Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false32023-04-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02877267 2023-04-01 2024-03-31 02877267 2022-04-01 2023-03-31 02877267 2024-03-31 02877267 2023-03-31 02877267 c:Director1 2023-04-01 2024-03-31 02877267 d:PlantMachinery 2023-04-01 2024-03-31 02877267 d:PlantMachinery 2024-03-31 02877267 d:PlantMachinery 2023-03-31 02877267 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02877267 d:MotorVehicles 2023-04-01 2024-03-31 02877267 d:MotorVehicles 2024-03-31 02877267 d:MotorVehicles 2023-03-31 02877267 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02877267 d:FurnitureFittings 2023-04-01 2024-03-31 02877267 d:FurnitureFittings 2024-03-31 02877267 d:FurnitureFittings 2023-03-31 02877267 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02877267 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02877267 d:FreeholdInvestmentProperty 2024-03-31 02877267 d:FreeholdInvestmentProperty 2023-03-31 02877267 d:CurrentFinancialInstruments 2024-03-31 02877267 d:CurrentFinancialInstruments 2023-03-31 02877267 d:Non-currentFinancialInstruments 2024-03-31 02877267 d:Non-currentFinancialInstruments 2023-03-31 02877267 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02877267 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02877267 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02877267 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02877267 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 02877267 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 02877267 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 02877267 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 02877267 d:ShareCapital 2024-03-31 02877267 d:ShareCapital 2023-03-31 02877267 d:RevaluationReserve 2024-03-31 02877267 d:RevaluationReserve 2023-03-31 02877267 d:RetainedEarningsAccumulatedLosses 2024-03-31 02877267 d:RetainedEarningsAccumulatedLosses 2023-03-31 02877267 c:FRS102 2023-04-01 2024-03-31 02877267 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02877267 c:FullAccounts 2023-04-01 2024-03-31 02877267 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02877267 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02877267 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02877267 d:RetirementBenefitObligationsDeferredTax 2024-03-31 02877267 d:RetirementBenefitObligationsDeferredTax 2023-03-31 02877267 2 2023-04-01 2024-03-31 02877267 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02877267










FARNHAM ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FARNHAM ESTATES LIMITED
REGISTERED NUMBER: 02877267

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,244
13,582

Investment property
 6 
7,273,912
7,273,912

  
7,280,156
7,287,494

Current assets
  

Stocks
  
997,711
983,604

Debtors: amounts falling due within one year
 7 
232,972
182,168

Cash at bank and in hand
  
106,757
143,407

  
1,337,440
1,309,179

Creditors: amounts falling due within one year
 8 
(747,002)
(665,908)

Net current assets
  
 
 
590,438
 
 
643,271

Total assets less current liabilities
  
7,870,594
7,930,765

Creditors: amounts falling due after more than one year
 9 
(2,934,645)
(3,256,321)

Provisions for liabilities
  

Deferred tax
 11 
-
(1,662)

  
 
 
-
 
 
(1,662)

Net assets
  
4,935,949
4,672,782


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Revaluation reserve
  
1,252,935
1,252,935

Profit and loss account
  
3,653,014
3,389,847

  
4,935,949
4,672,782


Page 1

 
FARNHAM ESTATES LIMITED
REGISTERED NUMBER: 02877267
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




R R Lewis
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Farnham Estates Limited, (02877267), is a private company limited by shares. It is incorporated in England and Wales.  The registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.
The presentation currency of the company is GBP.  The financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term 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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. 
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of investment properties
As described in note 8, investment properties are stated at fair value based upon a valuation performed by the directors. The directors closely track commercial property price movements and rental yields.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


5.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
31,731
9,732
47,294
88,757


Additions
-
-
2,637
2,637



At 31 March 2024

31,731
9,732
49,931
91,394



Depreciation


At 1 April 2023
23,284
9,732
42,159
75,175


Charge for the year on owned assets
6,038
-
3,937
9,975



At 31 March 2024

29,322
9,732
46,096
85,150



Net book value



At 31 March 2024
2,409
-
3,835
6,244



At 31 March 2023
8,447
-
5,135
13,582

Page 6

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
7,273,912



At 31 March 2024
7,273,912

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
6,020,975
6,020,975


7.


Debtors

2024
2023
£
£


Trade debtors
124,884
59,133

Other debtors
104,883
122,135

Prepayments and accrued income
-
900

Deferred taxation
3,205
-

232,972
182,168


Page 7

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
210,000
210,644

Trade creditors
7,452
39,642

Corporation tax
88,999
17,128

Other taxation and social security
82,448
54,276

Other creditors
180,386
182,680

Accruals and deferred income
177,717
161,538

747,002
665,908



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,642
22,921

Other creditors
2,921,003
3,233,400

2,934,645
3,256,321


Secured Loans
The bank loan of £200,000 (2023 £200,000) is an interest only loan. The rate of interest on the loan is fixed at 3.35% over LIBOR. The loan is guaranteed by Mr R R Lewis.

Page 8

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
210,000
210,644

Amounts falling due 1-2 years

Bank loans
10,000
10,644

Amounts falling due 2-5 years

Bank loans
3,642
12,277


3,642
12,277


223,642
233,565



11.


Deferred taxation




2024


£






At beginning of year
(1,662)


Charged to profit or loss
4,867



At end of year
3,205

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,108
(1,662)

Pension
97
-

3,205
(1,662)

Page 9

 
FARNHAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £3,381 (2023 £5,901). At the balance sheet date there were unpaid contributions of £388 (2023  £Nil).

 
Page 10