2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,980,028 428,064 5,551,964 5,551,964 5,980,028 xbrli:pure xbrli:shares iso4217:GBP 10187223 2022-04-01 2023-03-31 10187223 2023-03-31 10187223 2022-03-31 10187223 2021-04-01 2022-03-31 10187223 2022-03-31 10187223 2021-03-31 10187223 bus:Director1 2022-04-01 2023-03-31 10187223 bus:Director2 2022-04-01 2023-03-31 10187223 core:AfterOneYear 2023-03-31 10187223 core:AfterOneYear 2022-03-31 10187223 core:WithinOneYear 2023-03-31 10187223 core:WithinOneYear 2022-03-31 10187223 core:LandBuildings 2022-04-01 2023-03-31 10187223 core:ShareCapital 2023-03-31 10187223 core:ShareCapital 2022-03-31 10187223 core:SharePremium 2023-03-31 10187223 core:SharePremium 2022-03-31 10187223 core:RetainedEarningsAccumulatedLosses 2023-03-31 10187223 core:RetainedEarningsAccumulatedLosses 2022-03-31 10187223 core:LandBuildings 2023-03-31 10187223 core:LandBuildings 2022-03-31 10187223 core:LandBuildings 2022-03-31 10187223 bus:SmallEntities 2022-04-01 2023-03-31 10187223 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10187223 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10187223 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10187223 bus:FullAccounts 2022-04-01 2023-03-31 10187223 core:AfterOneYear 2022-04-01 2023-03-31 10187223 core:KeyManagementPersonnel 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 10187223
Ferndale Residential Ltd
Filleted Unaudited Financial Statements
31 March 2023
Ferndale Residential Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ferndale Residential Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
5,551,964
5,980,028
Current assets
Cash at bank and in hand
164,916
322,646
Creditors: amounts falling due within one year
6
115,086
155,582
---------
---------
Net current assets
49,830
167,064
------------
------------
Total assets less current liabilities
5,601,794
6,147,092
Creditors: amounts falling due after more than one year
7
3,062,705
3,565,913
------------
------------
Net assets
2,539,089
2,581,179
------------
------------
Capital and reserves
Called up share capital
4
4
Share premium account
2,397,552
2,397,552
Profit and loss account
141,533
183,623
------------
------------
Shareholders funds
2,539,089
2,581,179
------------
------------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ferndale Residential Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:
Mrs A Griffith
Mr S B Griffith
Director
Director
Company registration number: 10187223
Ferndale Residential Ltd
Notes to the Financial Statements
Year ended 31 March 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 39 Castle Row, Canterbury, Kent, United Kingdom, CT1 2QY.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property
£
Cost
At 1 April 2022
5,980,028
Disposals
( 428,064)
------------
At 31 March 2023
5,551,964
------------
Depreciation
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
5,551,964
------------
At 31 March 2022
5,980,028
------------
The directors consider the current market value of the properties to have remained unchanged from when they were acquired. As such the properties remain included at the cost value.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,891
32,300
Other creditors
112,195
123,282
---------
---------
115,086
155,582
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,062,705
3,565,913
------------
------------
Bank loans are secured on the investment properties held by the company.
8. Related party transactions
At the year end the company owed £73,100 (2022: £81,172) to the directors.