REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Farmer Giles Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Farmer Giles Limited |
Farmer Giles Limited (Registered number: 00693816) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Farmer Giles Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Farmer Giles Limited (Registered number: 00693816) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Farmer Giles Limited (Registered number: 00693816) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Farmer Giles Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Freehold properties comprise assets held as investment properties. Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. |
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 balance sheet date. |
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 substantively 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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Revenue recognition |
Property rental income and ancillary costs, such as insurance and service charges invoiced to tenants, are accounted for under "Other Operating Income", based on the invoiced value of such charges for the year. Revenue is recognised in accordance with the terms of the tenancy agreements. Amounts invoiced in advance are carried forward as deferred income at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Farmer Giles Limited (Registered number: 00693816) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2005 | 2,271,038 | - | - | 715 | 2,271,753 |
Valuation in 2012 | 232,150 | - | - | - | 232,150 |
Valuation in 2018 | 1,138,800 | - | - | - | 1,138,800 |
Cost | 878,012 | 56,641 | 22,200 | 47,689 | 1,004,542 |
4,520,000 | 56,641 | 22,200 | 48,404 | 4,647,245 |
If freehold investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 878,012 | 878,012 |
Freehold investment properties were valued on an open market basis on 15 June 2018 by Carter Jonas . |
The directors are of the opinion that the valuation of freehold investment properties carried out at 15 June 2018 remains valid as at the date of approval of these financial statements and that no change in value needs to be recognised. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Farmer Giles Limited (Registered number: 00693816) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Directors' current accounts |
Accruals and deferred income |
7. | RELATED PARTY DISCLOSURES |
Creditors: Amounts falling due within one year include an unsecured loan of £58,765 (2023: £110,796), due to JM Giles. The director has the right to receive interest at 2% above base rate on this loan. No interest has been charged on the loans during the year, (2023: £nil). |