Farcastle Limited - Accounts to registrar (filleted) - small 17.3

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REGISTERED NUMBER: 02490459 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

FARCASTLE LIMITED

Page

Company Information

Abridged Statement of Financial Position

Notes to the Financial Statements

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

74,370,000

76,499,500

CURRENT ASSETS

Debtors

35,628,032

35,599,669

Prepayments and accrued income

719,240

Cash at bank

2,873,724

341,568

38,501,756

36,660,477

CREDITORS

Amounts falling due within one year

26,571,221

22,294,989

NET CURRENT ASSETS

11,930,535

14,365,488

TOTAL ASSETS LESS CURRENT
LIABILITIES

86,300,535

90,864,988

CREDITORS

Amounts falling due after more than one
year

(64,240,412

)

(68,918,900

)

PROVISIONS FOR LIABILITIES

(274,185

)

NET ASSETS

21,785,938

21,946,088

CAPITAL AND RESERVES

Called up share capital

Revaluation reserve

1,612,855

(1,952,738

)

Retained earnings

20,173,011

23,898,754

SHAREHOLDERS' FUNDS

21,785,938

21,946,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 6 November 2017 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Changes in accounting policies

The company has adopted FRS 102 for the first time in the preparation of these accounts. Accordingly the date

of transition to FRS 102 was 1 March 2015 (beginning of the accounting period of comparative year).

On transition to FRS 102, the company has elected to take exemption available to small company regarding

disclosure requirement of first year adoption.

Under FRS 102, deferred tax is recognised on a timing difference plus approach, whereas previous UK GAAP

required a timing difference approach. Consequently deferred tax has been recognised on all fair value

remeasurements, which has resulted in recognition of deferred tax liability of £274,185 in 2017 (£nil in 2016).

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 4 .

4.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 March 2016

76,499,500

Disposals

(5,695,093

)

Revaluations

3,565,593

At 28 February 2017

74,370,000

NET BOOK VALUE

At 28 February 2017

74,370,000

At 29 February 2016

76,499,500

Fair value at 28 February 2017 is represented by:

Valuation in 2015

(1,952,738

)

Valuation in 2017

3,565,593

Cost

72,757,145

74,370,000

The company's investment properties were revalued by Cushman & Wakefield (specialist independent valuer) as

at 12 April 2017.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

28.2.17

29.2.16

Repayable otherwise than by instalments

Building society mortgage

4,262,500

6.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.17

29.2.16

Bank loans

4,262,500

Other loans

64,240,412

64,656,400

64,240,412

68,918,900

The company's investment properties are charged to LV Commercial Mortgages Limited and Europa Mezzanine

Finance ll SARL as lenders and Mount Street Mortgage Servicing Limited as security agent.

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.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

Ordinary 'A' shares

£1

Ordinary 'B' shares

£1

RESERVES

Retained

Revaluation

earnings

reserve

Totals

At 1 March 2016

23,898,754

(1,952,738

)

21,946,016

Deficit for the year

(160,150

)

(160,150

)

Revaluation reserve

(3,565,593

)

3,565,593

At 28 February 2017

20,173,011

1,612,855

21,785,866

9.	RELATED PARTY DISCLOSURES

During the year the company paid management fees to Whitering Limited (I M Lerner is the director) in the sum

of £14,400 (2016 - £9,800) and Earlward Limited (I M Lerner is the director) in the sum of £5,100 (2016 -

£8,800).

The company also received management fees from Sanbri Ltd (I M Lerner is the director) in the sum of £8,000

(2016 - nil).

10.	ULTIMATE CONTROLLING PARTY

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