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.
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 £.
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.
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.
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.
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.
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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
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.
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 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.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
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 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.