Company registration number 06008037 (England and Wales)
FACCENDA PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
FACCENDA PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
FACCENDA PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
115,244
119,495
Investment property
5
2,768,064
2,687,360
Investments
6
761
561
2,884,069
2,807,416
Current assets
Stocks
1,215,082
1,166,898
Debtors - deferred tax
286,257
359,815
Debtors - other
7
6,239,760
3,662,087
Cash at bank and in hand
2,312,501
1,846,610
10,053,600
7,035,410
Creditors: amounts falling due within one year
8
(384,390)
(380,072)
Net current assets
9,669,210
6,655,338
Total assets less current liabilities
12,553,279
9,462,754
Creditors: amounts falling due after more than one year
9
(16,614,527)
(12,266,812)
Net liabilities
(4,061,248)
(2,804,058)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(4,061,348)
(2,804,158)
Total equity
(4,061,248)
(2,804,058)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 25 February 2025 and are signed on its behalf by:
Mr I J Faccenda
Director
Company registration number 06008037 (England and Wales)
FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Faccenda Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Willow Road, Brackley, Northants, NN13 7EX.

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 as modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company is able to rely on support from its parent undertaking and other group companies and therefore the directors are satisfied that the going concern basis remains appropriate.

1.3
Turnover

Turnover represents amounts receivable from the sale of properties, goods and services net of VAT and trade discounts. Turnover is recognised when either contracts are exchanged over the sale of properties, or if the final outcome of a property development can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life. The annual rates used are:

Plant and machinery
20% straight line
Motor vehicles
25% straight line

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
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.

FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -

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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
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.

1.11
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.

FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.12
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

 

Where budgetary expectations are such that anticipated profits are sufficient to recover decelerated capital allowances, a deferred tax asset is recognised.

 

Certain assets have been revalued in accordance with the transitional provisions under FRS 102, deferred tax has been calculated accordingly.

1.13
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.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of investment property

As described in note 8 of the financial statements, the fair value of investment property at the year end is determined by the directors, with reference to third party reports and valuations. Considerations are made of the current and expected future use of the asset, the movements in the property market, and expected selling prices.

Stock

At each period end, the directors review the recoverability of work in progress. In assessing whether any impairment exists, the directors take into consideration the movements in the property market, the expected future use or selling price of the asset, and expected profits/losses on the project. Impairments during the year are stated in note 3.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
271,673
Additions
62,954
Disposals
(45,453)
At 31 May 2024
289,174
Depreciation and impairment
At 1 June 2023
152,178
Depreciation charged in the year
61,229
Eliminated in respect of disposals
(39,477)
At 31 May 2024
173,930
Carrying amount
At 31 May 2024
115,244
At 31 May 2023
119,495
5
Investment property
2024
£
Fair value
At 1 June 2023
2,687,360
Additions
384,064
Revaluations
(303,360)
At 31 May 2024
2,768,064

The fair value of the investment property has been arrived at on the basis of valuations carried out by the directors, supported by external opinions from Davies and Partners, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,894,105
1,510,041
Accumulated depreciation
-
-
Carrying amount
1,894,105
1,510,041
FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
761
561
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2023
561
Additions
200
At 31 May 2024
761
Carrying amount
At 31 May 2024
761
At 31 May 2023
561
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
989,317
432,978
Amounts owed by group undertakings
3,036,223
2,710,108
Other debtors
2,214,220
519,001
6,239,760
3,662,087
Deferred tax asset
286,257
359,815
6,526,017
4,021,902
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
187,168
107,470
Taxation and social security
161,472
243,495
Other creditors
35,750
29,107
384,390
380,072
FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
16,614,527
12,250,699
Other creditors
-
0
16,113
16,614,527
12,266,812
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Martin Anson
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
25 February 2025
12
Financial commitments, guarantees and contingent liabilities

The company, together with other members of the Faccenda Holdings Limited group, has entered into a composite accounting agreement with Barclays Bank plc, together with unlimited cross guarantees with the same bank.

13
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
101,915
72,077
14
Related party transactions
Transactions with related parties

In accordance with section 33.1A of FRS 102 disclosure is not given in these financial statements of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

FACCENDA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Related party transactions
(Continued)
- 9 -

Faccenda Property Limited owns a 51% stake in Howes Lane Projects LLP, a limited liability partnership registered in England and Wales. During the year, Howes Lane Projects LLP profits of £107,036 (2023 - £52,624 loss) attributable to Faccenda Property Limited arose. As at 31 May 2024 a loan balance of £1,625,170 (2023 - £1,381,875) was owed to Faccenda Property Limited by Howes Lane Projects LLP. No interest is charged on amounts outstanding.

 

Faccenda Property Limited owns a 51% stake in Banbury Road Projects LLP, a limited liability partnership registered in England and Wales. During the year, Banbury Road Projects LLP losses of £4,548 (2023 - £2,848) attributable to Faccenda Property Limited arose. As at 31 May 2024 a loan balance of £1,317,899 (2023 - £1,328,133) was owed to Faccenda Property Limited by Banbury Road Projects LLP. No interest is charged on amounts outstanding.

 

Included within debtors at the year end are amounts owed to Faccenda Property Limited by the directors, their family, and various trusts in which the directors have an interest or have an influence. During the year recharges were made to Ian Faccenda totalling £77,130 (2023 - £707,150) and £92,478 (2023 - £472,766) was outstanding at the year end. Recharges were made to Alison Gulliver of £27,827 (2023 - £2,420) and £27,827 (2023 - £2,420) was outstanding at the year end. Recharges were made to Robin Faccenda of £nil (2023 - £1,457) and £4,015 (2023 - £4,015) was outstanding at the year end. Recharges were made to Helen Faccenda of £761 (2023 - £34,689) and £7,303 (2023 - £30,813) was outstanding at the year end. Recharges were made to Joseph Faccenda of £nil (2023 – £1,222) and £1,535 (2023 - £1,535) was outstanding at year end. Recharges were made to Jane Faccenda of £17,123 (2023 – £4,629) and £17,123 (2023 - £9,414) was outstanding at year end. Recharges were made to Isobel Faccenda of £14,845 (2023 - £4,369) and £19,799 (2023 - £4,953) was outstanding at the year end. Recharges were made to The Rosebank Trust totalling £11,705 (2023 - £16,527) and £31,935 (2023 - £20,230) was outstanding at the year end. Recharges were made to The Ridgeway Trust totalling £2,081 (2023 - £13,723) and £18,877 (2023 - £16,796) was outstanding at the year end. Recharges were made to The Goodhart Trust totalling £12,954 (2023 - £27,668) and £12,954 (2023 - £33,203) was outstanding at the year end. Recharges were made to the Eccles Trust totalling £385 (2023 - £nil) and £385 (2023 - £nil) was outstanding at the year end. Interest is not charged on any of the above amounts outstanding.

 

During the year recharges were made by Faccenda Property Limited to The Hillesden Trust, in which the directors have an interest, of £640,142 (2023 - £937,999). At the year end there is a balance of £2,571,058 (2023 - £40,991) included in debtors owed by The Hillesden Trust, in respect of payments and recharges made in the year. Interest is not charged on amounts outstanding.

 

During the year Faccenda Property Limited paid rent of £17,050 (2023 - £nil) to The Hillesden Trust Limited. No amounts were outstanding at year end.

 

During the year property construction and management costs of £nil (2023 - £16,204) were invoiced by Urbanite Construction Limited, a company in which Joseph Faccenda is a director. £nil (2023 - £nil) was outstanding at year end.


During the year Faccenda Property Limited rented a property to Isobel Faccenda at a below market rate rent charge. No amounts were outstanding at year end.

15
Parent company

The immediate parent undertaking of the company is Faccenda Investments Limited and the ultimate parent undertaking is Faccenda Holdings Limited. Both Faccenda Investments Limited and Faccenda Holdings Limited are incorporated and registered in England and Wales.

 

Copies of the consolidated financial statements of Faccenda Holdings Limited are available from the registered office at Willow Road, Brackley, Northamptonshire, NN13 7EX.

 

The ultimate controlling party is Payne Hicks Beach Trust Corporation Limited, a company acting as a corporate trustee for a number of trusts that own shares in Faccenda Holdings Limited.

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