Fabarch Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11036681 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Fabarch Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J A Heinrich

C R Nichol

REGISTERED OFFICE:

27 Old Gloucester Street

London

WC1N 3AX

REGISTERED NUMBER:

11036681 (England and Wales)

SENIOR STATUTORY AUDITOR:

Melissa Bowers FCCA

AUDITORS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

FIXED ASSETS

Investments

5

419,944

419,944

Investment property

6

45,900,000

24,830,596

46,319,944

25,250,540

CURRENT ASSETS

Debtors

7

128,284

185,394

Cash at bank

121,866

115,485

250,150

300,879

CREDITORS

Amounts falling due within one year

8

29,760,835

13,666,271

NET CURRENT LIABILITIES

(29,510,685

)

(13,365,392

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,809,259

11,885,148

CREDITORS

Amounts falling due after more than one year

9

-

(15,572,560

)

PROVISIONS FOR LIABILITIES

12

(7,552,690

)

(1,767,349

)

NET ASSETS/(LIABILITIES)

9,256,569

(5,454,761

)

CAPITAL AND RESERVES

Called up share capital

13

100

100

Fair value reserves

14

20,866,233

5,742,651

Retained earnings

(11,609,764

)

(11,197,512

)

SHAREHOLDERS' FUNDS

9,256,569

(5,454,761

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2022 and were signed on its behalf by:

C R Nichol - Director

1.	STATUTORY INFORMATION

Fabarch Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The place of business is 15 Rathbone St, Fitzrovia, London W1T 1NB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Fabarch Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	AUDITORS' REMUNERATION

31.12.21

31.12.20

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

3,000

5,083

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

419,944

NET BOOK VALUE

At 31 December 2021

419,944

At 31 December 2020

419,944

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

24,830,596

Additions

160,481

Revaluations

20,908,923

At 31 December 2021

45,900,000

NET BOOK VALUE

At 31 December 2021

45,900,000

At 31 December 2020

24,830,596

A desktop valuation was carried out on a capital value per acre basis in July 2022 by Savills, an RICS regulated company. The directors deem this valuation to represent the fair value of the properties at the year end.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2019

7,510,000

Valuation in 2021

20,908,923

Cost

17,481,077

45,900,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

54,551

2,203

Amounts owed by group undertakings

-

80,220

Other debtors

73,733

102,971

128,284

185,394

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts (see note 10)

20,595

-

Trade creditors

207,421

101,483

Amounts owed to group undertakings

425,000

431,637

Amounts owed to associates

9,591,837

7,158,952

Other creditors

19,515,982

5,974,199

29,760,835

13,666,271

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

-

15,572,560

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.21

31.12.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

20,595

-

Other loans

18,476,526

-

18,497,121

-

Amounts falling due between one and two years:

Other loans - 1-2 years

-

15,572,560

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Other loans

18,476,526

15,572,560

Loans are secured by a floating charge over all assets and a fixed charge over certain property assets.

12.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

7,552,690

1,767,349

Deferred

tax

£

Balance at 1 January 2021

1,767,349

Provided during year

5,785,341

Balance at 31 December 2021

7,552,690

13.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Share capital 1

1

100

100

14.

RESERVES

Fair

value

reserves

£

At 1 January 2021

5,742,651

Fair value reserves

15,123,582

At 31 December 2021

20,866,233

15.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17.	ULTIMATE CONTROLLING PARTY