| Farset Retail Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Consolidation |
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In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
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Cash flow statement |
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The director has taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is small. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at fair value. 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. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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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. |
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| 1 |
Accounting policies ctd |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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| 3 |
Taxation |
2025 |
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2024 |
| £ |
£ |
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Tax charge for the year |
- |
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- |
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This year, the company made a profit before taxation of £713,971. No corporation tax is payable as the profits represent dividends from other group companies. |
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Last year, corporation tax losses of £3,858 for Non-Trading Loan Relationship Deficits were surrendered to Retail Zoo Limited under a claim for group relief. In addition, a corporation tax deduction of £387,467 for the costs of providing shares under a HM Revenue & Customs approved Enterprise Management Incentive scheme were also available for surrender to Retail Zoo Limited under a claim for group relief. |
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| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 April 2024 |
3,100,000 |
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At 31 March 2025 |
3,100,000 |
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Historical cost |
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At 1 April 2024 |
3,100,000 |
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At 31 March 2025 |
3,100,000 |
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The company acquired 100% of the issued share capital of the following companies:- |
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Country of |
Class of |
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registration/ |
shares |
Capital and |
Profit for |
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Company |
incorporation |
held |
reserves |
the year |
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Retail Zoo Limited |
N Ireland |
Ordinary |
195,897 |
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742,892 |
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Mr C O'Reilly, a director of Retail Zoo Limited was granted an option under an EMI scheme to acquire 3,333 ordinary shares of £0.01 each or 24.99% of the issued share capital of Farset Retail Limited. The option was exercised on 28 February 2024. As a result, the value of the company's investment in Retail Zoo Limited was revalued on that date resulting in an increase in the valuation from £2,010,000 to £3,100,000. Last year, the gain in the revaluation of the investment of £1,090,000 was included in the profit and loss account. |
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A company reorganisation was carried out on 24 October 2024 whereby Mr G Adair's interest in the issued share capital of Farset Retail Limited was transferred to Adair Homes Ltd; and Mr C O'Reilly's interest was transferred to Elcoda Limited. |
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Mr G Adair owns 100% of the issued share capital of Adair Homes Ltd. |
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Mr C O'Reilly owns 100% of the issued share capital of Elcoda Limited. |
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Under the provisions of the Companies Act 2006, the company is exempt from preparing consolidated accounts and has not done so. Therefore, these accounts show information about the company as an individual entity. |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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33 |
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33 |
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Other debtors |
- |
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25,490 |
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33 |
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25,523 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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26,011 |
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- |
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| 7 |
Related party transactions |
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The company acquired 100% of the issued share capital of Retail Zoo Limited for £2,000,000 from Property Zoo Ltd on 13 March 2019. |
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The acquisition was financed by way of an interest bearing loan of £2,000,000 between Farset Retail Limited and Property Zoo Ltd. |
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The loan was repaid in full by 31 March 2024. However, overpayments of £25,121 were made by Farset Retail Limited to Property Zoo Ltd as a result of loan repayments of £341,386 last year which has been repaid in full in the current year. |
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Last year, interest of £4,227 was charged on the loan, based on an arms length commercial rate of the Bank of England base rate plus 4.50%. |
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This year, interest has not been charged on the over payments of £25,121. Last year, interest of £369 was received on the over payments of £25,121, based on an arms length commercial rate of the Bank of England base rate plus 4.50%. |
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Both Farset Retail Limited and Property Zoo Ltd are ultimately controlled by Mr G Adair. |
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| 8 |
Controlling party |
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Farset Retail Limited was under the control of Mr G Adair throughout the year. Mr Adair is both the managing director and principal shareholder. |
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| 9 |
Other information |
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Farset Retail Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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42 Old Belfast Road |
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Saintfield |
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County Down |
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BT24 7DG |