Contents | Page |
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Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
2024 | 2023 | ||
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Notes | £ | £ | |
FIXED ASSETS | |||
Tangible assets | 4 | ||
Investment property | 5 | ||
CURRENT ASSETS | |||
Debtors | 6 | ||
Cash at bank and in hand | |||
CREDITORS | |||
Amounts falling due within one year | 7 | ( |
( |
TOTAL ASSETS LESS CURRENT LIABILITIES | |||
CREDITORS | |||
Amounts falling due after more than one year | 8 | ( |
( |
PROVISIONS FOR LIABILITIES | ( |
( |
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NET ASSETS (LIABILITIES) | ( |
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CAPITAL & RESERVES | |||
Called-up equity share capital | 10 | ||
Investment property fair value reserve | |||
Profit and Loss reserves | ( |
( |
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SHAREHOLDERS' FUNDS (DEFICIT) | ( |
These financial statements were approved by the directors on
Director
1. | STATUTORY INFORMATION | ||||
Farnack Property Ltd (the Company) is a private company, limited by shares, registered in Scotland, registration number SC669197. The registered office is Free Church Manse, Tomatin, Inverness, IV13 7XY. | |||||
2. | ACCOUNTING POLICIES | ||||
Basis of preparing the financial statementsThe presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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Turnover |
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Tangible fixed assets
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Investment propertyInvestment property is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. It is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. The fair value is determined annually by the directors, on an open market value for existing use basis. |
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Borrowing CostsAll borrowing costs are recognised in profit or loss in the year in which they are incurred. |
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TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 tax rates and laws that have been enacted or substantially enacted by the balance sheet date. |
Deferred taxDeferred 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 substantially 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 they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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4. | TANGIBLE FIXED ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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5. | INVESTMENT PROPERTY | |||||||||||||||||||||||
Investment property was valued on an open market value basis at the end of each accounting period by Mr N W Roberts, and Mrs F E Roberts (directors). |
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6. | DEBTORS | |||||||||||||||||||||||
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7. | CREDITORS: Amounts falling due within one year | |||||||||||||||||||||||
Included in creditors is a loan from Mr N W Roberts and Mrs F E Roberts (directors) totalling
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8. | CREDITORS: Amounts falling due after more than one year | ||||||||||||||||||
Bank borrowings are secured by a fixed charge over the properties to which they relate. Amounts repayable after more than 5 years, included in creditors falling due after more than one year
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9. | RELATED PARTY TRANSACTIONS | ||||||||||||||||||
The following transactions were made with the directors: Loan from Mr N W Roberts, and Mrs F E Roberts
The loan is interest free and has no fixed terms of repayment. |
10. | SHARE CAPITAL | ||||||||||||
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