REGISTERED NUMBER: |
FARLINGTON ENTERPRISES LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
109,664,954 | 51,618,427 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 | 12,972,237 |
Additions | 12,965,900 |
Disposals | ( |
) | (7,500,939 | ) |
Revaluations | ( |
) | (63,042 | ) |
At 31 August 2023 | 18,374,156 |
NET BOOK VALUE |
At 31 August 2023 | 18,374,156 |
At 31 August 2022 | 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 |
Revaluations | 227,704 |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
Charge to Income Statement during year |
Intra-group transfer | 758,978 |
Balance at 31 August 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
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. |
for and on behalf of |
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. |