Registered number
13460416
Falloden Ltd
Unaudited Filleted Accounts
30 June 2024
Falloden Ltd
Registered number: 13460416
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 21,442,517 21,888,413
Current assets
Debtors 4 75,597 48,123
Cash at bank and in hand 989,538 1,036,708
1,065,135 1,084,831
Creditors: amounts falling due within one year 5 (204,319) (142,275)
Net current assets 860,816 942,556
Total assets less current liabilities 22,303,333 22,830,969
Creditors: amounts falling due after more than one year 6 (12,933,278) (12,933,278)
Provisions for liabilities (129,980) -
Net assets 9,240,075 9,897,691
Capital and reserves
Called up share capital 5,900 5,900
Share premium 8,680,250 9,846,925
Other reserves 8 574,784 20,660
Profit and loss account (20,859) 24,206
Shareholders' funds 9,240,075 9,897,691
The directors are 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 directors acknowledge their 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.
P J Tomes
Director
Approved by the board on 19 November 2024
Falloden Ltd
Notes to the Accounts
for the year ended 30 June 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
All investment properties are carried at fair value determined annually and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investment
Properties
£
Fair value
At 1 July 2023 21,888,413
Additions (1,130,000)
Revaluation 684,104
At 30 June 2024 21,442,517
The residential properties were valued at £16,197,481 as at 30 June 2024 (£4,16,643,376 at 30 June 2023) including a fair value increase of £684,104 in the year ended 30 June 2024. A reduction of £1,130,000 (shown as a disposal) has arisen from a mistatement on aququisition. The commercial properties were valued at £5,245,036 at 30 June 2023 (£5,245,036 at 30 June 2022) with no change in fair value in the year ended 30 June 2024.
The investment properties were valued by United Trust Bank as at 30 June 2024 based on open market rates.
4 Debtors 2024 2023
£ £
Trade debtors 45,837 21,649
Prepayments and accrued income 28,092 23,263
Other debtors 1,668 3,211
75,597 48,123
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 103,615 11,322
Taxation and social security costs 9,160 10,322
Accrued liabilities and deferred income 73,753 114,336
Other creditors 17,791 6,295
204,319 142,275
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,933,278 12,933,278
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 12,933,278 12,933,278
All loans are repayable in full between 1 and 5 years and are secured on the investment properties and personal directors' guarantees.
8 Other reserves 2024 2023
£ £
Fair Value reserve
At 1 July 2023 20,660 20,660
Gain on revaluation of land and buildings 684,104 -
Deferred taxation arising on the revaluation of land and buildings (129,980) -
At 30 June 2024 574,784 20,660
Fair value reserve represents the fair value gains net of deferred tax on investment properties revaluations.
9 Related party transactions
Included in other creditors, amounts due within one year, are balances owed to P J Tomes £7,368 (2023: £1,854) and L C Tomes £7,368 (2023: £1,854). The balances are interest free and repayable on demand.
10 Controlling party
In the opinion of the directors, the company is controlled by the directors who own 100% of the issued shares between them.
11 Other information
Falloden Ltd is a private company limited by shares and incorporated in England. Its registered office is:
373 Wimbledon Park Road
London
SW19 6PE
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