2024-02-29 2023-03-01 false The principal activity of the Company during the financial year was that of renting out residential property. N W Roberts F E Roberts N W Roberts and F E Roberts N W Roberts and F E Roberts SC669197 2023-03-01 2024-02-29 SC669197 2024-02-29 SC669197 2023-02-28 SC669197 2022-03-01 2023-02-28 SC669197 core:PlantMachinery 2023-03-01 2024-02-29 SC669197 core:PlantMachinery 2024-02-29 SC669197 core:PlantMachinery 2023-02-28 SC669197 core:FurnitureFittings 2023-03-01 2024-02-29 SC669197 core:FurnitureFittings 2024-02-29 SC669197 core:FurnitureFittings 2023-02-28 SC669197 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC669197 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC669197 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC669197 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 SC669197 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2024-02-29 SC669197 core:Non-currentFinancialInstruments core:MoreThanFiveYears 2023-02-28 SC669197 core:CurrentFinancialInstruments 2024-02-29 SC669197 core:CurrentFinancialInstruments 2023-02-28 SC669197 core:CurrentFinancialInstruments 2023-02-28 SC669197 core:CurrentFinancialInstruments 2022-02-28 SC669197 core:ShareCapital 2024-02-29 SC669197 core:ShareCapital 2023-02-28 SC669197 core:RevaluationReserve 2024-02-29 SC669197 core:RevaluationReserve 2023-02-28 SC669197 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC669197 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC669197 core:ShareCapitalOrdinaryShares 2024-02-29 SC669197 core:ShareCapitalOrdinaryShares 2023-02-28 SC669197 core:KeyManagementIndividualGroup1 2023-03-01 2024-02-29 SC669197 core:KeyManagementIndividualGroup1 2022-03-01 2023-02-28 SC669197 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC669197 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC669197 bus:FRS102 2023-03-01 2024-02-29 SC669197 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC669197 bus:FullAccounts 2023-03-01 2024-02-29 SC669197 bus:Director1 2023-03-01 2024-02-29 SC669197 bus:Director2 2023-03-01 2024-02-29 xbrli:pure xbrli:shares iso4217:GBP
COMPANY REGISTRATION NO. SC669197
FARNACK PROPERTY LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR
1 MARCH 2023 TO 29 FEBRUARY 2024
FARNACK PROPERTY LTD.
UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
ContentsPage
Balance Sheet 1
Notes to the Financial Statements 3
FARNACK PROPERTY LTD.
BALANCE SHEET
AS AT 29 February 2024
- 1 -
2024 2023
Notes £ £
FIXED ASSETS
Tangible assets4 631 897
Investment property5 140,000 140,000
140,631 140,897
 
CURRENT ASSETS
Debtors6 1,024 83
Cash at bank and in hand 314 439
1,338 522
 
CREDITORS
Amounts falling due within one year7 (82,776) (49,553)
 
 
TOTAL ASSETS LESS CURRENT LIABILITIES 59,193 91,866
 
CREDITORS
Amounts falling due after more than one year8 (56,654) (91,991)
 
PROVISIONS FOR LIABILITIES (883) (883)
NET ASSETS (LIABILITIES) 1,656 (1,008)
 
CAPITAL & RESERVES
Called-up equity share capital10 2 2
Investment property fair value reserve 4,645 4,645
Profit and Loss reserves (2,991) (5,655)
 
SHAREHOLDERS' FUNDS (DEFICIT) 1,656 (1,008)

For the year ended 29th February 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

FARNACK PROPERTY LTD.
BALANCE SHEET
AS AT 29 February 2024
- 2 -

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. true

These financial statements were approved by the directors on 19 November 2024 and are signed on their behalf by:

Nathan William Roberts
Director

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 3 -
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 statements

The financial statements have been prepared under the 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, modified to include investment properties at fair value.

The 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 £.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for rentals in the normal course of business, net of discounts, rebates and value added tax. Revenue from a rental contract is allocated to the period to which it relates.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and equipment20% straight line
Fixtures and fittings20% straight line
FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 4 -

Investment property

Investment 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.

Borrowing Costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Taxation

Taxation 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.

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 5 -

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 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.

3. EMPLOYEES
2024 2023
NumberNumber
Monthly average number of persons employed by the Company during the year, including directors 0 0
4. TANGIBLE FIXED ASSETS
Plant and Machinery Fixtures and Fittings Totals
£££
COST
At 1 March 2023 120 1,208 1,328
Additions at cost 0 0 0
At 29 February 2024 120 1,208 1,328
 
DEPRECIATION
At 1 March 2023 44 387 431
Charge for year 24 242 266
At 29 February 2024 68 629 697
 
NET BOOK VALUE
At 1 March 2023 76 821 897
At 29 February 2024 52 579 631
FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 6 -
5. INVESTMENT PROPERTY
2024
£
FAIR VALUE
At 1 March 2023 140,000
Additions at cost 0
Surplus on revaluation 0
At 29 February 2024 140,000
 
NET BOOK VALUE
At 1 March 2023 140,000
At 29 February 2024 140,000

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).

6. DEBTORS
20242023
££
Prepayments 1,024 83
7. CREDITORS: Amounts falling due within one year
20242023
££
Other Creditors 82,776 49,309
Accruals 0 244
82,776 49,553

Included in creditors is a loan from Mr N W Roberts and Mrs F E Roberts (directors) totalling £82,776 (2023 £49,309).

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 7 -
8. CREDITORS: Amounts falling due after more than one year
20242023
££
Bank loans 56,654 91,991

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

20242023
££
Bank loans 56,654 91,991
9. RELATED PARTY TRANSACTIONS

The following transactions were made with the directors:

Loan from Mr N W Roberts, and Mrs F E Roberts

20242023
££
At 1 March 49,309 53,109
Loan advance 37,000 0
Loan repayment 3,533 3,800
At End February 82,776 49,309

The loan is interest free and has no fixed terms of repayment.

FARNACK PROPERTY LTD.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1 MARCH 2023 TO 29 FEBRUARY 2024
- 8 -
10. SHARE CAPITAL
20242023
££

Allotted, called up and fully paid:

2No Ordinary shares of £1.00 each 2 2