REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Fabarch Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES | 11 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Fabarch Ltd (Registered number: 11036681) |
Statement of Financial Position - continued |
31 December 2022 |
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 |
Fabarch Ltd (Registered number: 11036681) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Fabarch Ltd is a |
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 |
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 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
Additions |
Impairments | (14,394,926 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
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 |
Amounts owed by group undertakings |
Other debtors |
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) |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 31,475,232 | 9,591,837 |
Other creditors |
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 |
Other loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Other loans |
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 |
Provided during year | ( |
) |
Balance at 31 December 2022 |
12. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |