IRIS Accounts Production v24.1.0.578 04504606 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045046062022-08-31045046062023-08-31045046062022-09-012023-08-31045046062021-08-31045046062021-09-012022-08-31045046062022-08-3104504606ns15:EnglandWales2022-09-012023-08-3104504606ns14:PoundSterling2022-09-012023-08-3104504606ns10:Director12022-09-012023-08-3104504606ns10:PrivateLimitedCompanyLtd2022-09-012023-08-3104504606ns10:SmallEntities2022-09-012023-08-3104504606ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3104504606ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3104504606ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-3104504606ns10:FullAccounts2022-09-012023-08-310450460612022-09-012023-08-3104504606ns10:Director22022-09-012023-08-3104504606ns10:RegisteredOffice2022-09-012023-08-3104504606ns5:CurrentFinancialInstruments2023-08-3104504606ns5:CurrentFinancialInstruments2022-08-3104504606ns5:ShareCapital2023-08-3104504606ns5:ShareCapital2022-08-3104504606ns5:RetainedEarningsAccumulatedLosses2023-08-3104504606ns5:RetainedEarningsAccumulatedLosses2022-08-3104504606ns5:NetGoodwill2022-09-012023-08-3104504606ns5:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3104504606ns5:NetGoodwill2022-08-3104504606ns5:NetGoodwill2023-08-3104504606ns5:NetGoodwill2022-08-3104504606ns5:LandBuildings2022-08-3104504606ns5:PlantMachinery2022-08-3104504606ns5:MotorVehicles2022-08-3104504606ns5:LandBuildings2022-09-012023-08-3104504606ns5:PlantMachinery2022-09-012023-08-3104504606ns5:MotorVehicles2022-09-012023-08-3104504606ns5:LandBuildings2023-08-3104504606ns5:PlantMachinery2023-08-3104504606ns5:MotorVehicles2023-08-3104504606ns5:LandBuildings2022-08-3104504606ns5:PlantMachinery2022-08-3104504606ns5:MotorVehicles2022-08-3104504606ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3104504606ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-31
REGISTERED NUMBER: 04504606 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

NIGEL FARROW CARS LTD

NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)






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


NIGEL FARROW CARS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: N A Farrow
Mrs J E Farrow





REGISTERED OFFICE: 101 Salhouse Road
Norwich
Norfolk
NR7 9AW





REGISTERED NUMBER: 04504606 (England and Wales)






NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 123,340 147,599
123,340 147,599

CURRENT ASSETS
Stocks 6,571 5,731
Debtors 6 11,693 23,485
Cash at bank and in hand 788,874 755,929
807,138 785,145
CREDITORS
Amounts falling due within one year 7 123,883 108,415
NET CURRENT ASSETS 683,255 676,730
TOTAL ASSETS LESS CURRENT
LIABILITIES

806,595

824,329

PROVISIONS FOR LIABILITIES 12,327 12,327
NET ASSETS 794,268 812,002

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 794,168 811,902
794,268 812,002

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.

NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





N A Farrow - Director


NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

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

1. STATUTORY INFORMATION

Nigel Farrow Cars Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

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

The following criteria must also be met before revenue is recognised:

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has accepted delivery of the goods.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life, considered to be 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following bases:

Trademarks - 10% straight line

NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - straight line over 15 years
Plant and machinery - 15% reducing balance
Motor vehicles - 5% reducing balance

The assets' residual values , useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and retained earnings.

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

Cost is calculated using the first in, first out method.

Financial instruments
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

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

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 115,000
AMORTISATION
At 1 September 2022
and 31 August 2023 115,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

NIGEL FARROW CARS LTD (REGISTERED NUMBER: 04504606)

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

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 September 2022 362,847 182,151 27,547 572,545
Additions - 10,995 - 10,995
At 31 August 2023 362,847 193,146 27,547 583,540
DEPRECIATION
At 1 September 2022 281,179 134,671 9,096 424,946
Charge for year 24,190 10,141 923 35,254
At 31 August 2023 305,369 144,812 10,019 460,200
NET BOOK VALUE
At 31 August 2023 57,478 48,334 17,528 123,340
At 31 August 2022 81,668 47,480 18,451 147,599

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,786 20,511
Other debtors 907 2,974
11,693 23,485

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 32,663 27,478
Taxation and social security 88,426 78,277
Other creditors 2,794 2,660
123,883 108,415

8. RELATED PARTY DISCLOSURES

The company is under the ultimate control of the directors.