REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAR HILLS ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAR HILLS ESTATES LIMITED |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FAR HILLS ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Second Floor South |
The Fitted Rigging House |
The Historic Dockyard |
Chatham |
Kent |
ME4 4TZ |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Far Hills Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income due on the letting of the company's investment properties and is recognised over the period of the rental. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is carried at fair value. Revaluation surpluses and deficits are recognised in the Income Statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are stated at the lower of cost and net estimated selling price less costs. Cost is calculated at the actual cost paid. |
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. |
Fixed asset investments |
Equity investments are recognised initially at fair value which is normally the transaction price. Subsequently they are measured at fair value through the profit and loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
At fair value |
At cost less impairment |
Total |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 367,928 | 10,000 | 377,928 |
Withdrawals | - | - |
Investment portfolio charges | (4,683 | ) | (4,683 | ) |
Revaluations | (29,573 | ) | (29,573 | ) |
Dividends received and reinvested | 4,909 | 4,909 |
At 31 December 2022 | 338,581 | 10,000 | 348,581 |
NET BOOK VALUE |
At 31 December 2022 | 338,581 | 10,000 | 348,581 |
At 1 January 2022 | 367,928 | 10,000 | 377,928 |
6. | INVESTMENT PROPERTY |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENT PROPERTY - continued |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 3,944,144 |
Revaluations | (176,303 | ) |
At 31 December 2023 | 3,767,841 |
NET BOOK VALUE | 3,767,841 |
At 31 December 2023 |
At 31 December 2022 | 3,944,144 |
The investment properties have been valued at fair value by one of the directors of the company, M P Lhermette, based on the Nationwide All Properties - Mix -adjusted regional and UK indices. |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
PML Will Trust Loan |
Certain directors of the company have given personal guarantees in respect of a loan of £100,000. |
FAR HILLS ESTATES LIMITED (REGISTERED NUMBER: 00322725) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 2,501 | 2,501 |
Ordinary B | £1 | 1 | 1 |
Ordinary C | £1 | 1,000 | 1,000 |
Ordinary D | £1 | 2,499 | 2,499 |
Ordinary E | £1 | 1,216 | 1,216 |
2,335 | Ordinary F | £1 | 2,335 | 2,335 |
2,612 | Ordinary G | £1 | 2,612 | 2,612 |
2,612 | Ordinary H | £1 | 2,612 | 2,612 |
2,612 | Ordinary J | £1 | 2,612 | 2,612 |
2,612 | Ordinary K | £1 | 2,612 | 2,612 |
20,000 | 20,000 |
11. | RESERVES |
The retained earnings include non distributable reserves of £2,596,674 (2022: £2,728,902) arising from the revaluation of investment properties at fair value net of the related deferred taxation as follows: |
2023 | 2022 |
£ | £ |
Revaluation gains on investment properties valued at fair value | 3,136,806 | 3,313,109 |
Less related deferred taxation | (540,132 | ) | (584,207 | ) |
Net non distributable revaluation gains | 2,596,674 | 2,728,902 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |