IRIS Accounts Production v24.2.0.383 02662858 Board of Directors 1.1.23 31.12.23 31.12.23 23.9.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026628582022-12-31026628582023-12-31026628582023-01-012023-12-31026628582021-12-31026628582022-01-012022-12-31026628582022-12-3102662858ns15:EnglandWales2023-01-012023-12-3102662858ns14:PoundSterling2023-01-012023-12-3102662858ns10:Director12023-01-012023-12-3102662858ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102662858ns10:SmallEntities2023-01-012023-12-3102662858ns10:Audited2023-01-012023-12-3102662858ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102662858ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102662858ns10:FullAccounts2023-01-012023-12-3102662858ns10:Director42023-01-012023-12-3102662858ns10:Director52023-01-012023-12-3102662858ns10:Director62023-01-012023-12-3102662858ns10:Director82023-01-012023-12-3102662858ns10:Director92023-01-012023-12-3102662858ns10:RegisteredOffice2023-01-012023-12-3102662858ns5:CurrentFinancialInstruments2023-12-3102662858ns5:CurrentFinancialInstruments2022-12-3102662858ns5:Non-currentFinancialInstruments2023-12-3102662858ns5:Non-currentFinancialInstruments2022-12-3102662858ns5:ShareCapital2023-12-3102662858ns5:ShareCapital2022-12-3102662858ns5:CapitalRedemptionReserve2023-12-3102662858ns5:CapitalRedemptionReserve2022-12-3102662858ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3102662858ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3102662858ns5:RetainedEarningsAccumulatedLosses2023-12-3102662858ns5:RetainedEarningsAccumulatedLosses2022-12-3102662858ns5:LandBuildings2023-01-012023-12-3102662858ns5:PlantMachinery2023-01-012023-12-3102662858ns5:LandBuildings2022-12-3102662858ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3102662858ns5:PlantMachinery2022-12-3102662858ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3102662858ns5:LandBuildings2023-12-3102662858ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3102662858ns5:PlantMachinery2023-12-3102662858ns5:LandBuildings2022-12-3102662858ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3102662858ns5:PlantMachinery2022-12-3102662858ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102662858ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102662858ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-12-3102662858ns5:Non-currentFinancialInstruments2023-01-012023-12-31
REGISTERED NUMBER: 02662858 (England and Wales)











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: G C F Weeks
G Howell
S Hodges
M Telling
D D Percival
Mrs S Isa





REGISTERED OFFICE: Lygon House
50 London Road
Bromley
Kent
BR1 3RA





REGISTERED NUMBER: 02662858 (England and Wales)





AUDITORS: Berringers LLP
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 4 290,882 193,361

CURRENT ASSETS
Debtors 5 13,955 42,804
Cash at bank 550,819 529,461
564,774 572,265
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

6

231,306

158,696
NET CURRENT ASSETS 333,468 413,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

624,350

606,930

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

7

143,439

215,439
NET ASSETS 480,911 391,491

CAPITAL AND RESERVES
Called up share capital 11,500 11,500
Capital reserve 8 170,000 170,000
Road maintenance reserve 8 259,732 200,852
Retained earnings 8 39,679 9,139
SHAREHOLDERS' FUNDS 480,911 391,491

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 23 September 2024 and were signed on its behalf by:





M Telling - Director


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 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.

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.

Turnover
Turnover represents annual maintenance, property development charges, traffic management and security.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost and Recorded at nominal value
Plant and machinery etc - 10% on reducing balance

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 1 - 298,966 298,967
Additions - 105,869 13,080 118,949
At 31 December 2023 1 105,869 312,046 417,916
DEPRECIATION
At 1 January 2023 - - 105,606 105,606
Charge for year - 1,456 19,972 21,428
At 31 December 2023 - 1,456 125,578 127,034
NET BOOK VALUE
At 31 December 2023 1 104,413 186,468 290,882
At 31 December 2022 1 - 193,360 193,361

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 12,507 797
Other debtors 1,448 42,007
13,955 42,804

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans - less than 1 yr 72,000 -
Taxation 140 -
Accruals and deferred income 159,166 158,696
231,306 158,696

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 31,875 -
Other loans - 2-5 years 111,564 215,439
143,439 215,439

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
RetainedmaintenanceCapital
earningsreservereserveTotals
££££
At 1 January 20239,139200,852170,000379,991
Profit for the year89,420--89,420

Transfer(58,880) 58,880-
At 31 December 202339,679259,732170,000469,411


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

Paul Allan BSocSc FCA (Senior Statutory Auditor)
for and on behalf of Berringers LLP

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.