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Company Registration No. 09975176 (England and Wales)
Farmilo Limited Filleted accounts for the year ended 31 March 2023
Farmilo Limited Filleted accounts Contents
Page
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Farmilo Limited Company Information for the year ended 31 March 2023
Directors
Harshad Thakor Kiran Thakor
Company Number
09975176 (England and Wales)
Registered Office
45 Queens Road Leicester LE2 1WQ
Accountants
YP Finance Hawthorne House 17A Hawthorne Drive Leicester Leicestershire LE5 6DL
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Farmilo Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
63,750 
86,250 
Tangible assets
25,696 
42,248 
89,446 
128,498 
Current assets
Inventories
13,000 
- 
Debtors
121,367 
38,192 
Cash at bank and in hand
115,552 
206,620 
249,919 
244,812 
Creditors: amounts falling due within one year
(170,250)
(160,014)
Net current assets
79,669 
84,798 
Total assets less current liabilities
169,115 
213,296 
Creditors: amounts falling due after more than one year
(159,836)
(201,672)
Provisions for liabilities
Deferred tax
(11,524)
(11,524)
Net (liabilities)/assets
(2,245)
100 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(2,345)
- 
Shareholders' funds
(2,245)
100 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by
Harshad Thakor Director Company Registration No. 09975176
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Farmilo Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Farmilo Limited is a private company, limited by shares, registered in England and Wales, registration number 09975176. The registered office is 45 Queens Road, Leicester, LE2 1WQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Fixtures & fittings
20% reducing balance
Computer equipment
30% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Farmilo Limited Notes to the Accounts for the year ended 31 March 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
225,000 
At 31 March 2023
225,000 
Amortisation
At 1 April 2022
138,750 
Charge for the year
22,500 
At 31 March 2023
161,250 
Net book value
At 31 March 2023
63,750 
At 31 March 2022
86,250 
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2022
10,202 
202,554 
8,191 
220,947 
At 31 March 2023
10,202 
202,554 
8,191 
220,947 
Depreciation
At 1 April 2022
10,202 
160,306 
8,191 
178,699 
Charge for the year
- 
16,552 
- 
16,552 
At 31 March 2023
10,202 
176,858 
8,191 
195,251 
Net book value
At 31 March 2023
- 
25,696 
- 
25,696 
At 31 March 2022
- 
42,248 
- 
42,248 
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Farmilo Limited Notes to the Accounts for the year ended 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
15,010 
15,145 
Amounts due from group undertakings etc.
106,357 
23,047 
121,367 
38,192 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
27,762 
31,782 
VAT
- 
466 
Obligations under finance leases and hire purchase contracts
21,351 
34,491 
Trade creditors
39,510 
23,221 
Taxes and social security
11,475 
26,951 
Other creditors
65,524 
38,475 
Accruals
4,628 
4,628 
170,250 
160,014 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
153,558 
174,043 
Obligations under finance leases and hire purchase contracts
6,278 
27,629 
159,836 
201,672 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary shares A of £1 each
50 
50 
50 Ordinary shares B of £1 each
50 
50 
100 
100 
10
Average number of employees
During the year the average number of employees was 9 (2022: 9).
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