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REGISTERED NUMBER: 05894639 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

R & J FARROW LIMITED

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R & J FARROW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Wayne Thomas Farrow
Shaun Robert Farrow





REGISTERED OFFICE: Riverhouse
Gatherley Road Industrial Estate
Brompton on Swale
Richmond
North Yorkshire
DL10 7JQ





REGISTERED NUMBER: 05894639 (England and Wales)





ACCOUNTANTS: Walter Dawson & Son
Chartered Accountants
16 Omega Business Village
Thurston Road
Northallerton
North Yorkshire
DL6 2NJ

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 709,421 759,229

CURRENT ASSETS
Stocks 1,375 1,250
Debtors 5 534,268 432,203
Cash at bank and in hand 345,893 379,281
881,536 812,734
CREDITORS
Amounts falling due within one year 6 473,154 418,823
NET CURRENT ASSETS 408,382 393,911
TOTAL ASSETS LESS CURRENT LIABILITIES 1,117,803 1,153,140

CREDITORS
Amounts falling due after more than one
year

7

(339,275

)

(347,975

)

PROVISIONS FOR LIABILITIES (124,568 ) (141,078 )
NET ASSETS 653,960 664,087

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Profit and loss account 652,960 663,087
653,960 664,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

BALANCE SHEET - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





Wayne Thomas Farrow - Director


R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

R & J Farrow Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the shorter of the lease period and the period to the next rent review at which the rent is expected to be reset to market rates.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

INCOME RECOGNITION
Income is recognised when services have been provided to customers such that the risks and rewards of ownership have transferred to them.

FINANCE COSTS OF DEBT
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 1,226,012 13,895 972,706 2,212,613
Additions 251,035 1,413 97,000 349,448
Disposals (159,000 ) - - (159,000 )
At 31 August 2023 1,318,047 15,308 1,069,706 2,403,061
DEPRECIATION
At 1 September 2022 841,579 3,947 607,858 1,453,384
Charge for year 195,906 3,015 136,735 335,656
Eliminated on disposal (95,400 ) - - (95,400 )
At 31 August 2023 942,085 6,962 744,593 1,693,640
NET BOOK VALUE
At 31 August 2023 375,962 8,346 325,113 709,421
At 31 August 2022 384,433 9,948 364,848 759,229

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 519,125 417,677
Other debtors 15,143 14,526
534,268 432,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 154,684 155,654
Trade creditors 123,925 74,065
Taxation and social security 178,368 144,048
Other creditors 16,177 45,056
473,154 418,823

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 339,275 347,975

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 154,684 155,654
Between one and five years 339,275 347,975
493,959 503,629

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,484 15,904
Between one and five years 12,901 32,585
28,385 48,489

R & J FARROW LIMITED (REGISTERED NUMBER: 05894639)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 493,959 503,629

The obligations under hire purchase contracts are secured by a charge over the assets purchased under these agreement.

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £10,393 (2022: £10,925). Contributions totalling £nil (2022: £nil) were payable to the fund at the year end and are included in other creditors.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
Shaun Robert Farrow and Wayne Thomas Farrow
Balance outstanding at start of year (41,116 ) (83,966 )
Amounts advanced 236,330 265,752
Amounts repaid (202,021 ) (222,902 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,807 ) (41,116 )

Interest is charged on the loan at the official HMRC rate and is repayable on demand.

12. RELATED PARTY DISCLOSURES

Mr S R Farrow and Mr W T Farrow have equal control of the shares in the company, and together with their involvement in its day-to-day management, are deemed to be the controlling parties for the purposes of Financial Reporting Standard No. 102.

During the year the company paid rent of £19,800 (2022: £19,800) to the directors Mr S R Farrow and Mr W T Farrow for the use of their premises.

Creditors falling due within one year include the following directors' loans owed to Mr S R Farrow and Mr W T Farrow £6,807 (2022: £41,116).