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03522414
FERNS PROPERTY DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022
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FERNS PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER:03522414
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BALANCE SHEET
AS AT 30 SEPTEMBER 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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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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Provisions for liabilities
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FERNS PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER:03522414
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022
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 the 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.
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 comprehensive income 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 by:
The notes on pages 4 to 9 form part of these financial statements.
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FERNS PROPERTY DEVELOPMENT LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Shares issued during the year
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Transfer between reserves
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Transfer between reserves
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The notes on pages 4 to 9 form part of these financial statements.
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FERNS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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
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Basis of preparation of financial statements
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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:
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.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss 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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model 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, on a reducing balance basis.
Depreciation is provided on the following basis:
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 profit or loss.
Investment property is carried at fair value determined annually by the director 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 profit or loss.
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FERNS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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 ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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At 1 October 2021 and at 30 September 2022
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Charge for the year on owned assets
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FERNS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Freehold investment property
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The 2022 valuations were made by the director, on an open market value for existing use basis.
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Due after more than one year
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Prepayments and accrued income
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FERNS PROPERTY DEVELOPMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Creditors: amounts falling due within one year
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Amounts owed to companies under common control
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Other taxation and social security
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Accruals and deferred income
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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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Creditors: amounts falling due after more than one year
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Estimate of tax due on revalued properties
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Transactions with directors
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During the year the Company made cash advances of £nil (2021 £nil) to the director. This loan bears interest in line with HMRC official rates. At the year-end, the Company was owed £1,897,014 (2021: £1,856,194) by the director which is included in other debtors.
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Related party transactions
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At the balance sheet date, the Company owed £513,303 (2021: £896,704) to companies under common control. The loans are interest free and repayable on demand.
At the balance sheet date, the Company was owed £561,800 (2021: £561,800) by a company with a common director. The loan is interest free and repayable on demand.
All loans are repayable on demand and are interest free.
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