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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FARLEIGH PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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FARLEIGH PROPERTIES LIMITED |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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FARLEIGH PROPERTIES LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Farleigh Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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As described in the balance sheet the company has total net current liabilities of £17,892,468 of which |
£17,894,582 is owed to the parent undertaking. Accordingly the company is dependant upon the continued |
support of the parent undertaking in order to meet its day to day working capital requirements. |
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The parent undertaking has indicated that it will continue its support for a period of at least one year from the |
approval date of these financial statements and will not request repayment at the detriment of the company. On |
this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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If the company were unable to continue in operational existence for the foreseeable future, adjustments would |
have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for |
further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and |
liabilities. |
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Turnover |
Turnover consists of rents receivable from letting property in the ordinary course of business. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Investment property |
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No |
depreciation is provided in respect of investment properties. Investment property includes assets under |
construction. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company has chosen to adopt Sections 11 an 12 of FRS102 in respect of financial instruments. |
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Financial assets |
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Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at |
transaction price 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. |
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Such assets are subsequently carried at amortised cost using the effective interest rate method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the future cash flows discounted at the asset's original effective interest rate. The |
impairment loss is recognised in the profit and loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed |
what the carrying amount would have been had the impairment not been recognised. The impairment reversal is |
recognised in the profit and loss. |
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Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets |
are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss, except |
that equity investments that are not publically traded and whose fair values cannot be measured reliably are |
measured at cost less impairment. |
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Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are |
settled or substantially all the risks and rewards of ownership are transferred to another party, or control is |
transferred to another party. |
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Financial liabilities |
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Basic financial liabilities, including trade and other payables and loans 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it |
is probable that some or all of the facility will be drawn down. |
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Trade payables are obligations to pay for goods and services that hae been acquired in the ordinary course of |
business from suppliers. Accounts 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 payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Going concern |
The Company meets its day to day working capital requirements through its loan facilities. After making |
enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in |
operational existence for the foreseeable future. The Company therefore continues to adopt the going concern |
basis in preparing its financial statements. |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Cash & cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly |
liquid investments with original maturities of three months or less. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor | Office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Fair value at 31 December 2018 is represented by: |
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£ |
Valuation in 2013 | 3,723,440 |
Valuation in 2014 | 5,122,722 |
Cost | 18,876,258 |
27,722,420 |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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5. | INVESTMENT PROPERTY - continued |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2018 | 2017 |
£ | £ |
Cost | 18,876,258 | 18,584,254 |
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Fair value of investment properties have been appraised internally by the directors of the company. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings are interest free and have no fixed date for repayment. |
FARLEIGH PROPERTIES LIMITED (REGISTERED NUMBER: 06383552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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8. | FINANCIAL INSTRUMENTS |
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2018 |
2017as
restated |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | - | 2,643 |
Other debtors | - | 296 |
- | 2,939 |
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2018 |
2017as
restated |
£ | £ |
Financial liabilities that are debt instruments measured at amortised cost |
Trade creditors | 11,796 | 186,309 |
Amounts owed to related undertaking | 17,894,582 | 17,514,582 |
Other creditors | 254 | 11,664 |
Accruals | 8,567 | 16,836 |
17,915,199 | 17,729,391 |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 1,769,232 | 1,769,232 |
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Deferred |
tax |
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Balance at 1 January 2018 |
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Balance at 31 December 2018 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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David Reed is a director of the company and during the year he was charged £4,800 in respect of rent for one of |
the company properties. At the balance sheet date he owed £nil in respect of the above. |
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11. | RELATED PARTY DISCLOSURES |
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Platinum Management Holdings Limited |
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At the balance sheet date, the company owed its parent company, Platinum Management Holdings Limited |
£17,894,582 by way of a loan. The loan is unsecured, interest free and has no fixed date for repayment. |