0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 21,221,647 666,540 573,270 876,971 65 20,437,881 20,437,881 21,221,647 xbrli:pure xbrli:shares iso4217:GBP SC393685 2022-03-01 2023-02-28 SC393685 2023-02-28 SC393685 2022-02-28 SC393685 2021-03-01 2022-02-28 SC393685 2022-02-28 SC393685 2021-02-28 SC393685 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC393685 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 SC393685 bus:Director1 2022-03-01 2023-02-28 SC393685 core:WithinOneYear 2023-02-28 SC393685 core:WithinOneYear 2022-02-28 SC393685 core:AfterOneYear 2023-02-28 SC393685 core:AfterOneYear 2022-02-28 SC393685 core:ShareCapital 2023-02-28 SC393685 core:ShareCapital 2022-02-28 SC393685 core:SharePremium 2023-02-28 SC393685 core:SharePremium 2022-02-28 SC393685 core:RevaluationReserve 2023-02-28 SC393685 core:RevaluationReserve 2022-02-28 SC393685 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC393685 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC393685 core:CostValuation core:Non-currentFinancialInstruments 2022-02-28 SC393685 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-02-28 SC393685 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-02-28 SC393685 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-02-28 SC393685 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2023-02-28 SC393685 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 SC393685 core:Non-currentFinancialInstruments 2023-02-28 SC393685 core:Non-currentFinancialInstruments 2022-02-28 SC393685 bus:SmallEntities 2022-03-01 2023-02-28 SC393685 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC393685 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC393685 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC393685 bus:FullAccounts 2022-03-01 2023-02-28 SC393685 bus:OrdinaryShareClass1 2023-02-28 SC393685 bus:OrdinaryShareClass1 2022-02-28 SC393685 bus:OrdinaryShareClass2 2023-02-28 SC393685 bus:OrdinaryShareClass2 2022-02-28 SC393685 bus:AllOrdinaryShares 2023-02-28 SC393685 bus:AllOrdinaryShares 2022-02-28 SC393685 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-02-28 SC393685 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2022-02-28
COMPANY REGISTRATION NUMBER: SC393685
Fernbank Investments Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Fernbank Investments Limited
Statement of Financial Position
28 February 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Investments
4
20,437,881
21,221,647
Current assets
Debtors
5
18,000
111,267
Cash at bank and in hand
1,979,779
1,830,008
------------
------------
1,997,779
1,941,275
Creditors: amounts falling due within one year
6
2,068,980
2,064,449
------------
------------
Net current liabilities
71,201
123,174
-------------
-------------
Total assets less current liabilities
20,366,680
21,098,473
Creditors: amounts falling due after more than one year
7
6,057,680
6,166,228
Provisions
Taxation including deferred tax
1,957,500
2,363,000
-------------
-------------
Net assets
12,351,500
12,569,245
-------------
-------------
Capital and reserves
Called up share capital
9
2,620
2,620
Share premium account
4,245,080
4,245,080
Revaluation reserve
6,389,196
6,938,910
Profit and loss account
1,714,604
1,382,635
-------------
-------------
Shareholders funds
12,351,500
12,569,245
-------------
-------------
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 comprehensive income 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 .
Fernbank Investments Limited
Statement of Financial Position (continued)
28 February 2023
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: SC393685
Fernbank Investments 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 Scotland. The address of the registered office is 7 Ainslie Place, Edinburgh, EH3 6AS, Scotland.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. 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 has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.
Investments
Fixed asset investments are initially recorded at cost. They subsequently are the measured at fair value with changes in fair value being recognised in profit and loss. Certain unlisted investments are stated at cost less any accumulated impairment losses.
Recognised gains
Recognised gains are computed by comparing the proceeds of sale with the current net book value of the investment.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 include other debtors and cash at bank, 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. Basic financial liabilities, which include other creditors, an intercompany loan and a director loan account 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
Other investments other than loans
£
Valuation
At 1 March 2022 as restated
21,221,647
Additions
666,540
Disposals
( 573,270)
Fair value adjustments
( 876,971)
Other movements
( 65)
-------------
At 28 February 2023
20,437,881
-------------
Impairment
At 1 March 2022 as restated and 28 February 2023
-------------
Carrying amount
At 28 February 2023
20,437,881
-------------
At 28 February 2022
21,221,647
-------------
The fixed asset investments are shown at fair value. The book cost of the fixed asset investments at 28 February 2023 was £12,092,068 (2022: £11,899,791).
5. Debtors
2023
2022
(restated)
£
£
Other debtors
18,000
111,267
--------
---------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,998,907
2,000,287
Corporation tax
55,634
57,662
Other creditors
14,439
6,500
------------
------------
2,068,980
2,064,449
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
6,057,680
6,166,228
------------
------------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
(restated)
£
£
Included in provisions
1,957,500
2,363,000
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
(restated)
£
£
Fair value adjustment of financial assets
1,957,500
2,363,000
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
Ordinary B shares of £ 1 each
1,620
1,620
1,620
1,620
-------
-------
-------
-------
2,620
2,620
2,620
2,620
-------
-------
-------
-------
10. Related party transactions
At 28 February 2023, the company owed Mr Michael MacPhee £6,057,680 (2022: £6,166,228). The loan is interest free with no fixed terms of repayment, although Mr MacPhee will not seek repayment for at least 12 months from the balance sheet date.
11. Prior year adjustment
The prior period figures have been restated to correct a currency revaluation error with regards to the investment portfolio and cash held.
The effects of this adjustment on the revaluation reserve are as follows:
£
Revaluation reserve originally stated as at 28 February 2022
7,588,421
Decrease in valuation of investments
(640,261)
Deferred tax adjustment
(9,250)
------------
Revised revaluation reserve as at 28 February 2022
6,938,910
Revaluation movements current year
(549,714)
------------
Revaluation reserve at 28 February 2023
6,389,196
------------
The effects of this adjustment on the profit and loss account are as follows:
£
Profit and loss account originally stated at 28 February 2022
1,381,876
Foreign currency gain
759
------------
Profit and loss account restated at 28 Febraury 2022
1,382,635
Loss for the year
(217,745)
Reclassification from revaluation reserve
549,714
------------
Profit and loss account at 28 February 2023
1,714,604
------------