Farcastle Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02490459 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

FARCASTLE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C Lerner

Mrs F R Lerner

I M Lerner

SECRETARY:

Mrs F R Lerner

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

02490459 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

London

N15 6BL

FIXED ASSETS

Investment property

4

74,575,747

72,296,367

CURRENT ASSETS

Debtors

5

39,730,447

39,805,713

Cash at bank and in hand

4,675,512

7,605,499

44,405,959

47,411,212

CREDITORS

Amounts falling due within one year

6

(27,651,847

)

(27,648,980

)

NET CURRENT ASSETS

16,754,112

19,762,232

TOTAL ASSETS LESS CURRENT LIABILITIES

91,329,859

92,058,599

CREDITORS

Amounts falling due after more than one year

7

(60,350,895

)

(61,182,871

)

PROVISIONS FOR LIABILITIES

(274,185

)

(274,185

)

NET ASSETS

30,704,779

30,601,543

CAPITAL AND RESERVES

Called up share capital

9

72

72

Revaluation reserve

10

1,612,855

1,612,855

Retained earnings

10

29,091,852

28,988,616

SHAREHOLDERS' FUNDS

30,704,779

30,601,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 22 February 2022 and were signed on its behalf by:

C Lerner - Director

I M Lerner - Director

1.	STATUTORY INFORMATION

Farcastle Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the assets and liabilities which are required by FRS 102 to be stated at fair value.

Turnover

Turnover represents net rent receivable, excluding value added tax.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

72,296,367

Additions

2,279,380

At 28 February 2021

74,575,747

NET BOOK VALUE

At 28 February 2021

74,575,747

At 29 February 2020

72,296,367

Fair value at 28 February 2021 is represented by:

£

Valuation in 2015

(1,952,738

)

Valuation in 2017

3,565,593

Cost

72,962,892

74,575,747

The company's investment properties were revalued by Cushman & Wakefield (specialist independent valuer) as at 12 April 2017.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

369,883

204,785

Other debtors

39,360,564

39,600,928

39,730,447

39,805,713

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Taxation and social security

262,066

255,584

Other creditors

27,389,781

27,393,396

27,651,847

27,648,980

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Other creditors

60,350,895

61,182,871

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Other loans

40,758,794

41,590,770

The company's investment properties are charged to Mount Street Mortgage Servicing Limited on behalf of LV Commercial Mortgages Ltd.

The company Farcastle Ltd, is the borrower and its subsidiary companies Pagelist Limited & Glassy Junction Ltd and the other associated companies Imberstates Limited, Meteshire Ltd, Palace House Limited & Eger Properties Ltd are guarantors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

2

Ordinary 'A' shares

£1

2

2

70

Ordinary 'B' shares

£1

70

70

72

72

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 March 2020

28,988,616

1,612,855

30,601,471

Profit for the year

103,236

103,236

At 28 February 2021

29,091,852

1,612,855

30,704,707

11.	RELATED PARTY DISCLOSURES

During the year the company paid management fees to Whitering Limited (I M Lerner is the director) in the sum of 0 (2020: 14,1000) and Earlward Limited (I M Lerner is the director) in the sum of 11,100 (2020: £8,900).

The company also received management fees from Sanbri Ltd (I M Lerner is the director) in the sum of £12,000 (2020: £12,000).

Included in the creditors due more than one year is the sum of £19,592,101 (2020 - £19,592,101) due to Creston Ltd a company where Mr C & Mrs F R Lerner are directors and shareholders.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr C Lerner & Mrs F R Lerner.