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COMPANY REGISTRATION NUMBER: 05641304
Farriess Court Limited
Filleted Unaudited Abridged Financial Statements
30 November 2022
Farriess Court Limited
Abridged Financial Statements
Year Ended 30 November 2022
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Farriess Court Limited
Abridged Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
Fixed Assets
Tangible assets
6
950,848
965,928
Current Assets
Stocks
500
500
Debtors
135,608
125,381
Cash at bank and in hand
3,327
10,127
---------
---------
139,435
136,008
Creditors: amounts falling due within one year
304,328
261,019
---------
---------
Net Current Liabilities
164,893
125,011
---------
---------
Total Assets Less Current Liabilities
785,955
840,917
Creditors: amounts falling due after more than one year
546,946
601,233
Provisions
4,538
3,180
---------
---------
Net Assets
234,471
236,504
---------
---------
Capital and Reserves
Called up share capital
8
2
2
Profit and loss account
234,469
236,502
---------
---------
Shareholders Funds
234,471
236,504
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Farriess Court Limited
Abridged Statement of Financial Position (continued)
30 November 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
Mr A W Heath
Director
Company registration number: 05641304
Farriess Court Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The business address is 103 Boulton Lane, Alvaston, Derby, DE24 0FF
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the income statement represents residents fees earned during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
1% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value.
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Financial instruments
Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2021: 29 ).
5. Intangible assets
£
Cost
At 1 December 2021 and 30 November 2022
175,000
---------
Amortisation
At 1 December 2021 and 30 November 2022
175,000
---------
Carrying amount
At 30 November 2022
---------
At 30 November 2021
---------
6. Tangible assets
£
Cost
At 1 December 2021
1,109,857
Additions
3,006
------------
At 30 November 2022
1,112,863
------------
Depreciation
At 1 December 2021
143,929
Charge for the year
18,086
------------
At 30 November 2022
162,015
------------
Carrying amount
At 30 November 2022
950,848
------------
At 30 November 2021
965,928
------------
7. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £593,058 (2021: £624,204).
8. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
1,539
2,308
Later than 1 year and not later than 5 years
1,539
-------
-------
1,539
3,847
-------
-------
10. Directors' advances, credits and guarantees
Loans to the directors during the year were as follows:
Balance at 1 December 2021 Advances in the year Repaid in the year Balance at 30 November 2022
£ £ £ £
A W Heath and S M Heath 4,191 5,777 9,100 869
11. Related party transactions
During the year the company provided and received loans from related parties. The balances outstanding due from/(to) related parties at 30 November 2022 were as follows:
2022 2021
£ £
Amounts owed to entities under common control ( 87,669) ( 94,642)
Amounts due from entities under common control 99,031 105,404
Amounts due from entities holding a controlling interest 2 2
Outstanding balances with entities are unsecured, interest free and repayable on demand.
12. Controlling party
The company is a wholly owned subsidiary of Ashe Group (UK) Limited , a company incorporated and registered in England and Wales. The registered office address is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA and copy accounts can be found at Companies House.