10 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04159118 2022-04-01 2023-03-31 04159118 2023-03-31 04159118 2022-03-31 04159118 2022-03-31 04159118 core:PlantMachinery 2022-04-01 2023-03-31 04159118 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 04159118 core:MotorVehicles 2022-04-01 2023-03-31 04159118 core:NetGoodwill 2022-04-01 2023-03-31 04159118 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04159118 bus:Director2 2022-04-01 2023-03-31 04159118 core:NetGoodwill 2022-03-31 04159118 core:NetGoodwill 2023-03-31 04159118 core:PlantMachinery 2022-03-31 04159118 core:FurnitureFittingsToolsEquipment 2022-03-31 04159118 core:MotorVehicles 2022-03-31 04159118 core:PlantMachinery 2023-03-31 04159118 core:FurnitureFittingsToolsEquipment 2023-03-31 04159118 core:MotorVehicles 2023-03-31 04159118 core:WithinOneYear 2023-03-31 04159118 core:WithinOneYear 2022-03-31 04159118 core:AfterOneYear 2023-03-31 04159118 core:AfterOneYear 2022-03-31 04159118 core:ShareCapital 2023-03-31 04159118 core:ShareCapital 2022-03-31 04159118 core:RetainedEarningsAccumulatedLosses 2023-03-31 04159118 core:RetainedEarningsAccumulatedLosses 2022-03-31 04159118 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 04159118 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 04159118 core:NetGoodwill 2022-03-31 04159118 core:PlantMachinery 2022-03-31 04159118 core:FurnitureFittingsToolsEquipment 2022-03-31 04159118 core:MotorVehicles 2022-03-31 04159118 bus:SmallEntities 2022-04-01 2023-03-31 04159118 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04159118 bus:FullAccounts 2022-04-01 2023-03-31 04159118 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04159118 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 04159118
Nixon Farrow Limited
Unaudited filleted financial statements
31 March 2023
Nixon Farrow Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Nixon Farrow Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 3 49,200 60,100
Tangible assets 4 62,961 83,951
_______ _______
112,161 144,051
Current assets
Stocks 62,567 28,913
Debtors 5 111,556 270,503
Cash at bank and in hand 244,244 194,831
_______ _______
418,367 494,247
Creditors: amounts falling due
within one year 6 ( 229,463) ( 301,133)
_______ _______
Net current assets 188,904 193,114
_______ _______
Total assets less current liabilities 301,065 337,165
Creditors: amounts falling due
after more than one year 7 ( 41,271) ( 60,307)
Provisions for liabilities ( 11,963) ( 15,951)
_______ _______
Net assets 247,831 260,907
_______ _______
Capital and reserves
Called up share capital 8 200 200
Profit and loss account 247,631 260,707
_______ _______
Shareholders funds 247,831 260,907
_______ _______
For the year ending 31 March 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 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr Paul Godding Mr Paul Buck
Director Director
Company registration number: 04159118
Nixon Farrow Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
Nixon Farrow Limited (Company number 04159118 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is 205 Merton Road, Bearsted, Maidstone, Kent, ME15 8LN.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 - Equal annual instalments over 10 or 20 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 are 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from banks and other third parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 10 (2022: 10).
3. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 209,000 209,000
_______ _______
Amortisation
At 1 April 2022 148,900 148,900
Charge for the year 10,900 10,900
_______ _______
At 31 March 2023 159,800 159,800
_______ _______
Carrying amount
At 31 March 2023 49,200 49,200
_______ _______
At 31 March 2022 60,100 60,100
_______ _______
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 4,100 2,252 111,671 118,023
_______ _______ _______ _______
Depreciation
At 1 April 2022 2,708 2,028 29,336 34,072
Charge for the year 348 56 20,586 20,990
_______ _______ _______ _______
At 31 March 2023 3,056 2,084 49,922 55,062
_______ _______ _______ _______
Carrying amount
At 31 March 2023 1,044 168 61,749 62,961
_______ _______ _______ _______
At 31 March 2022 1,392 224 82,335 83,951
_______ _______ _______ _______
5. Debtors
2023 2022
£ £
Trade debtors 108,302 267,006
Other debtors 3,254 3,497
_______ _______
111,556 270,503
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,759 9,514
Trade creditors 166,071 204,107
Social security and other taxes 13,607 11,811
Other creditors 40,026 75,701
_______ _______
229,463 301,133
_______ _______
The net obligations under hire purchase contracts due within one year and after one year are secured on the assets to which they relate.
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 21,275 31,319
Other creditors 19,996 28,988
_______ _______
41,271 60,307
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 200 200 200 200
_______ _______ _______ _______