Registered number
07861968
Fermain Investments Limited
Unaudited Filleted Accounts
30 November 2024
Fermain Investments Limited
Registered number: 07861968
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,241 487
Investments 4 1,200,000 1,185,000
1,201,241 1,185,487
Current assets
Debtors 5 1,668 -
Cash at bank and in hand 557 1,065
2,225 1,065
Creditors: amounts falling due within one year 6 (745,036) (726,327)
Net current liabilities (742,811) (725,262)
Total assets less current liabilities 458,430 460,225
Provisions for liabilities (70,455) (67,462)
Net assets 387,975 392,763
Capital and reserves
Called up share capital 120 120
Fair value reserve 7 396,404 384,254
Profit and loss account (8,549) 8,389
Shareholders' funds 387,975 392,763
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Bickley
Director
Approved by the board on 17 March 2025
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
The company has no turnover as such as its income is all rent from rental properties. Rent is recognised in the accounts in the year to which it relates.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors/creditors receivable/payable within one year
Debtors and creditors with no stated interest rate receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 1,885
Additions 1,168
At 30 November 2024 3,053
Depreciation
At 1 December 2023 1,398
Charge for the year 414
At 30 November 2024 1,812
Net book value
At 30 November 2024 1,241
At 30 November 2023 487
4 Investments
Other
investments
£
Fair value
At 1 December 2023 1,185,000
Additions and fair value adjustment 15,000
At 30 November 2024 1,200,000
Historical cost
At 1 December 2023 733,376
At 30 November 2024 733,376
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The methods and significant assumptions used to ascertain the fair value of £1,200,000 and the fair value increase of £15,000 (deferred tax of £2,850) included in the profit and loss for the year ended 30th November 2024 are as detailed below.

The company's investment properties were valued by the company directors on the basis of fair value for existing use.
5 Debtors 2024 2023
£ £
Other debtors 1,668 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 279 1,915
Other creditors 744,757 724,412
745,036 726,327
7 Fair value reserve 2024 2023
£ £
At 1 December 2023 384,254 331,604
Gain on revaluation of land and buildings 15,000 65,000
Deferred taxation arising on the revaluation of land and buildings (2,850) (12,350)
At 30 November 2024 396,404 384,254
8 Other information
Fermain Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fermain House
44a Cranford Avenue
Exmouth
Devon
EX8 2QD
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