5 140,000 140,000
140,897 141,163
 
CURRENT ASSETS
Debtors6 83 1,080
Cash at bank and in hand 439 449
522 1,529
 
CREDITORS
Amounts falling due within one year7 (49,553) (53,353)
 
 
TOTAL ASSETS LESS CURRENT LIABILITIES 91,866 89,339
 
CREDITORS
Amounts falling due after more than one year8 (91,991) (91,995)
 
PROVISIONS FOR LIABILITIES (883) (883)
NET ASSETS (LIABILITIES) (1,008) (3,539)
 
CAPITAL & RESERVES
Called-up equity share capital10 2 2
Investment property fair value reserve 4,645 4,645
Profit and Loss reserves (5,655) (8,186)
 
SHAREHOLDERS' FUNDS (DEFICIT) (1,008) (3,539)

For the year ended 28th February 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

FARNACK PROPERTY LTD.
BALANCE SHEET
AS AT 28 February 2023
- 2 -

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. true

These financial statements were approved by the directors on 11 November 2023 and are signed on their behalf by:

Nathan William Roberts
Director

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 3 -
1. STATUTORY INFORMATION
Farnack Property Ltd (the Company) is a private company, limited by shares, registered in Scotland, registration number SC669197. The registered office is Free Church Manse, Tomatin, Inverness, IV13 7XY.
2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the 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, modified to include investment properties at fair value.

The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,008. The Company is supported through loans from the directors. The directors have given assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in the preparing of the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for rentals in the normal course of business, net of discounts, rebates and value added tax. Revenue from a rental contract is allocated to the period to which it relates.

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 4 -

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and equipment20% straight line
Fixtures and fittings20% straight line

Investment property

Investment property is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. It is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Borrowing Costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 tax rates and laws that have been enacted or substantially enacted by the balance sheet date.

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 5 -

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 substantially 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 they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES
2023 2022
NumberNumber
Monthly average number of persons employed by the Company during the year, including directors 0 0
4. TANGIBLE FIXED ASSETS
Plant and Machinery Fixtures and Fittings Totals
£££
COST
At 1 March 2022 120 1,208 1,328
Additions at cost 0 0 0
At 28 February 2023 120 1,208 1,328
 
DEPRECIATION
At 1 March 2022 20 145 165
Charge for year 24 242 266
At 28 February 2023 44 387 431
 
NET BOOK VALUE
At 1 March 2022 100 1,063 1,163
At 28 February 2023 76 821 897
FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 6 -
5. INVESTMENT PROPERTY
2023
£
FAIR VALUE
At 1 March 2022 140,000
Additions at cost 0
Surplus on revaluation 0
At 28 February 2023 140,000
 
NET BOOK VALUE
At 1 March 2022 140,000
At 28 February 2023 140,000

Investment property was valued on an open market value basis at 28th February 2023 by Mr N W Roberts, and Mrs F E Roberts (directors).

Investment property was purchased from the directors for £120,000, the market value at the time of purchase (in year ending 2022) assessed by an independent Chartered Surveyor.

6. DEBTORS
20232022
££
Prepayments 83 1,080
7. CREDITORS: Amounts falling due within one year
20232022
££
Other Creditors 49,309 53,109
Accruals 244 244
49,553 53,353

Included in creditors is a loan from Mr N W Roberts and Mrs F E Roberts (directors) totalling £49,309 (2022 £53,109).

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 7 -
8. CREDITORS: Amounts falling due after more than one year
20232022
££
Bank loans 91,991 91,995

Bank borrowings are secured by a fixed charge over the properties to which they relate.

Amounts repayable after more than 5 years, included in creditors falling due after more than one year

20232022
££
Bank loans 91,991 91,995
9. RELATED PARTY TRANSACTIONS

The following transactions were made with the directors:

Investment property purchase

20232022
££
Investment property purchased from Mr N W Roberts, and Mrs F E Roberts 0 120,000

Investment property was purchased from the directors in year ending 2022 for £120,000, the market value at the time of purchase assessed by an independent Chartered Surveyor.

Loan from Mr N W Roberts, and Mrs F E Roberts

20232022
££
At 1 March 53,109 0
Loan advance 0 54,109
Loan repayment 3,800 1,000
At 28 February 49,309 53,109

The loan is interest free and has no fixed terms of repayment.

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2022 TO 28 FEBRUARY 2023
- 8 -
10. SHARE CAPITAL
20232022
££

Allotted, called up and fully paid:

2No Ordinary shares of £1.00 each 2 2