Company registration number 06885710 (England and Wales)
TERRY FARRELL HOLDINGS LIMITED
FINANCIAL STATEMENTS
for the year ended
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TERRY FARRELL HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
TERRY FARRELL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company is that of a holding company.
Results and dividends
Dividends of £164,579 (2023: £121,519) have been voted in the financial year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M X Wang
Sir T Farrell CBE
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Sir T Farrell CBE
Director
21 January 2025
- 1 -
TERRY FARRELL HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
263,989
Investments
4
100,014
100,014
100,014
364,003
Current assets
Debtors
7
901,249
898,782
Investments
6
132,000
132,000
Cash at bank and in hand
1,126,324
862,382
2,159,573
1,893,164
Creditors: amounts falling due within one year
8
(19,404)
(27,736)
Net current assets
2,140,169
1,865,428
Total assets less current liabilities
2,240,183
2,229,431
Capital and reserves
Called up share capital
9
100,500
100,500
Profit and loss reserves
2,139,683
2,128,931
Total equity
2,240,183
2,229,431
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Sir T Farrell CBE
Director
Company Registration No. 06885710
- 2 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information
Terry Farrell Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Summit House, 170 Finchley Road, London, NW3 6BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents both rent receivable and licence fees income during the accounting period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
4 % straight line basis
Fixtures, fittings & equipment
15% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
- 3 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
- 4 -
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
- 5 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
- 6 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
538,460
15,602
554,062
Disposals
(538,460)
(15,602)
(554,062)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
279,038
11,035
290,073
Depreciation charged in the year
5,385
685
6,070
Eliminated in respect of disposals
(284,423)
(11,720)
(296,143)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
259,422
4,567
263,989
The property included in Land and Buildings was sold on 14 July 2023 for £625,000.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100,014
100,014
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
7 HS Properties Limited
United Kingdom
Dormant
Ordinary
100.00
Terry Farrell & Partners Limited
United Kingdom
Architectural and planning
Ordinary
100.00
- 7 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Current asset investments
2024
2023
£
£
Other investments
132,000
132,000
An oil painting (Carl Laubin Metiendo Vivendum, A tribute to Sir Edwin Lutyens) was bought by the company as a short-term investment with a view to resale. The market value of the painting as at 31.03.2024 was in the region of the acquisition value of £132,000.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41
Amounts owed by group undertakings and undertakings in which the company has a participating interest
451,399
452,992
Other debtors
449,809
445,790
901,249
898,782
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
116
11,971
Amounts owed to group undertakings
747
Taxation and social security
1,012
644
Other creditors
17,529
15,121
19,404
27,736
- 8 -
TERRY FARRELL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100,000
100,000
100,000
100,000
A Redeemable share of £1 each
100
100
100
100
B Redeemable share of £1 each
100
100
100
100
C Redeemable share of £1 each
100
100
100
100
D Redeemable share of £1 each
100
100
100
100
E Redeemable share of £1 each
100
100
100
100
100,500
100,500
100,500
100,500
10
Related party transactions
During the year dividends of £164,579 (2023: £121,519) were proposed and paid to the directors of the company.
During the year, the company received licence fees of £15,000 (2023: £15,000) and management fees of £15,000 (2023: £15,000) from TFP Farrells Limited, a company where Terry Farrell Holdings Limited has the shareholding.
11
Control
The company is ultimately controlled by Sir Terry Farrell who is a director and a shareholder of the company.
- 9 -
2024-03-312023-04-01false21 January 2025CCH SoftwareCCH Accounts Production 2024.100The principal activity of the company is that of a holding company.
M X WangSir T Farrell CBEfalsefalse068857102023-04-012024-03-3106885710bus:Director12023-04-012024-03-3106885710bus:Director22023-04-012024-03-31068857102024-03-31068857102023-03-3106885710core:LandBuildings2024-03-3106885710core:OtherPropertyPlantEquipment2024-03-3106885710core:LandBuildings2023-03-3106885710core:OtherPropertyPlantEquipment2023-03-3106885710core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3106885710core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106885710core:CurrentFinancialInstruments2024-03-3106885710core:CurrentFinancialInstruments2023-03-3106885710core:ShareCapital2024-03-3106885710core:ShareCapital2023-03-3106885710core:RetainedEarningsAccumulatedLosses2024-03-3106885710core:RetainedEarningsAccumulatedLosses2023-03-3106885710core:ShareCapitalOrdinaryShares2024-03-3106885710core:ShareCapitalOrdinaryShares2023-03-3106885710core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3106885710core:FurnitureFittings2023-04-012024-03-31068857102022-04-012023-03-3106885710core:LandBuildings2023-03-3106885710core:OtherPropertyPlantEquipment2023-03-31068857102023-03-3106885710core:LandBuildings2023-04-012024-03-3106885710core:OtherPropertyPlantEquipment2023-04-012024-03-3106885710core:WithinOneYear2024-03-3106885710core:WithinOneYear2023-03-3106885710bus:PrivateLimitedCompanyLtd2023-04-012024-03-3106885710bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106885710bus:FRS1022023-04-012024-03-3106885710bus:AuditExemptWithAccountantsReport2023-04-012024-03-3106885710bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP