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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
20,437,881
144,045
69,066
1,232,921
21,745,781
21,745,781
20,437,881
xbrli:pure
xbrli:shares
iso4217:GBP
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COMPANY REGISTRATION NUMBER:
SC393685
Fernbank Investments Limited |
|
Filleted Unaudited Financial Statements |
|
Fernbank Investments Limited |
|
Statement of Financial Position |
|
29 February 2024
Fixed assets
Investments |
4 |
21,745,781 |
20,437,881 |
|
|
|
|
Current assets
Debtors |
5 |
145,213 |
18,000 |
Cash at bank and in hand |
1,808,027 |
1,979,779 |
|
------------ |
------------ |
|
1,953,240 |
1,997,779 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
2,004,435) |
(
2,068,980) |
|
------------ |
------------ |
Net current liabilities |
(
51,195) |
(
71,201) |
|
------------- |
------------- |
Total assets less current liabilities |
21,694,586 |
20,366,680 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
(
6,048,891) |
(
6,057,680) |
|
|
|
|
Provisions
Taxation including deferred tax |
(
2,427,691) |
(
1,957,500) |
|
------------- |
------------- |
Net assets |
13,218,004 |
12,351,500 |
|
------------- |
------------- |
|
|
|
Capital and reserves
Called up share capital |
9 |
2,620 |
2,620 |
Share premium account |
4,245,080 |
4,245,080 |
Revaluation reserve |
7,818,188 |
6,389,196 |
Profit and loss account |
1,152,116 |
1,714,604 |
|
------------- |
------------- |
Shareholders funds |
13,218,004 |
12,351,500 |
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Fernbank Investments Limited |
|
Statement of Financial Position (continued) |
|
29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
Mr Michael W M R MacPhee |
|
Director |
|
|
|
Company registration number:
SC393685
Fernbank Investments Limited |
|
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Ainslie Place, Edinburgh, EH3 6AS, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.
Investments
Fixed asset investments are initially recorded at cost. They subsequently are the measured at fair value with changes in fair value being recognised in profit and loss. Certain unlisted investments are stated at cost less any accumulated impairment losses.
Recognised gains
Recognised gains are computed by comparing the proceeds of sale with the current net book value of the investment.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include other debtors and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other creditors, an intercompany loan and a director loan account are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Investments
|
Other investments other than loans |
|
£ |
|
|
Valuation |
|
At 1 March 2023 |
20,437,881 |
Additions |
144,045 |
Disposals |
(
69,066) |
Fair value adjustments |
1,232,921 |
|
------------- |
At 29 February 2024 |
21,745,781 |
|
------------- |
Impairment |
|
At 1 March 2023 and 29 February 2024 |
– |
|
------------- |
|
|
Carrying amount |
|
At 29 February 2024 |
21,745,781 |
|
------------- |
At 28 February 2023 |
20,437,881 |
|
------------- |
|
|
The fixed asset investments are shown at fair value. The book cost of the fixed asset investments at 29 February 2024 was £11,504,072 (2023: £12,092,068).
5.
Debtors
Other debtors |
145,213 |
18,000 |
|
--------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
1,997,525 |
1,998,907 |
Corporation tax |
– |
55,634 |
Other creditors |
6,910 |
14,439 |
|
------------ |
------------ |
|
2,004,435 |
2,068,980 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due after more than one year
Other creditors |
6,048,891 |
6,057,680 |
|
------------ |
------------ |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Included in provisions |
2,427,691 |
1,957,500 |
|
------------ |
------------ |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
Fair value adjustment of financial assets |
2,427,691 |
1,957,500 |
|
------------ |
------------ |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
Ordinary B shares of £ 1 each |
1,620 |
1,620 |
1,620 |
1,620 |
|
------- |
------- |
------- |
------- |
|
2,620 |
2,620 |
2,620 |
2,620 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
10.
Related party transactions
At 29 February 2024, the company owed Mr Michael MacPhee £6,048,891 (2023: £6,057,680). The loan is interest free with no fixed terms of repayment, although Mr MacPhee will not seek repayment for at least 12 months from the balance sheet date.