Company registration number 08122064 (England and Wales)
FARJO PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FARJO PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Dr B Farjo
Dr N Farjo
Company number
08122064
Registered office
70 Quay Street
Manchester
M3 3EJ
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
FARJO PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
FARJO PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
570,000
558,000
Current assets
Debtors
4
1,043
Cash at bank and in hand
4,173
37,768
5,216
37,768
Creditors: amounts falling due within one year
5
(260,765)
(79,661)
Net current liabilities
(255,549)
(41,893)
Total assets less current liabilities
314,451
516,107
Creditors: amounts falling due after more than one year
6
(227,194)
Provisions for liabilities
(69,426)
(50,484)
Net assets
245,025
238,429
Capital and reserves
Called up share capital
100
100
Non-distributable reserves
208,277
215,221
Distributable profit and loss reserves
36,648
23,108
Total equity
245,025
238,429
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 30 June 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.
FARJO PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
Dr B Farjo
Director
Company Registration No. 08122064
FARJO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Farjo Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70 Quay Street, Manchester, M3 3EJ.
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, except for modification to a fair value basis where specified in the accounting policies below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income arising from investment properties is accounted for on a straight-line basis over the lease terms.
1.3
Investment properties
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.
1.4
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.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitutes commercial mortgages each with a market rate of interest being applied. These are recognised in full.
FARJO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
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
FARJO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 July 2023
558,000
Revaluations
12,000
At 30 June 2024
570,000
The valuations of investment properties were made on the 30 June 2024 by the directors, on an open market basis.
On an historical basis, these would have been included at an original cost of £292,297.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
455
Other debtors
588
1,043
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
104
Taxation and social security
3,606
891
Other creditors
257,055
78,770
260,765
79,661
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
227,194
7
Parent company
The company is a wholly owned subsidiary of Farjo Group LLP, its registered office is 70 Quay Street, Manchester, M3 3EJ.
The company is under the joint control of Dr B Farjo and Dr N Farjo by virtue of their day to day running of the business and being designated members of Farjo Group LLP.