Registered number
08452266
The Far Skateboard Company Ltd
Unaudited Filleted Accounts
30 June 2023
The Far Skateboard Company Ltd
Registered number: 08452266
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 9,329 9,329
Tangible assets 4 11,037 16,079
20,366 25,408
Current assets
Stocks 25,500 25,500
Debtors 5 16,244 614
Cash at bank and in hand 5,827 15,674
47,571 41,788
Creditors: amounts falling due within one year 6 (31,886) (16,343)
Net current assets 15,685 25,445
Total assets less current liabilities 36,051 50,853
Creditors: amounts falling due after more than one year 7 (70,036) (71,633)
Net liabilities (33,985) (20,780)
Capital and reserves
Called up share capital 2 2
Profit and loss account (33,987) (20,782)
Shareholders' funds (33,985) (20,780)
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 members have 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.
Brent Myles Lewis
Director
Approved by the board on 29 March 2024
The Far Skateboard Company Ltd
Notes to the Accounts
for the year ended 30 June 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Office equipment 25% straight line
Computer equipment 33.33% straight line
Plant and machinery 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Cost
At 1 July 2022 9,329
At 30 June 2023 9,329
Amortisation
At 30 June 2023 -
Net book value
At 30 June 2023 9,329
At 30 June 2022 9,329
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 21,416
At 30 June 2023 21,416
Depreciation
At 1 July 2022 5,337
Charge for the year 5,042
At 30 June 2023 10,379
Net book value
At 30 June 2023 11,037
At 30 June 2022 16,079
5 Debtors 2023 2022
£ £
Trade debtors 1,154 614
Other debtors 15,090 -
16,244 614
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,467 10,210
Trade creditors 1,422 2,474
Taxation and social security costs 2,065 2,203
Other creditors 932 1,456
31,886 16,343
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,033 30,630
Amounts owed to related parties 46,003 41,003
70,036 71,633
8 Call up Share Capital
No of shares £
Allotted, issued and fully paid :
Ordinary shares of par value of @ £1 each
At 1 July 2022 2 2
Share issued in year - -
At 30 June 2023 2 2
9 Related party transactions
As at 30 June 2023, The Far Skateboard Company Ltd owed £46,003 to The Far Academy CIC, a company in which B M Lewis is a Director.
10 Other information
The Far Skateboard Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 77 John Wilson Business Park
Harvey Drive, Whitstable, Kent
United Kingdom
CT5 3QT
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