ACCOUNTS - Final Accounts

FERNS PROPERTY DEVELOPMENT LIMITED - Company Information

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-09-302019-09-30During the year the company made cash advances of £nil (2018: £1,345,000) to the director. This loan bears interest in line with HMRC official rates. At the year-end the company was owed £1,775,728 (2018: £1,732,421) by the director. The company owes £55,024 (2018: £55,024) to a company with a common director. The company is owed £561,800 (2018: £561,800) by a company with a common director. Both these loans are repayable on demand and are interest free.false2018-10-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03522414 2018-10-01 2019-09-30 03522414 2017-10-01 2018-09-30 03522414 2019-09-30 03522414 2018-09-30 03522414 2017-10-01 03522414 c:Director1 2018-10-01 2019-09-30 03522414 d:PlantMachinery 2018-10-01 2019-09-30 03522414 d:OtherPropertyPlantEquipment 2019-09-30 03522414 d:OtherPropertyPlantEquipment 2018-09-30 03522414 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 03522414 d:FreeholdInvestmentProperty 2018-09-30 03522414 d:CurrentFinancialInstruments 2019-09-30 03522414 d:CurrentFinancialInstruments 2018-09-30 03522414 d:Non-currentFinancialInstruments 2019-09-30 03522414 d:Non-currentFinancialInstruments 2018-09-30 03522414 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 03522414 d:CurrentFinancialInstruments d:WithinOneYear 2018-09-30 03522414 d:Non-currentFinancialInstruments d:AfterOneYear 2019-09-30 03522414 d:Non-currentFinancialInstruments d:AfterOneYear 2018-09-30 03522414 d:ShareCapital 2019-09-30 03522414 d:ShareCapital 2018-09-30 03522414 d:InvestmentPropertiesRevaluationReserve 2019-09-30 03522414 d:InvestmentPropertiesRevaluationReserve 2018-09-30 03522414 d:RetainedEarningsAccumulatedLosses 2019-09-30 03522414 d:RetainedEarningsAccumulatedLosses 2018-09-30 03522414 d:AcceleratedTaxDepreciationDeferredTax 2019-09-30 03522414 d:AcceleratedTaxDepreciationDeferredTax 2018-09-30 03522414 d:TaxLossesCarry-forwardsDeferredTax 2019-09-30 03522414 d:TaxLossesCarry-forwardsDeferredTax 2018-09-30 03522414 c:FRS102 2018-10-01 2019-09-30 03522414 c:AuditExempt-NoAccountantsReport 2018-10-01 2019-09-30 03522414 c:FullAccounts 2018-10-01 2019-09-30 03522414 c:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 03522414 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-10-01 2019-09-30 iso4217:GBP

03522414

FERNS PROPERTY DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2019

FERNS PROPERTY DEVELOPMENT LIMITED

REGISTERED NUMBER:03522414

BALANCE SHEET

AS AT 30 SEPTEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		2,185		2,913
Investment property	5		10,650,000		10,650,000
			10,652,185		10,652,913
Current assets
Debtors: amounts falling due after more than one year	6	575,853		-
Debtors: amounts falling due within one year	6	2,351,958		2,878,602
Bank and cash balances		9,803		3,174
		2,937,614		2,881,776
Creditors: amounts falling due within one year	7	(1,522,807)		(849,246)
Net current assets			1,414,807		2,032,530
Total assets less current liabilities			12,066,992		12,685,443
Creditors: amounts falling due after more than one year	8		(2,522,299)		(3,322,629)
Provisions for liabilities
Deferred tax	9	(1,300,578)		(1,298,731)
			(1,300,578)		(1,298,731)
Net assets			8,244,115		8,064,083

Capital and reserves
Called up share capital	100	100
Investment property reserve	7,042,348	7,042,348
Profit and loss account	1,201,667	1,021,635
	8,244,115	8,064,083

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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FERNS PROPERTY DEVELOPMENT LIMITED

REGISTERED NUMBER:03522414

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2019

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2020.

I.D Fern

Director

The notes on pages 3 to 8 form part of these financial statements.

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.	General information

Ferns Property Development Limited (the 'Company') is a private company limited by shares, which is domiciled and incorporated in England.
The address of its registered office and principal place of business is Tutsham, West Farleigh, Kent, ME15 0NE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable, exclusive of Value Added Tax, in the ordinary course of business for properties owned by the company.
Rental income is recognised as it becomes receivable in accordance with the tenancy agreement. Where rental income is received in advance for a period which spans the year-end, that revenue is recognised as deferred income.

2.3

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income..

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018: 1).

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 October 2018 and at 30 September 2019	9,150
	Depreciation
	At 1 October 2018	6,237
	Charge for the year on owned assets	728
	At 30 September 2019	6,965
	Net book value
	At 30 September 2019	2,185
	At 30 September 2018	2,913

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 October 2018 and at 30 September 2019	10,650,000

The 2019 valuations were made by the director, on an open market value for existing use basis.

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

6.	Debtors
		2019	2018
		£	£

Due after more than one year
Other debtors	575,853	-

					2019	2018
					£	£

Due within one year
Other debtors	2,351,958	2,878,602

7.	Creditors: amounts falling due within one year
		2019	2018
		£	£

Bank loans	800,914	194,410
Amounts owed to connected companies	161,720	153,415
Corporation tax	552,859	493,317
Other taxation and social security	-	630
Other creditors	2,574	1,874
Accruals and deferred income	4,740	5,600
	1,522,807	849,246

The bank loans are secured by way of a First Legal Charge over the Company's freehold investment properties and an unlimited debenture by the Company.

8.	Creditors: amounts falling due after more than one year
		2019	2018
		£	£

	Bank loans	2,522,299	3,322,629

The bank loans are secured by way of a First Legal Charge over the Company's freehold investment properties and an unlimited debenture by the Company.

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FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

9.	Deferred taxation

	2019	2018
	£	£

At beginning of year	(1,298,732)	(1,302,923)
Charged to profit or loss	(1,847)	4,192
At end of year	(1,300,579)	(1,298,731)

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Accelerated capital allowances	13,004	11,156
Estimate of tax due on revalued properties	1,287,575	1,287,575
	1,300,579	1,298,731

10.	Transactions with directors

During the year the company made cash advances of £nil (2018: £1,345,000) to the director. This loan bears interest in line with HMRC official rates. At the year-end the company was owed £1,775,728 (2018: £1,732,421) by the director.

11.	Related party transactions
	The company owes £55,024 (2018: £55,024) to a company with a common director. The company is owed £561,800 (2018: £561,800) by a company with a common director. Both these loans are repayable on demand and are interest free.

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