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Registration number: 04719520

Fearne Design & Construction Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Fearne Design & Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Fearne Design & Construction Ltd

Company Information

Directors

Mr T W F Bolland

Mr G N J Sherlock

Registered office

C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ

Accountants

Wortham Jaques Limited
130a High Street,
Crediton,
Devon
EX17 3LQ

 

Fearne Design & Construction Ltd

(Registration number: 04719520)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,060

9,192

Current assets

 

Stocks

2,000

-

Debtors

5

675

1,594

Cash at bank and in hand

 

1,620

6,956

 

4,295

8,550

Creditors: Amounts falling due within one year

6

(7,574)

(8,908)

Net current liabilities

 

(3,279)

(358)

Total assets less current liabilities

 

4,781

8,834

Creditors: Amounts falling due after more than one year

6

(3,083)

(4,083)

Provisions for liabilities

(1,531)

(1,746)

Net assets

 

167

3,005

Capital and reserves

 

Called up share capital

100

100

Retained earnings

67

2,905

Shareholders' funds

 

167

3,005

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fearne Design & Construction Ltd

(Registration number: 04719520)
Balance Sheet as at 30 April 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr T W F Bolland
Director

.........................................
Mr G N J Sherlock
Director

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ
United Kingdom

These financial statements were authorised for issue by the Board on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

16,278

8,000

24,278

Additions

3,186

-

3,186

Disposals

(299)

(1,333)

(1,632)

At 30 April 2023

19,165

6,667

25,832

Depreciation

At 1 May 2022

10,461

4,625

15,086

Charge for the year

2,176

510

2,686

At 30 April 2023

12,637

5,135

17,772

Carrying amount

At 30 April 2023

6,528

1,532

8,060

At 30 April 2022

5,817

3,375

9,192

5

Debtors

2023
£

2022
£

Other debtors

498

1,418

Prepayments

177

176

675

1,594

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

6,883

2,103

Accruals and deferred income

683

570

Other creditors

8

6,235

7,574

8,908

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

3,083

4,083

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,083

4,083

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £448.00 (2022 - £40.00) per each Ordinary A shares

 

9,550

 

2,000

Interim dividend of £448.00 (2022 - £40.00) per each Ordinary B shares

 

21,850

 

2,000

   

31,400

 

4,000

9

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr T W F Bolland

Directors current account

(1,418)

(20,642)

22,066

6

         
       

Mr G N J Sherlock

Directors current account

6,233

(22,999)

16,766

-

         
       

 

 

Fearne Design & Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr T W F Bolland

Directors current account

5,466

(18,000)

11,116

(1,418)

         
       

Mr G N J Sherlock

Directors current account

9,118

(4,885)

2,000

6,233

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,716

17,680

Dividends paid to directors

   

2023
£

 

2022
£

Mr T W F Bolland

       

Dividend

 

9,550

 

2,000

         

Mr G N J Sherlock

       

Dividends

 

21,850

 

2,000

         

10

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors..