COMPANY REGISTRATION NUMBER:
13902830
Farm House Properties Limited |
|
Filleted Unaudited Financial Statements |
|
Farm House Properties Limited |
|
Statement of Financial Position |
|
29 February 2024
Fixed assets
Tangible assets |
4 |
1,195,950 |
892,739 |
|
|
|
|
Current assets
Debtors |
5 |
2,803 |
826 |
Cash at bank and in hand |
4,688 |
3,853 |
|
------- |
------- |
|
7,491 |
4,679 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
358,681 |
267,992 |
|
--------- |
--------- |
Net current liabilities |
351,190 |
263,313 |
|
------------ |
--------- |
Total assets less current liabilities |
844,760 |
629,426 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
856,123 |
643,850 |
|
--------- |
--------- |
Net liabilities |
(
11,363) |
(
14,424) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
11,463) |
(
14,524) |
|
-------- |
-------- |
Shareholders deficit |
(
11,363) |
(
14,424) |
|
-------- |
-------- |
|
|
|
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 income statement has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Farm House Properties Limited |
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Statement of Financial Position (continued) |
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29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
26 August 2024
, and are signed on behalf of the board by:
Company registration number:
13902830
Farm House Properties Limited |
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Notes to the Financial Statements |
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Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Going concern
After reviewing the company's forecasts and projections, together with the director's support which includes a loan of £350,636 (2023: 261,610), the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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. No depreciation is charged on investment property.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 March 2023 |
892,739 |
Additions |
303,211 |
|
------------ |
At 29 February 2024 |
1,195,950 |
|
------------ |
Depreciation |
|
At 1 March 2023 and 29 February 2024 |
– |
|
------------ |
Carrying amount |
|
At 29 February 2024 |
1,195,950 |
|
------------ |
At 28 February 2023 |
892,739 |
|
------------ |
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The investment properties were purchased in the year and prior year for market value and initially recognised at cost. It is the opinion of the director that the fair value of the the investment properties at the balance sheet date is not materially different to that of the recorded cost value.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
2,803 |
826 |
|
------- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
6,145 |
4,582 |
Other creditors |
352,536 |
263,410 |
|
--------- |
--------- |
|
358,681 |
267,992 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
856,123 |
643,850 |
|
--------- |
--------- |
|
|
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Included within creditors: amounts falling due after more than one year is an amount of £848,015 (2023: £637,500) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
This amount consists of six interest only bank loans.
The first bank loan commenced in June 2022. It is repayable over 25 years, with monthly interest repayments of £299 and interest is charged at a rate of 3.19%.
The second bank loan commenced in August 2022. It is repayable over 25 years, with monthly interest repayments of £334 and interest is charged at a rate of 3.29%.
The third bank loan commenced in September 2022. It is repayable over 25 years, with monthly interest repayments of £230 and interest is charged at a rate of 3.29%.
The fourth bank loan commenced in September 2022. It is repayable over 25 years, with monthly interest repayments of £288 and interest is charged at a rate of 3.29%.
The fifth bank loan commenced in October 2022. It is repayable over 25 years, with monthly interest repayments of £313 and interest is charged at a rate of 3.29%.
The sixth bank loan commenced in November 2022. It is repayable over 25 years, with monthly interest repayments of £381 and interest is charged at a rate of 4.29%.
The seventh bank loan commenced in June 2023. It is repayable over 25 years, with monthly interest repayments of £388 and interest is charged at a rate of 5.31%
The eighth bank loan commenced in February 2024. It is repayable over 25 years, with monthly interest repayments of £518 and interest is charged at a rate of 4.99%
The bank loans are secured on the properties to which they relate.
8.
Related party transactions
At the balance sheet date the company owed £350,636 (2023: £261,610) to the director. The loan is interest free and repayable on demand.