REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Featherstones', Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Featherstones', Limited |
Featherstones', Limited (Registered number: 00111034) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Featherstones', Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Featherstones', Limited (Registered number: 00111034) |
Statement of Financial Position |
31 January 2024 |
31/1/24 | 31/1/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Featherstones', Limited (Registered number: 00111034) |
Statement of Financial Position - continued |
31 January 2024 |
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 |
Featherstones', Limited (Registered number: 00111034) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Featherstones', Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Featherstones', Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognized in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
Properties are valued using a multiple of rentals model, allowing for the state of repair of properties awaiting tenants. |
Turnover |
Gross rents received are shown net of VAT, and are recognised over the term of the rental period on a straight line basis. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation. |
Featherstones', Limited (Registered number: 00111034) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Investment properties |
Investment properties are shown at market value. The definition of "market value" used is in accordance with the RICS Valuation - Global Standards which incorporate the International Valuation Standards (IVS) effective from 31 January 2020 together with, where applicable, the UK National Supplement effective 14 January 2019 and the RICS Red Book. 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit and loss in the year to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Featherstones', Limited (Registered number: 00111034) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2023 | 2,189,556 |
Cost | 770,444 |
2,960,000 |
Investment properties were revalued on 4 January 2022 externally by Martin Lacey Buckley Ltd, an independent chartered surveyor, not connected to the company, on a market value basis. The definition of "market value" used is in accordance with the RICS Valuation - Global Standards which incorporate the International Valuation Standards (IVS) effective from 31 January 2020 together with, where applicable, the UK National Supplement effective 14 January 2019 and the RICS Red Book. |
The directors undertook their own valuation in 2023 but determined that the valuation undertaken on 4 January 2022 was still deemed appropriate. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Featherstones', Limited (Registered number: 00111034) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 7,161 | 13,418 |
Other creditors |
Accrued expenses | 7,459 | 9,151 |
Deposits held | 26,688 | 22,584 |
Directors' current accounts | 36,029 | 70,109 |
Unclaimed dividends |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
5.25% cumulative preference shares | 22,011 | 22,011 |
Subsidiary company loan | 73,679 | 22,874 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
5.25% cumulative preference shares |
The cumulative preference shares are treated as non-equity as they confer the right to receive, in priority of all other shares, a cumulative preferential dividend at 5.25%. In addition, such shares shall rank ahead of all others for capital repayments in the event of winding up. |
£1,116 was paid to the preference shareholders during the year. |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2023 |
and 31 January 2024 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Miss L E Pitham, the sole director of 2D8 Limited and shareholder |
who owns all voting classes of shares in the company. |