Registration number:
Year Ended
Farmer Court Limited
Contents
Company Information |
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Director's Report |
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Profit and Loss Account |
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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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Farmer Court Limited
Director's Report
Year Ended 31 December 2020
The director presents his report and the financial statements for the year ended 31 December 2020.
Director of the company
The director who held office during the year was as follows:
Going concern
The financial statements have been prepared on a going concern basis as the company is profitable and due to the ongoing support from the shareholder. The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors and they are satisfied that the company can continue to meet its financial obligations. The main shareholder will continue to support the company for a period of no less than twelve months from the date of approval of these financial statements.
Small companies provision statement
This report has 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.
Approved by the director on
.........................................
D L Bearman
Director
Farmer Court Limited
Profit and Loss Account
Year Ended 31 December 2020
Note |
31 December |
31 December |
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Revenues |
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Other interest receivable and similar income |
|
- |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Farmer Court Limited
(Registration number: 10317780)
Balance Sheet as at 31 December 2020
Note |
31 December |
31 December |
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Current assets |
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Debtors |
- |
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Other financial assets |
21,376,606 |
17,673,803 |
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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 2020 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.
Approved by the
.........................................
D L Bearman
Director
Farmer Court Limited
Statement of Changes in Equity
Year Ended 31 December 2020
Note |
Share capital |
Capital contribution reserve |
Profit and loss account |
Total |
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At 1 January 2020 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
|
Transfers |
- |
(494,250) |
494,250 |
- |
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At 31 December 2020 |
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|
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Note |
Share capital |
Capital |
Profit and loss account |
Total |
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At 1 January 2019 |
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Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
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Transfers |
- |
(420,267) |
420,267 |
- |
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At 31 December 2019 |
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Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its principal place of business and 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, which is the functional currency of the company and rounded to the nearest $.
Going concern
The financial statements have been prepared on a going concern basis as the company is profitable and due to the ongoing support from the shareholder. The impact of the COVID-19 pandemic (coronavirus) on the ability of the company to continue as a going concern has been assessed by the directors and they are satisfied that the company can continue to meet its financial obligations. The main shareholder will continue to support the company for a period of no less than twelve months from the date of approval of these financial statements.
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
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
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.
Dividends
Final dividend distributions to the company's shareholders are recognsied as a liability in the financial statements in the reporting period in which the dividends are approved by the members. Interim dividend distributions to the company's shareholders are recognised in the reporting period in which they are paid.
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Financial instruments
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 |
31 December |
|
Fair value gains on financial assets |
5,818,167 |
6,937,236 |
Other net interest (expenses)/ income |
(562) |
277,832 |
Other net (expenses)/ income on financial assets |
(79,140) |
147,479 |
|
|
Debtors |
31 December |
31 December |
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Other debtors |
- |
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Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Other financial assets |
Financial assets at fair value through profit and loss |
|
At 1 January 2020 |
17,673,803 |
Gains on financial assets |
5,818,167 |
Net withdrawals |
(2,115,364) |
Fair value at 31 December 2020 |
21,376,606 |
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 2020 was $21,376,606 (2019 - $17,673,803).
Creditors |
Note |
31 December |
31 December |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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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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Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Loans and borrowings |
31 December |
31 December |
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Current loans and borrowings |
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Other borrowings |
|
- |
Loans and borrowings due to related parties |
7,608,899 |
- |
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- |
31 December |
31 December |
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Non-current loans and borrowings |
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Loans and borrowings due to related parties |
- |
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Other borrowings
During the year a loan of $2,000,000 was made by an unrelated company to Farmer Court Limited. The loan is unsecured with a variable interest rate equal to the gross return generated from the investments each calender year and is repayable on demand.
During the year, interest receivable of $163,895 has been recognised in respect of this loan and the carrying amount of the loan at year end is $1,836,105.
The full loan was repaid on 22 January 2021.
Loans and borrowings due to related parties
The loan from Mr H D Nathanson, the ultimate shareholder, is interest free and due for repayment on 12 December 2021.
During the year Farmer Court Limited repaid $1,000,000 of the loan and the remainder of the loan is being held at amortised cost using an effective interest rate of 5.46% and during the year, a notional finance cost of $494,250 (2019 - $420,267) 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 $7,608,899 (2019 - $8,114,649).
Farmer Court Limited
Notes to the Financial Statements
Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
$ |
No. |
$ |
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1 |
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1 |
Parent and ultimate parent undertaking |
The company's parent is Firefly Capital Limited, incorporated in England & Wales.
The most senior parent entity producing publicly available consolidated financial statements is Firefly Capital Limited. These financial statements are publicly available from Companies House.