IRIS Accounts Production v23.2.0.158 01014487 Board of Directors 1.4.22 31.3.23 31.3.23 true false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure010144872022-03-31010144872023-03-31010144872022-04-012023-03-31010144872021-03-31010144872021-04-012022-03-31010144872022-03-3101014487ns16:EnglandWales2022-04-012023-03-3101014487ns15:PoundSterling2022-04-012023-03-3101014487ns11:Director12022-04-012023-03-3101014487ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3101014487ns11:SmallEntities2022-04-012023-03-3101014487ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3101014487ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3101014487ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101014487ns11:FullAccounts2022-04-012023-03-310101448712022-04-012023-03-3101014487ns11:OrdinaryShareClass12022-04-012023-03-3101014487ns11:Director22022-04-012023-03-3101014487ns11:Director32022-04-012023-03-3101014487ns11:RegisteredOffice2022-04-012023-03-3101014487ns6:CurrentFinancialInstruments2023-03-3101014487ns6:CurrentFinancialInstruments2022-03-3101014487ns6:Non-currentFinancialInstruments2023-03-3101014487ns6:Non-currentFinancialInstruments2022-03-3101014487ns6:ShareCapital2023-03-3101014487ns6:ShareCapital2022-03-3101014487ns6:RevaluationReserve2023-03-3101014487ns6:RevaluationReserve2022-03-3101014487ns6:RetainedEarningsAccumulatedLosses2023-03-3101014487ns6:RetainedEarningsAccumulatedLosses2022-03-3101014487ns6:NetGoodwill2022-04-012023-03-3101014487ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101014487ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-04-012023-03-3101014487ns6:PlantMachinery2022-04-012023-03-3101014487ns6:FurnitureFittings2022-04-012023-03-3101014487ns6:MotorVehicles2022-04-012023-03-3101014487ns6:NetGoodwill2022-03-3101014487ns6:NetGoodwill2023-03-3101014487ns6:NetGoodwill2022-03-3101014487ns6:LandBuildings2022-03-3101014487ns6:PlantMachinery2022-03-3101014487ns6:FurnitureFittings2022-03-3101014487ns6:MotorVehicles2022-03-3101014487ns6:LandBuildings2022-04-012023-03-3101014487ns6:LandBuildings2023-03-3101014487ns6:PlantMachinery2023-03-3101014487ns6:FurnitureFittings2023-03-3101014487ns6:MotorVehicles2023-03-3101014487ns6:LandBuildings2022-03-3101014487ns6:PlantMachinery2022-03-3101014487ns6:FurnitureFittings2022-03-3101014487ns6:MotorVehicles2022-03-3101014487ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3101014487ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-3101014487ns6:CostValuation2022-03-3101014487ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3101014487ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3101014487ns6:DeferredTaxation2022-03-3101014487ns6:DeferredTaxation2022-04-012023-03-3101014487ns6:DeferredTaxation2023-03-3101014487ns11:OrdinaryShareClass12023-03-3101014487ns6:RetainedEarningsAccumulatedLosses2022-03-3101014487ns6:RevaluationReserve2022-03-3101014487ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-31
REGISTERED NUMBER: 01014487 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

G FARWELL LIMITED

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G FARWELL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: Mr D J Farwell
Mr G Farwell
Mr S Stacey





REGISTERED OFFICE: Tower View
Crabbswood Lane
Sway
Lymington
Hampshire
SO41 6EQ





REGISTERED NUMBER: 01014487 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

BALANCE SHEET
31ST MARCH 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,383,747 1,339,610
Investments 6 450 450
1,384,197 1,340,060

CURRENT ASSETS
Stocks 7 238,326 249,925
Debtors 8 500,756 695,483
Cash at bank and in hand 1,290,535 1,263,741
2,029,617 2,209,149
CREDITORS
Amounts falling due within one year 9 (355,215 ) (531,542 )
NET CURRENT ASSETS 1,674,402 1,677,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,058,599

3,017,667

CREDITORS
Amounts falling due after more than one
year

10

(251,462

)

(200,000

)

PROVISIONS FOR LIABILITIES 12 (184,362 ) (168,623 )
NET ASSETS 2,622,775 2,649,044

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Revaluation reserve 14 101,548 114,709
Retained earnings 14 2,511,227 2,524,335
SHAREHOLDERS' FUNDS 2,622,775 2,649,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

BALANCE SHEET - continued
31ST MARCH 2023


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 and authorised for issue by the Board of Directors and authorised for issue on 27th September 2023 and were signed on its behalf by:





Mr S Stacey - Director


G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

G Farwell 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 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 G Farwell Limited 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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% straight line basis and 2% straight line basis
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance and 15% straight line

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 36 (2022 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 15,000
AMORTISATION
At 1st April 2022
and 31st March 2023 15,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 -

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st April 2022 1,221,669 1,310,364 75,438 1,235,464 3,842,935
Additions - 138,417 4,447 99,431 242,295
Disposals - - - (93,000 ) (93,000 )
At 31st March 2023 1,221,669 1,448,781 79,885 1,241,895 3,992,230
DEPRECIATION
At 1st April 2022 649,491 766,659 54,318 1,032,857 2,503,325
Charge for year 42,778 82,020 2,532 61,852 189,182
Eliminated on disposal - - - (84,024 ) (84,024 )
At 31st March 2023 692,269 848,679 56,850 1,010,685 2,608,483
NET BOOK VALUE
At 31st March 2023 529,400 600,102 23,035 231,210 1,383,747
At 31st March 2022 572,178 543,705 21,120 202,607 1,339,610

Cost or valuation at 31st March 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2008 884,000 - - - 884,000
Cost 337,669 1,448,781 79,885 1,241,895 3,108,230
1,221,669 1,448,781 79,885 1,241,895 3,992,230

If freehold property had not been revalued they would have been included at the following historical cost:

31/3/23 31/3/22
£    £   
Cost 892,691 892,691
Aggregate depreciation 494,868 465,250

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
Additions 105,120
At 31st March 2023 105,120
DEPRECIATION
Charge for year 4,722
At 31st March 2023 4,722
NET BOOK VALUE
At 31st March 2023 100,398

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1st April 2022
and 31st March 2023 450
NET BOOK VALUE
At 31st March 2023 450
At 31st March 2022 450

7. STOCKS
31/3/23 31/3/22
£    £   
Raw materials 219,931 209,646
Work-in-progress 18,395 40,279
238,326 249,925

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 362,831 657,569
Other debtors - 675
Corporation tax recoverable 96,737 -
Prepayments 41,188 37,239
500,756 695,483

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Hire purchase contracts 31,560 -
Trade creditors 165,741 293,964
Amounts owed to group undertakings 450 450
Corporation tax - 6,281
Social security and other taxes 99,342 145,872
Other creditors 919 650
Directors loan account - 23,155
Accrued expenses 57,203 61,170
355,215 531,542

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Hire purchase contracts 53,523 -
Shareholders' loan 197,939 200,000
251,462 200,000

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Hire purchase contracts 85,083 -

12. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax
Accelerated capital allowances 159,362 141,123
Deferred tax on revaluation gain 25,000 27,500
184,362 168,623

Deferred
tax
£   
Balance at 1st April 2022 168,623
Charge to Income Statement during year 18,239
Deferred tax on revaluation (2,500 )
Balance at 31st March 2023 184,362

G FARWELL LIMITED (REGISTERED NUMBER: 01014487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
10,000 Ordinary £1 10,000 10,000

14. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2022 2,524,335 114,709 2,639,044
Deficit for the year (26,269 ) (26,269 )
Transfer to profit and loss account 13,161 (13,161 ) -
At 31st March 2023 2,511,227 101,548 2,612,775

15. RELATED PARTY DISCLOSURES

The company paid £50,000 over the year for use of land at Tower View and Yew Trees owned by G Farwell.

16. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Farwell.