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REGISTERED NUMBER: 03340806 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Farncraft Limited

Farncraft Limited (Registered number: 03340806)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Farncraft Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: N J Khatri
Mrs V Khatri
M Khatri





SECRETARY: Mrs V Khatri





REGISTERED OFFICE: 255 - 261 Horn Lane
Acton
London
W3 9EH





REGISTERED NUMBER: 03340806 (England and Wales)





ACCOUNTANTS: Kumar Business Consultants Ltd
Chartered Certified Accountants
255 - 261 Horn Lane
London
W3 9EH

Farncraft Limited (Registered number: 03340806)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,133 1,619
Investment property 5 1,589,811 1,454,811
1,630,944 1,456,430

CURRENT ASSETS
Debtors 6 6,586 11,086
Cash at bank 402,477 390,333
409,063 401,419
CREDITORS
Amounts falling due within one year 7 14,088 30,275
NET CURRENT ASSETS 394,975 371,144
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,025,919

1,827,574

CREDITORS
Amounts falling due after more than one
year

8

(7,455

)

(4,949

)

PROVISIONS FOR LIABILITIES (207,843 ) (182,193 )
NET ASSETS 1,810,621 1,640,432

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserve 10 886,066 776,716
Retained earnings 10 924,455 863,616
SHAREHOLDERS' FUNDS 1,810,621 1,640,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Farncraft Limited (Registered number: 03340806)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:




N J Khatri - Director Mrs V Khatri - Director




M Khatri - Director


Farncraft Limited (Registered number: 03340806)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Farncraft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Turnover
Rental income is recognised on an accrual basis. Rents receivable from tenants represents rents and service charges receivable in the period.

Where a rent-free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earliest termination date.

Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the shorter of the entire lease term or the period to the first break option. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying value of the related property including the accrued rent does not exceed the external valuation. Initial direct costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date of lease commencement to the earliest termination date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.


Farncraft Limited (Registered number: 03340806)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 19,633 - 2,050 21,683
Additions - 49,480 1,186 50,666
At 31 May 2024 19,633 49,480 3,236 72,349
DEPRECIATION
At 1 June 2023 18,751 - 1,313 20,064
Charge for year 177 9,896 1,079 11,152
At 31 May 2024 18,928 9,896 2,392 31,216
NET BOOK VALUE
At 31 May 2024 705 39,584 844 41,133
At 31 May 2023 882 - 737 1,619

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 1,454,811
DEPRECIATION
Reclassification/transfer (135,000 )
At 31 May 2024 (135,000 )
NET BOOK VALUE
At 31 May 2024 1,589,811
At 31 May 2023 1,454,811

The investment property has been valued by the directors at the year end date.

Farncraft Limited (Registered number: 03340806)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 6,586 11,086

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 5,002 16,709
Other creditors 6,586 11,086
Accrued expenses 2,500 2,480
14,088 30,275

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Directors current account 7,455 4,949

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Retained Non-distributable
earnings reserve Totals
£    £    £   

At 1 June 2023 863,616 776,716 1,640,332
Profit for the year 170,189 170,189
Revaluation reserve (109,350 ) 109,350 -
At 31 May 2024 924,455 886,066 1,810,521