Company registration number 08027503 (England and Wales)
FERNACRES DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FERNACRES DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
FERNACRES DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
30 June 2024
31 December 2023
Notes
£
£
£
£
Current assets
Stocks
3
4,681,509
4,590,625
Debtors
4
-
0
3,313
Cash at bank and in hand
4,786
3,489
4,686,295
4,597,427
Creditors: amounts falling due within one year
5
(4,448,398)
(4,354,399)
Net current assets
237,897
243,028
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
237,797
242,928
Total equity
237,897
243,028

For the financial period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
F J Burke
Director
Company registration number 08027503 (England and Wales)
FERNACRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Fernacres Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.

1.1
Reporting period

The company's accounting reference date was shortened to 30 June 2024 and the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated gross development value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FERNACRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Leases

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.

2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Stocks
2024
2023
£
£
Stocks
4,681,509
4,590,625
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,137
Other debtors
-
0
1,176
-
0
3,313
FERNACRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,605
26
Taxation and social security
264
264
Other creditors
4,440,529
4,354,109
4,448,398
4,354,399
6
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

 

7
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
4,433,781
4,350,611
Other information

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

8
Parent company

The parent company of Fernacres Developments Limited is Treeoak Developments Limited and its registered office is 2 Leman Street, E1W 9US.

 

The ultimate controlling party of the company is Mr F J Burke.

 

 

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