FARREN ESTATE COMPANY LIMITED |
Registered number: |
00337929 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
345,364 |
|
|
351,152 |
|
Current assets |
Debtors |
4 |
|
168,062 |
|
|
341,659 |
Cash at bank and in hand |
|
|
730,734 |
|
|
469,958 |
|
|
|
898,796 |
|
|
811,617 |
|
Creditors: amounts falling due within one year |
5 |
|
(48,480) |
|
|
(31,725) |
|
Net current assets |
|
|
|
850,316 |
|
|
779,892 |
|
Net assets |
|
|
|
1,195,680 |
|
|
1,131,044 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
300 |
|
|
300 |
Share premium |
|
|
|
38,150 |
|
|
38,150 |
Revaluation reserve |
6 |
|
|
381,161 |
|
|
381,161 |
Profit and loss account |
|
|
|
776,069 |
|
|
711,433 |
|
Shareholder's funds |
|
|
|
1,195,680 |
|
|
1,131,044 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
G M Peck |
Director |
Approved by the board on 21 December 2023 |
|
FARREN ESTATE COMPANY LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Plant and machinery |
15% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
398,638 |
|
21,903 |
|
420,541 |
|
At 31 March 2023 |
398,638 |
|
21,903 |
|
420,541 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
47,585 |
|
21,804 |
|
69,389 |
|
Charge for the year |
5,773 |
|
15 |
|
5,788 |
|
At 31 March 2023 |
53,358 |
|
21,819 |
|
75,177 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
345,280 |
|
84 |
|
345,364 |
|
At 31 March 2022 |
351,053 |
|
99 |
|
351,152 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
34,803 |
|
31,089 |
|
Other debtors |
133,259 |
|
310,570 |
|
|
|
|
|
|
168,062 |
|
341,659 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
21,323 |
|
11,060 |
|
Other creditors |
27,157 |
|
20,665 |
|
|
|
|
|
|
48,480 |
|
31,725 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 April 2022 |
381,161 |
|
381,161 |
|
|
At 31 March 2023 |
381,161 |
|
381,161 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
G M Peck |
|
Loan brought forward repayable at £715 per month including interest at 3% |
41,285 |
|
- |
|
(8,026) |
|
33,259 |
|
|
|
41,285 |
|
- |
|
(8,026) |
|
33,259 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
Transactions with directors The company paid dividends of £18,000 (2022 - £8,000) to the director, Mrs M Poulton during the year. The company had an outstanding directors loan in the name of Mrs M Poulton of £434 (2022 - £415) at the year end. This is included in other creditors in note 5. This loan is interest free and repayable on demand. The highest amount during the year was £434 (2022: £415). During the year the company paid Geoffrey Peck Consultants LLP, a business controlled by G M Peck, fees amounting to £19,200 (2022- £17,520) for accounting and other services provided. At the year end the company owed the LLP £6,240 (2022 - £5,820). This is included in other creditors in note 5. |
|
|
9 |
Controlling party |
|
|
The company is controlled by the director, Mrs M Poulton, by virtue of her controlling shareholding. |
|
|
10 |
Other information |
|
|
FARREN ESTATE COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Kempston |
|
Mill Hill |
|
Edenbridge |
|
Kent |
|
TN8 5DQ |