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REGISTERED NUMBER: 00322725 (England and Wales)















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: M P Lhermette
Ms C Lhermette
P J Lhermette
A J P Lhermette





SECRETARY: P J Lhermette





REGISTERED OFFICE: The Farm Office
Lamberhurst Farm
Dargate
Faversham
Kent
ME13 9EP





REGISTERED NUMBER: 00322725 (England and Wales)





ACCOUNTANTS: Carleys
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 1,189 1,321
Investments 5 347,074 348,129
Investment property 6 3,767,841 3,944,144
4,116,104 4,293,594

CURRENT ASSETS
Stocks 614 614
Debtors 7 981,013 950,548
Cash at bank 445,526 353,558
1,427,153 1,304,720
CREDITORS
Amounts falling due within one year 8 224,191 177,497
NET CURRENT ASSETS 1,202,962 1,127,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,319,066

5,420,817

PROVISIONS FOR LIABILITIES 540,429 584,538
NET ASSETS 4,778,637 4,836,279

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Retained earnings 11 4,758,637 4,816,279
SHAREHOLDERS' FUNDS 4,778,637 4,836,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 16 September 2024 and were signed on its behalf by:





M P Lhermette - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on reducing balance

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 11,227
DEPRECIATION
At 1 January 2023 9,906
Charge for year 132
At 31 December 2023 10,038
NET BOOK VALUE
At 31 December 2023 1,189
At 31 December 2022 1,321

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 62,805 60,095
Other debtors 512,371 609,107
575,176 669,202

Amounts falling due after more than one year:
Other debtors 405,837 281,346

Aggregate amounts 981,013 950,548

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 59,145 37,742
Other creditors 165,046 139,755
224,191 177,497

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
PML Will Trust Loan 100,000 100,000

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: £    £   
2,501 Ordinary A £1 2,501 2,501
1 Ordinary B £1 1 1
1,000 Ordinary C £1 1,000 1,000
2,499 Ordinary D £1 2,499 2,499
1,216 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:

20232022
£   £   
Revaluation gains on investment properties valued at fair value3,136,8063,313,109
Less related deferred taxation(540,132)(584,207)
Net non distributable revaluation gains2,596,6742,728,902

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
£    £   
M P Lhermette
Balance outstanding at start of year 358,067 355,088
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 361,301 358,067

P J Lhermette
Balance outstanding at start of year 666 -
Amounts repaid (666 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,467 666