| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED (REGISTERED NUMBER: 14022078) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor |
| Medway Bridge House |
| 1-8 Fairmeadow |
| Maidstone |
| Kent |
| ME14 1JP |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED (REGISTERED NUMBER: 14022078) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Investments | 4 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Revaluation reserve | 8 |
| Retained earnings | 8 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED (REGISTERED NUMBER: 14022078) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Fernclyffe Investment Capital Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has the ongoing support of the directors. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Turnover |
| Turnover comprises the value of dividends receivable by the company. Dividends receivable by the company are recognised when the company has the right to receive them. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| 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. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Investments |
| Investments in listed investments are generally equity investments in publicly quoted equities. Unlisted |
| investments include all other investments. Investments in listed and unlisted investments are initially recorded at fair value with changes in fair value recorded in the profit and loss. The listed investments are traded on active markets and therefore the fair value is calculated based on the quoted price (the current bid price) for an identical asset. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
| measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED (REGISTERED NUMBER: 14022078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash is represented by cash in hand with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Listed investments | 1,742,580 | 1,528,473 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Directors' current accounts | 1,509,160 | 1,503,760 |
| Accrued expenses |
| 6. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 65,486 | 22,214 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal Value: | £ |
| 1,400,000 | Ordinary A | £0.001 | 1,400 |
| 200,000 | Ordinary B | £0.001 | 200 |
| 150,000 | Ordinary C | £0.001 | 150 |
| 200,000 | Ordinary D | £0.001 | 200 |
| 50,000 | Ordinary E | £0.001 | 50 |
| 2,000 |
| Ordinary A, B, C, D shares have full voting and dividend rights. |
| Ordinary E shares have full dividend rights and no voting rights. |
| FERNCLYFFE INVESTMENT CAPITAL LIMITED (REGISTERED NUMBER: 14022078) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | ( |
) | 55,049 |
| Profit for the year |
| Transfer | (178,191 | ) | 178,191 | - |
| At 30 September 2024 | ( |
) | 207,875 |
| 9. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, the company owed the director, M D Smith £1,509,160 (2023: £1,503,760) |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M D Smith. |