REGISTERED NUMBER: |
FARNBOROUGH PARK ESTATE LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2023 |
REGISTERED NUMBER: |
FARNBOROUGH PARK ESTATE LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2023 |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
FARNBOROUGH PARK ESTATE LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Lygon House |
50 London Road |
Bromley |
Kent |
BR1 3RA |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital reserve | 8 |
Road maintenance reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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 |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Farnborough Park Estate Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents annual maintenance, property development charges, traffic management and security. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Taxation |
The company has mutual trading status. This means that all trading income is not chargeable to Corporation Tax. The trading expenditure is also not allowable for deduction. The taxation of the company only relates to tax on interest earned. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and |
buildings | Buildings | machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 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 |
The land and buildings relates to the roads and verges in the estate. They are carried at the nominal value, but the directors deem the market value to be higher. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans - less than 1 yr |
Taxation |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans - 1-2 years | 31,875 | - |
Other loans - 2-5 years | 215,439 |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
A loan was made to the company during 2017 by the then director P Wedgwood for £215,439. Whilst no fixed repayment terms were contained within the loan agreement, the company has made an initial repayment of £72,000 after the date of these accounts, with the intention of repaying the balance over36 months commencing May 2025. The loan is unsecured and interest free. |
The directors have decided to not adhere to the FRS 102 requirements regarding the provision for theoretical interest charges on the interest free loan. They believe that it is not realistic representation of the company's position and this departure alone has led to the qualification of the auditor's report. |
8. | RESERVES |
Road |
Retained | maintenance | Capital |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 9,139 | 200,852 | 170,000 | 379,991 |
Profit for the year | 89,420 | - | - | 89,420 |
Transfer | (58,880) | 58,880 | - |
At 31 December 2023 | 39,679 | 259,732 | 170,000 | 469,411 |
The directors have decided to set aside a separate road maintenance general reserve and a general capital reserve to reflect and highlight the future necessary expenditure. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was qualified on the following basis: |
Basis for qualified opinion |
The directors have recognised an interest free loan from a shareholder at transaction value. This is a departure from the requirements of FRS 102 for the loan to be measured at net realisable value using a market rate of interest. The loan amounted to £215,439 as detailed in note 10 to the financial statements. |
We have conducted our audit in accordance with the International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Key audit matters |
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
Matters required to report by exception |
for and on behalf of |
FARNBOROUGH PARK ESTATE LIMITED (REGISTERED NUMBER: 02662858) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
10. | RELATED PARTY DISCLOSURES |
A loan was made to the company during 2017 by the then director P Wedgewood for £215,439. The loan is unsecured and interest free. |
During the year, invoices amounting to £3,750 (2022: £5,000) were paid for bookkeeping services provided by Mrs A Humphries, wife of a director M Humphries who was appointed on 25 July 2019. The charges were deemed to be at an arms length. |