Registered number
NI653047
Farset Retail Limited
Unaudited Filleted Accounts
31 March 2024
Farset Retail Limited
Registered number: NI653047
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 3,100,000 2,010,000
Current assets
Debtors 5 25,523 -
Creditors: amounts falling due within one year 6 - (312,038)
Net current assets/(liabilities) 25,523 (312,038)
Net assets 3,125,523 1,697,962
Capital and reserves
Called up share capital 133 100
Profit and loss account 3,125,390 1,697,862
Shareholders' funds 3,125,523 1,697,962
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Adair
Director
Approved by the board on 30 September 2024
Farset Retail Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidation
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Cash flow statement
The director has taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is small.
Investments
Investments in subsidiaries, associates and joint ventures are measured at fair value. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies ctd
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Taxation 2024 2023
£ £
Tax charge for the year - -
This year, corporation tax losses of £3,858 for Non-Trading Loan Relationship Deficits have been surrendered to Retail Zoo Limited under a claim for group relief (last year, £39,942). In addition, a corporation tax deduction of £387,467 for the costs of providing shares under a HM Revenue & Customs approved Enterprise Management Incentive scheme is also available for surrender to Retail Zoo Limited under a claim for group relief in the current year (refer Note 4 below).
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 2,010,000
Revaluation 1,090,000
At 31 March 2024 3,100,000
Historical cost
At 1 April 2023 2,010,000
At 31 March 2024 2,010,000
The company acquired 100% of the issued share capital of the following companies:-
Country of Class of
registration/ shares Capital and Profit for
Company incorporation held reserves the year
Retail Zoo Limited N Ireland Ordinary 192,987 692,961
Mr C O'Reilly, a director of Retail Zoo Limited was granted an option under an EMI scheme to acquire 3,333 ordinary shares of £0.01 each or 25% of the issued share capital of Farset Retail Limited. The option was exercised on 28 February 2024. As a result, the value of the company's investment in Retail Zoo Limited was revalued on that date resulting in an increase in the valuation from £2,010,000 to £3,100,000. The gain in the revaluation of the investment of £1,090,000 has been included in the profit and loss account.
Under the provisions of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so. Therefore, these accounts show information about the company as an individual entity.
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 33 -
Other debtors 25,490 -
25,523 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors - 312,038
7 Related party transactions
The company acquired 100% of the issued share capital of Retail Zoo Limited for £2,000,000 from Property Zoo Ltd on 13 March 2019.
The acquisition was financed by way of an interest bearing loan of £2,000,000 between Farset Retail Limited and Property Zoo Ltd.
The loan has been repaid in full by 31 March 2024. This year, overpayments of £25,121 were made by Farset Retail Limited to Property Zoo Ltd as a result of loan repayments of £341,386 (last year, £532,500)
Interest of £4,227 has been charged on the loan in the current year, based on an arms length commercial rate of the Bank of England base rate plus 4.50% (last year, £39,942).
Interest of £369 has been received on the over payments of £25,121 in the current year, based on an arms length commercial rate of the Bank of England base rate plus 4.50% (last year, £Nil).
Both Farset Retail Limited and Property Zoo Ltd are ultimately controlled by Mr G Adair.
8 Controlling party
Farset Retail Limited was under the control of Mr G Adair throughout the year. Mr Adair is both the managing director and principal shareholder.
9 Other information
Farset Retail Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
42 Old Belfast Road
Saintfield
County Down
BT24 7DG
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