IRIS Accounts Production v24.1.0.578 12382309 Board of Directors 1.9.22 31.8.23 31.8.23 26.4.2024 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123823092022-08-31123823092023-08-31123823092022-09-012023-08-31123823092021-08-31123823092021-09-012022-08-31123823092022-08-3112382309ns15:EnglandWales2022-09-012023-08-3112382309ns14:PoundSterling2022-09-012023-08-3112382309ns10:Director12022-09-012023-08-3112382309ns10:PrivateLimitedCompanyLtd2022-09-012023-08-3112382309ns10:SmallEntities2022-09-012023-08-3112382309ns10:Audited2022-09-012023-08-3112382309ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3112382309ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-3112382309ns10:FullAccounts2022-09-012023-08-3112382309ns10:OrdinaryShareClass12022-09-012023-08-3112382309ns10:Director22022-09-012023-08-3112382309ns10:Director32022-09-012023-08-3112382309ns10:Director42022-09-012023-08-3112382309ns10:Director52022-09-012023-08-3112382309ns10:Director62022-09-012023-08-3112382309ns10:CompanySecretary12022-09-012023-08-3112382309ns10:RegisteredOffice2022-09-012023-08-3112382309ns5:CurrentFinancialInstruments2023-08-3112382309ns5:CurrentFinancialInstruments2022-08-3112382309ns5:ShareCapital2023-08-3112382309ns5:ShareCapital2022-08-3112382309ns5:SharePremium2023-08-3112382309ns5:SharePremium2022-08-3112382309ns5:RetainedEarningsAccumulatedLosses2023-08-3112382309ns5:RetainedEarningsAccumulatedLosses2022-08-311238230912022-09-012023-08-3112382309ns5:CostValuation2022-08-3112382309ns5:AdditionsToInvestments2023-08-3112382309ns5:DisposalsRepaymentsInvestments2023-08-3112382309ns5:RevaluationsIncreaseDecreaseInInvestments2023-08-3112382309ns5:CostValuation2023-08-3112382309ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3112382309ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3112382309ns5:DeferredTaxation2022-08-3112382309ns5:DeferredTaxation2022-09-012023-08-3112382309ns5:DeferredTaxation2023-08-3112382309ns10:OrdinaryShareClass12023-08-31
REGISTERED NUMBER: 12382309 (England and Wales)









FARLINGTON ENTERPRISES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FARLINGTON ENTERPRISES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Sir R G Fry
V B Fry
B V Kilcullen
B Smith
I Franklin
Lady M B Fry





SECRETARY: N Luff





REGISTERED OFFICE: St Michaels College
Oldwood Road
Tenbury Wells
Worcestershire
WR15 8PH





REGISTERED NUMBER: 12382309 (England and Wales)





AUDITORS: Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

BALANCE SHEET
31 AUGUST 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Investments 4 18,374,156 12,972,237
Investment property 5 4,000,000 3,772,296
22,374,156 16,744,533

CURRENT ASSETS
Debtors: amounts falling due within one
year

6

70,162,843

32,288,601
Cash at bank 17,219,054 2,987,306
87,381,897 35,275,907
CREDITORS
Amounts falling due within one year 7 91,099 402,013
NET CURRENT ASSETS 87,290,798 34,873,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,664,954

51,618,427


PROVISIONS FOR LIABILITIES 9 1,101,393 24,834

CAPITAL AND RESERVES
Called up share capital 10 57,637,892 4
Share premium 49,999,999 49,999,999
Retained earnings 925,670 1,593,590
SHAREHOLDERS' FUNDS 108,563,561 51,593,593
109,664,954 51,618,427

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 23 April 2024 and were signed on its behalf by:





Sir R G Fry - Director


FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Farlington Enterprises 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.

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.

Exemption from preparing consolidated financial statements
The financial statements contain information about Farlington Enterprises Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The fair value of the investment properties has been determined by reference to professional valuations prepared by White Druce & Brrown Property Consultants. Key estimates have been made regarding the state of the properties in the locations where they are situated and in respect of the range of reasonable fair value estimates of the assets.

Turnover
Turnover includes dividends and interest income on investments held, plus interest received on loans made to group entities and other companies at fair market values.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Listed investments are measured at fair value. Any aggregate surplus or deficit arising from
changes in fair value is recognised in profit or loss.

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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

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 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.

Foreign currency
Functional and presentation currency

The Company's functional and presentational currency is GBP.

Translations and balances

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value is determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end-exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss within 'other operating income'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 September 2022 2,482 12,969,755 12,972,237
Additions - 12,965,900 12,965,900
Disposals - (7,500,939 ) (7,500,939 )
Revaluations - (63,042 ) (63,042 )
At 31 August 2023 2,482 18,371,674 18,374,156
NET BOOK VALUE
At 31 August 2023 2,482 18,371,674 18,374,156
At 31 August 2022 2,482 12,969,755 12,972,237

Cost or valuation at 31 August 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2022 - 928,371 928,371
Valuation in 2023 - (63,042 ) (63,042 )
Cost 2,482 17,506,345 17,508,827
2,482 18,371,674 18,374,156

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 3,772,296
Revaluations 227,704
At 31 August 2023 4,000,000
NET BOOK VALUE
At 31 August 2023 4,000,000
At 31 August 2022 3,772,296

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 227,704
Cost 3,772,296
4,000,000

FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. INVESTMENT PROPERTY - continued

If Investment Property had not been revalued it would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 3,772,296 3,772,296

Investment Property was valued on an open market basis on 31 August 2023 by White Druce & Brown Property Consultant .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 210,047 -
Amounts owed by group undertakings 9,247,871 11,057,715
Other debtors 60,704,925 21,230,886
70,162,843 32,288,601

Included within other debtors are amounts due from non-group related entities of £60,355,447 (2022: £21,197,276).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 47,561 14,711
Amounts owed to group undertakings 7,507 -
Taxation and social security 12,698 361,068
Other creditors 23,333 26,234
91,099 402,013

8. FINANCIAL INSTRUMENTS

2023 2022
FINANCIAL ASSETS £ £

Financial assets measured at fair value through profit or loss 35,390,728 15,957,061


Financial assets measured at fair value through profit or loss comprise listed investments and cash and cash equivalents.

FARLINGTON ENTERPRISES LTD (REGISTERED NUMBER: 12382309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Unrealised gains on Investment Property 56,926 -
Unrealised gains on listed investments 1,044,467 24,834
1,101,393 24,834

Deferred
tax
£   
Balance at 1 September 2022 24,834
Charge to Income Statement during year 317,581
Intra-group transfer 758,978
Balance at 31 August 2023 1,101,393

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
57,637,892 Ordinary £1 57,637,892 4

57,637,888 £1 Ordinary shares were issued in the year to capitalise loans owed to the parent
company.

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

The Report of the Auditors was unqualified.

Martin Southern (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited

12. CONTROLLING PARTY

The company is a wholly owned subsidiary of Farlington Enterprises (Jersey) Limited, a company incorporated in Jersey and registered in England and Wales. Farlington Enterprises (Jersey) Limited is the ultimate parent undertaking of the group.

The ultimate controlling party is Sir R G Fry by virtue of his majority shareholding in the ultimate parent undertaking.