Company No: 08260771 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

T A G Henderson

SECRETARY

E C Henderson

REGISTERED OFFICE	Old Library Chambers
	21 Chipper Lane
	Salisbury
	SP1 1BG
	United Kingdom

COMPANY NUMBER

08260771 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	31.03.2025		31.10.2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	5,579		7,187
Investment property	5	2,190,080		2,174,000
Investments	6	6,490,241		8,057,563
		8,685,900		10,238,750
Current assets
Debtors	7	3,353		1,725
Cash at bank and in hand		53,115		88,526
		56,468		90,251
Creditors: amounts falling due within one year	8	( 4,055,050)		( 3,940,412)
Net current liabilities		(3,998,582)		(3,850,161)
Total assets less current liabilities		4,687,318		6,388,589
Creditors: amounts falling due after more than one year	9	( 2,500,000)		( 3,000,000)
Net assets		2,187,318		3,388,589
Capital and reserves
Called-up share capital		102,000		102,000
Profit and loss account		2,085,318		3,286,589
Total shareholders' funds		2,187,318		3,388,589

For the financial period ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Farla Limited (registered number: 08260771) were approved and authorised for issue by the Director on 05 November 2025. They were signed on its behalf by:

T A G Henderson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Farla Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Old Library Chambers, 21 Chipper Lane, Salisbury, SP1 1BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Farla Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Prior period adjustment

The comparative figures displayed on the Statement of Income and Retained Earnings have been restated for classification and presentational purposes.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Prior period adjustment

The comparative figures on the Statement of Income and Retained Earnings have been restated for presentational reallocation purposes only.

3. Employees

	Period from 01.11.2023 to 31.03.2025		Year ended 31.10.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including the director	1		1

4. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost/Valuation
At 01 November 2023	36,226		36,226
Additions	2,098		2,098
At 31 March 2025	38,324		38,324
Accumulated depreciation
At 01 November 2023	29,039		29,039
Charge for the financial period	3,706		3,706
At 31 March 2025	32,745		32,745
Net book value
At 31 March 2025	5,579		5,579
At 31 October 2023	7,187		7,187

5. Investment property

	Investment property
	£
Valuation
As at 01 November 2023	2,174,000
Additions	310,080
Fair value movement	131,000
Disposals	(425,000)
As at 31 March 2025	2,190,080

Valuation

A full market valuation of investment property was completed by Moore Allen & Innocent at the Balance Sheet date. The fair value of the Company’s residential investment property at 31 March 2025 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

6. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 November 2023	3,327,337		4,730,226		8,057,563
Additions	5,141,357		1,605,218		6,746,575
Disposals	( 7,450,893)		( 56,421)		( 7,507,314)
Movement in fair value	( 325,203)		( 481,380)		( 806,583)
At 31 March 2025	692,598		5,797,643		6,490,241
Carrying value at 31 March 2025	692,598		5,797,643		6,490,241
Carrying value at 31 October 2023	3,327,337		4,730,226		8,057,563

7. Debtors

	31.03.2025		31.10.2023
	£		£
Trade debtors	1,680		0
Other debtors	1,673		1,725
	3,353		1,725

8. Creditors: amounts falling due within one year

	31.03.2025		31.10.2023
	£		£
Trade creditors	0		120
Other creditors	4,055,050		3,940,292
	4,055,050		3,940,412

9. Creditors: amounts falling due after more than one year

	31.03.2025		31.10.2023
	£		£
Other creditors	2,500,000		3,000,000

Other Creditors at 31st March 2025 above consist of £2,500,000 bank borrowing at a fixed rate of 3.59% per annum secured on investments and is repayable in 6 years from September 2020.

10. Related party transactions

At the year end, the Company owed the Director and immediate family members £4,039,698 (2023 - £3,931,758) and this amount is included in other creditors. No interest is being charged on this loan, and it is repayable on demand.