| Farnpoint Limited |
| Registered number: |
03340535 |
| Abbreviated Balance Sheet |
| as at 31 March 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Investment properties |
2 |
|
|
8,891,500 |
|
|
8,891,500 |
| Tangible assets |
3 |
|
|
1,144 |
|
|
- |
|
|
|
|
8,892,644 |
|
|
8,891,500 |
|
| Current assets |
| Stocks |
|
|
263,691 |
|
|
274,089 |
| Debtors |
|
|
111,627 |
|
|
134,159 |
| Cash at bank and in hand |
|
|
3,009,816 |
|
|
1,700,768 |
|
|
|
3,385,134 |
|
|
2,109,016 |
|
| Creditors: amounts falling due within one year |
|
|
(89,357) |
|
|
(547,553) |
|
| Net current assets |
|
|
|
3,295,777 |
|
|
1,561,463 |
|
| Total assets less current liabilities |
|
|
|
12,188,421 |
|
|
10,452,963 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(4,812,375) |
|
|
(3,509,412) |
|
|
|
| Net assets |
|
|
|
7,113,546 |
|
|
6,943,551 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
2 |
|
|
2 |
| Revaluation reserve |
|
|
|
3,165,432 |
|
|
2,900,395 |
| Profit and loss account |
|
|
|
3,948,112 |
|
|
4,043,154 |
|
| Shareholders' funds |
|
|
|
7,113,546 |
|
|
6,943,551 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| A Moussiaoff |
| Director |
| Approved by the board on 14 December 2016 |
|
| Farnpoint Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 March 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts are prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities |
|
Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value of trading properties sold. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Fixtures and fittings |
25% per annum reducing balance basis |
|
|
Stocks |
|
Stock consists of properties for resale and is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Investment properties |
|
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. No provision is provided unless a deficit on an individual investment property is expected to be permanent in which case it is charged to the Profit and Loss Account of that period. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the properties are not held for consumption but for investment and the directors consider annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. |
|
|
| 2 |
Investment properties |
£ |
|
|
Cost |
|
At 1 April 2015 |
8,891,500 |
|
Additions |
321,359 |
|
Disposals |
(640,000) |
|
At 31 March 2016 |
8,686,359 |
|
|
|
|
|
|
|
|
Surplus on revaluation |
349,328 |
|
|
Net book value |
|
At 31 March 2016 |
8,891,500 |
|
At 31 March 2015 |
8,465,000 |
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
Additions |
1,525 |
|
At 31 March 2016 |
1,525 |
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
381 |
|
At 31 March 2016 |
381 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2016 |
1,144 |
|
|
|
|
|
|
|
|
| 4 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
217,500 |
|
217,500 |
|
Secured bank loans |
4,837,573 |
|
3,676,918 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
