IRIS Accounts Production v23.2.0.158 11036681 Board of Directors 1.1.22 31.12.22 31.12.22 7.3.24 0 0 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure110366812021-12-31110366812022-12-31110366812022-01-012022-12-31110366812020-12-31110366812021-01-012021-12-31110366812021-12-3111036681ns16:EnglandWales2022-01-012022-12-3111036681ns15:PoundSterling2022-01-012022-12-3111036681ns11:Director12022-01-012022-12-3111036681ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3111036681ns11:SmallEntities2022-01-012022-12-3111036681ns11:Audited2022-01-012022-12-3111036681ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3111036681ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3111036681ns11:FullAccounts2022-01-012022-12-3111036681ns11:EntityHasNeverTraded2022-01-012022-12-3111036681ns11:OrdinaryShareClass12022-01-012022-12-3111036681ns11:Director22022-01-012022-12-3111036681ns11:RegisteredOffice2022-01-012022-12-3111036681ns6:CurrentFinancialInstruments2022-12-3111036681ns6:CurrentFinancialInstruments2021-12-3111036681ns6:ShareCapital2022-12-3111036681ns6:ShareCapital2021-12-3111036681ns6:RevaluationReserve2022-12-3111036681ns6:RevaluationReserve2021-12-3111036681ns6:RetainedEarningsAccumulatedLosses2022-12-3111036681ns6:RetainedEarningsAccumulatedLosses2021-12-311103668112022-01-012022-12-3111036681ns6:CostValuation2021-12-3111036681ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3111036681ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3111036681ns6:Secured2022-12-3111036681ns6:Secured2021-12-3111036681ns6:DeferredTaxation2021-12-3111036681ns6:DeferredTaxation2022-01-012022-12-3111036681ns6:DeferredTaxation2022-12-3111036681ns11:OrdinaryShareClass12022-12-311103668112022-01-012022-12-31
REGISTERED NUMBER: 11036681 (England and Wales)















Financial Statements for the Year Ended 31 December 2022

for

Fabarch Ltd

Fabarch Ltd (Registered number: 11036681)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Fabarch Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTORS: J A Heinrich
C R Nichol



REGISTERED OFFICE: 27 Old Gloucester Street
London
United Kingdom
WC1N 3AX



REGISTERED NUMBER: 11036681 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Melissa Bowers FCCA



AUDITORS: Harts Limited
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Fabarch Ltd (Registered number: 11036681)

Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Investments 5 419,944 419,944
Investment property 6 31,518,000 45,900,000
31,937,944 46,319,944

CURRENT ASSETS
Debtors 7 113,253 128,284
Cash at bank 41,084 121,866
154,337 250,150
CREDITORS
Amounts falling due within one year 8 33,347,617 29,760,835
NET CURRENT LIABILITIES (33,193,280 ) (29,510,685 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,255,336

)

16,809,259

PROVISIONS FOR LIABILITIES 11 3,953,958 7,552,690
NET (LIABILITIES)/ASSETS (5,209,294 ) 9,256,569

CAPITAL AND RESERVES
Called up share capital 12 100 100
Fair value reserves 10,070,038 20,866,233
Retained earnings (15,279,432 ) (11,609,764 )
SHAREHOLDERS' FUNDS (5,209,294 ) 9,256,569

Fabarch Ltd (Registered number: 11036681)

Statement of Financial Position - continued
31 December 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 4 March 2024 and were signed on its behalf by:





C R Nichol - Director


Fabarch Ltd (Registered number: 11036681)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Fabarch 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 (£).


The place of business is 15 Rathbone St, Fitzrovia, London W1T 1NB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

Fabarch Ltd (Registered number: 11036681)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
After reviewing the company's financial situation, the directors have a reasonable expectation that the company has adequate resources, including the continuing financial support of its parent company, to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. AUDITORS' REMUNERATION
31.12.22 31.12.21
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,180

3,000

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 419,944
NET BOOK VALUE
At 31 December 2022 419,944
At 31 December 2021 419,944

Fabarch Ltd (Registered number: 11036681)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022 45,900,000
Additions 12,926
Impairments (14,394,926 )
At 31 December 2022 31,518,000
NET BOOK VALUE
At 31 December 2022 31,518,000
At 31 December 2021 45,900,000

A desktop valuation was undertaken in July 2022 by Savills a RICS regulated company. The directors considered this valuation and updated this with further knowledge of the market and property transactions that occurred after the original desktop valuation date. Following the appraisal the Investment Properties were valued at £31,518,000. The properties have been valued on a £/acre basis across the property portfolio as a development site.

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2019 7,510,000
Valuation in 2021 20,908,923
Valuation in 2022 (14,394,926 )
Cost 17,494,003
31,518,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 50,420 54,551
Amounts owed by group undertakings 8,828 -
Other debtors 54,005 73,733
113,253 128,284

Fabarch Ltd (Registered number: 11036681)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts (see note 9) - 20,595
Trade creditors 158,898 207,421
Amounts owed to group undertakings 428,000 425,000
Amounts owed to associates 31,475,232 9,591,837
Other creditors 1,285,487 19,515,982
33,347,617 29,760,835

9. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 20,595
Other loans - 18,476,526
- 18,497,121

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Other loans - 18,476,526

Loans are secured by a floating charge over all assets and a fixed charge over certain property assets.

11. PROVISIONS FOR LIABILITIES
31.12.22 31.12.21
£    £   
Deferred tax 3,953,958 7,552,690

Fabarch Ltd (Registered number: 11036681)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2022 7,552,690
Provided during year (3,598,732 )
Balance at 31 December 2022 3,953,958

12. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
100 Ordinary 1 100 100

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Melissa Bowers FCCA (Senior Statutory Auditor)
for and on behalf of Harts Limited

14. POST BALANCE SHEET EVENTS

On 10 November 2023, the company sold Scorpio House and Bow Bunker, Towcester Road, London for the sum of £9,000,000 which included deferred consideration of £4,500,000 payable 6 months after completion. The sale represents the disposal of 0.22 acres of the 3.06 acre site.

On 14 December 2023, the company completed on the of purchase of 11 Empson Street, London for the sum of £3,824,266 including stamp duty.

On 31 January 2024, the loan included within these financial statements under creditors falling due within one year, of £30,529,873 was converted into equity of 100 shares with the nominal value of £100. Any excess paid over the cost of the shares will be recognised in the share premium account.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Argo Holding GmbH, a company incorporated in Germany whose registered office is at Kienberger Allee 4, 12529, Schoenefeld, Germany.