Registration number:
Year Ended
Farmer Court Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Farmer Court Limited
Company Information
Director |
D L Bearman |
Registered office |
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Page 1 |
Farmer Court Limited
(Registration number: 10317780)
Balance Sheet as at 31 December 2018
Note |
31 December |
(As restated) |
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Current assets |
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Debtors |
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Other financial assets |
14,653,981 |
21,920,356 |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital contribution |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Director's Report has been taken.
Page 2 |
Farmer Court Limited
(Registration number: 10317780)
Balance Sheet as at 31 December 2018
Approved and authorised by the
.........................................
D L Bearman
Director
Page 3 |
Farmer Court Limited
Statement of Changes in Equity
Year Ended 31 December 2018
Note |
Share capital |
Capital contribution reserve |
Profit and loss account |
Total |
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At 1 January 2018 |
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Loss for the year |
- |
- |
( |
( |
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Total comprehensive income |
- |
- |
( |
( |
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Transfers |
- |
(1,547,107) |
1,547,107 |
- |
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At 31 December 2018 |
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Note |
Share capital |
Capital |
Profit and loss account |
Total |
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At 8 August 2016 |
- |
- |
- |
- |
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Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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New share capital subscribed |
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- |
- |
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Capital contribution |
- |
3,439,799 |
- |
3,439,799 |
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Transfers |
- |
(587,269) |
587,269 |
- |
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At 31 December 2017 |
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Page 4 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency adopted in the financial statements is US dollars, with the prior year figures being restated as dollars, which is the functional currency of the company and rounded to the nearest $.
Revenue recognition
Revenues are recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenues include movements in the fair value of financial assets and trading profits and losses, including interest, earned from principal trading in marketable securities.
Foreign currency transactions and balances
Page 5 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Provision is made for deferred tax liability in respect of all timing differences arising from the different treatment of items for accounting and taxation purposes without discounting.
Deferred tax assets in respect of such timing differences are recognised to the extent that they are regarded as being, more likely than not, recoverable in the short to medium term, and are not discounted.
Group relief
Charges for amounts payable in respect of tax losses surrendered to the company or credits for amounts receivable in respect of tax losses surrendered by the company and utilised by other group companies are recognised in the year to which they relate.
Financial assets
Other financial assets at fair value through profit and loss are made up of a portfolio of short-term derivative contracts for differences. They are held at market value, any movement in the market value is recorded as a gain or loss on financial assets at fair value through profit and loss and is taken to the profit and loss account.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.
Loans at non-market rates of interest are measured at the present value of future cash flows, and are discounted at the market rate of interest that would apply to similar debt instruments.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Page 6 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company during the year was
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
31 December |
(As restated) |
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Fair value movement on financial assets |
(3,242,149) |
4,041,639 |
Other interest receivable |
273,454 |
- |
(Gains)/losses on financial instruments |
3,560,104 |
4,938,269 |
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Debtors |
31 December |
(As restated) |
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Other debtors |
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Page 7 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Other financial assets |
Financial assets at fair value through profit and loss |
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Current financial assets |
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At 1 January 2018 |
21,920,356 |
Net withdrawals |
(7,584,330) |
Gain on disposal of financial assets |
3,560,104 |
Fair value movement on financial assets |
(3,242,149) |
Fair value at 31 December 2018 |
14,653,981 |
Other financial assets
Other financial assets at fair value through profit and loss are made up of a portfolio of short-term derivative contract for differences which are traded by the company.
The fair value of the portfolio at 31 December 2018 was $14,653,981 (2017 - $21,920,356).
Page 8 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Creditors |
Note |
31 December |
(As restated) |
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Due within one year |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
31 December |
(As restated) |
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Non-current loans and borrowings |
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Other borrowings |
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Non-current loans and borrowings
Other borrowings
During the year Farmer Court Limited repaid $6,000,000 of a loan from H D Nathanson, the ultimate shareholder. The remainder of the loan is being held at amortised cost using an effective interest rate of 5.46%. The loan is due for repayment on 12 December 2021.
During the year, a notional finance cost of $1,547,107 (2017 - $587,269) has been recognised. The notional finance cost, was transferred from the capital contribution reserve to the Profit and Loss account at the year end. The carrying amount of the loan at the year end is $7,694,382 (2017 - $12,147,275).
Page 9 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Share capital |
Allotted, called up and fully paid shares
31 December 2018 |
31 December 2017 |
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No. |
$ |
No. |
$ |
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Ordinary shares of £1 each |
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1 |
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1 |
Parent and ultimate parent undertaking |
The ultimate parent is
The consolidated financial statements of Firefly Capital Limited are available from Companies House.
Page 10 |
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Prior year restatements |
The company has restated its prior period results for the period ended 31 December 2017 for the following reasons:
Change in presentational currency
Farmer Court Limited has restated the 2017 comparative figures to show the accounts in their functional currency, USD. The 2017 accounts were previously presented in GBP, the presentational currency chosen at the time of preparing the accounts. Upon further consideration, the company has decided to align its presentational currency with its functional currency and present its accounts in USD. The change in presentational currency has resulted in a $440,621 increase in profit before tax for the comparative period. The change in presentational currency has also resulted in a $26,086 decrease in tax for the comparative period.
Correction of over accrual
In addition to the change in presentational currency, Farmer Court Limited has also restated the 2017 comparative figures to correct an over-accrual of investment management and performance fees in 2017 of $1,865,787 and accruals have been restated as $9,066. The profit before tax for the period has increased by $1,858,047 to $6,252,370. The tax charge has increased by $284,831 as a result of the change.
Change in accounting policy
The restated 2017 comparative figures have been amended to reflect a change in accounting policy in respect of group relief. Farmer Court Limited previously had an accounting policy for group relief which stated no charge was payable in respect of tax losses relieved by the company. The change reflects that amounts are payable in respect of tax losses surrendered to the company are recognised in the year to which they relate. The change has resulted in an increase in net assets of $7,740. The tax charge in the accounts has increased by $142,036 as a result of the change.
The restated 2017 comparative figures have also been amended to reflect a change in the presentation of revenue. The fair value movement on financial assets and trading profits and losses, including interest, earned from principal trading in marketable securities are shown as revenue. These items were previously shown seperately on the face of the Profit and Loss Account. The change has not resulted in a change in net assets or profit for the year. The tax charge has not changed as a result of the change.
The net assets of the company have increased by $1,457,266 to $8,373,746 as a result of the above combined changes.
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