Company Registration No. 09975176 (England and Wales)
Farmilo Limited
Filleted accounts
for the year ended 31 March 2023
Farmilo Limited
Filleted accounts
Contents
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
Farmilo Limited
Statement of financial position
as at 31 March 2023
Intangible assets
63,750
86,250
Tangible assets
25,696
42,248
Cash at bank and in hand
115,552
206,620
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
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
Farmilo Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 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.
Farmilo Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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
Charge for the year
22,500
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
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
At 31 March 2023
-
25,696
-
25,696
At 31 March 2022
-
42,248
-
42,248
Farmilo Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Amounts due from group undertakings etc.
106,357
23,047
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
27,762
31,782
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
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
Allotted, called up and fully paid:
50 Ordinary shares A of £1 each
50
50
50 Ordinary shares B of £1 each
50
50
10
Average number of employees
During the year the average number of employees was 9 (2022: 9).