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REGISTERED NUMBER: 12575283 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ferrari Estates Ltd

Ferrari Estates Ltd (Registered number: 12575283)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ferrari Estates Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: A Ferrari





REGISTERED OFFICE: 109 Highland Road
Bromley
Kent
BR1 4AA





REGISTERED NUMBER: 12575283 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Ferrari Estates Ltd (Registered number: 12575283)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 984 1,768
Investment property 5 1,165,000 1,185,000
1,165,984 1,186,768

CURRENT ASSETS
Debtors 6 4,352 3,060
Prepayments and accrued income 159 511
Cash at bank - 5,607
4,511 9,178
CREDITORS
Amounts falling due within one year 7 102,660 93,065
NET CURRENT LIABILITIES (98,149 ) (83,887 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,067,835

1,102,881

CREDITORS
Amounts falling due after more than one
year

8

(896,742

)

(896,710

)

PROVISIONS FOR LIABILITIES (2,435 ) (6,235 )
NET ASSETS 168,658 199,936

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 168,657 199,935
SHAREHOLDERS' FUNDS 168,658 199,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Ferrari Estates Ltd (Registered number: 12575283)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 11 October 2024 and were signed by:





A Ferrari - Director


Ferrari Estates Ltd (Registered number: 12575283)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Ferrari Estates Ltd 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 as modified by the revaluation of certain assets.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings - 25% straight line basis

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Ferrari Estates Ltd (Registered number: 12575283)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 3,135
DEPRECIATION
At 1 April 2023 1,367
Charge for year 784
At 31 March 2024 2,151
NET BOOK VALUE
At 31 March 2024 984
At 31 March 2023 1,768

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,185,000
Revaluations (20,000 )
At 31 March 2024 1,165,000
NET BOOK VALUE
At 31 March 2024 1,165,000
At 31 March 2023 1,185,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 62,951
Valuation in 2023 (30,137 )
Valuation in 2024 (20,000 )
Cost 1,152,186
1,165,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,152,186 1,152,186

Investment property was valued on an open market basis on 31 March 2024 by the director .

Ferrari Estates Ltd (Registered number: 12575283)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,292 -
Other debtors 3,060 3,060
4,352 3,060

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 68 -
Trade creditors 6,185 6,185
Taxation and social security 1,957 1,590
Other creditors 94,450 85,290
102,660 93,065

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 896,742 896,710

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 896,742 896,710

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 671,465 671,433

The company's borrowings in respect of its investment properties is secured by first legal charges.

Ferrari Estates Ltd (Registered number: 12575283)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed its director £53,976 (2023 £36,154) the loan being interest free and having no fixed repayment date. The liability is included in other creditors.

At the balance sheet date £264,035 (2023 £268,735) was owed to an entity connected with key management personnel. The amount is interest-free and has no fixed repayment date. The liability is included in other creditors.