IRIS Accounts Production v23.4.0.336 09433066 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094330662022-07-31094330662023-07-31094330662022-08-012023-07-31094330662021-07-31094330662021-08-012022-07-31094330662022-07-3109433066ns15:EnglandWales2022-08-012023-07-3109433066ns14:PoundSterling2022-08-012023-07-3109433066ns10:Director12022-08-012023-07-3109433066ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3109433066ns10:SmallEntities2022-08-012023-07-3109433066ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3109433066ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3109433066ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3109433066ns10:FullAccounts2022-08-012023-07-3109433066ns10:Director22022-08-012023-07-3109433066ns10:RegisteredOffice2022-08-012023-07-3109433066ns5:CurrentFinancialInstruments2023-07-3109433066ns5:CurrentFinancialInstruments2022-07-3109433066ns5:Non-currentFinancialInstruments2023-07-3109433066ns5:Non-currentFinancialInstruments2022-07-3109433066ns5:ShareCapital2023-07-3109433066ns5:ShareCapital2022-07-3109433066ns5:RetainedEarningsAccumulatedLosses2023-07-3109433066ns5:RetainedEarningsAccumulatedLosses2022-07-3109433066ns5:PlantMachinery2022-08-012023-07-3109433066ns5:FurnitureFittings2022-08-012023-07-3109433066ns5:MotorVehicles2022-08-012023-07-3109433066ns5:PlantMachinery2022-07-3109433066ns5:FurnitureFittings2022-07-3109433066ns5:MotorVehicles2022-07-3109433066ns5:PlantMachinery2023-07-3109433066ns5:FurnitureFittings2023-07-3109433066ns5:MotorVehicles2023-07-3109433066ns5:PlantMachinery2022-07-3109433066ns5:FurnitureFittings2022-07-3109433066ns5:MotorVehicles2022-07-3109433066ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3109433066ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3109433066ns5:CurrentFinancialInstruments2022-08-012023-07-3109433066ns5:Non-currentFinancialInstruments2022-08-012023-07-3109433066ns10:Director32022-08-012023-07-3109433066ns10:Director332022-07-3109433066ns10:Director332021-07-3109433066ns10:Director332022-08-012023-07-3109433066ns10:Director332021-08-012022-07-3109433066ns10:Director332023-07-3109433066ns10:Director332022-07-31094330661ns10:Director12022-07-31094330661ns10:Director12021-07-31094330661ns10:Director12022-08-012023-07-31094330661ns10:Director12021-08-012022-07-31094330661ns10:Director12023-07-31094330661ns10:Director12022-07-3109433066ns10:Director222022-07-3109433066ns10:Director222021-07-3109433066ns10:Director222022-08-012023-07-3109433066ns10:Director222021-08-012022-07-3109433066ns10:Director222023-07-3109433066ns10:Director222022-07-31
REGISTERED NUMBER: 09433066 (England and Wales)










Farrsec Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2023






Farrsec Ltd (Registered number: 09433066)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Farrsec Ltd

Company Information
for the year ended 31 July 2023







DIRECTORS: Mr T I Farrugia
Mr P A M Farrugia





REGISTERED OFFICE: C/o Salisbury & Company
Ffordd Celyn
Lon Parcwy Business Park
Ruthin
Denbighshire
LL15 1NJ





REGISTERED NUMBER: 09433066 (England and Wales)





ACCOUNTANTS: Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Farrsec Ltd (Registered number: 09433066)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,466 21,842

CURRENT ASSETS
Stocks 12,000 500
Debtors 5 242,863 215,988
Cash at bank 17,124 14,392
271,987 230,880
CREDITORS
Amounts falling due within one year 6 157,040 104,437
NET CURRENT ASSETS 114,947 126,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,413

148,285

CREDITORS
Amounts falling due after more than one
year

7

(80,750

)

(101,263

)

PROVISIONS FOR LIABILITIES (4,120 ) (5,500 )
NET ASSETS 46,543 41,522

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 46,443 41,422
46,543 41,522

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Mr P A M Farrugia - Director


Farrsec Ltd (Registered number: 09433066)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Farrsec 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.

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 - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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 Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Farrsec Ltd (Registered number: 09433066)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 10,211 1,372 30,310 41,893
Additions 446 330 1,000 1,776
Disposals - - (3,240 ) (3,240 )
At 31 July 2023 10,657 1,702 28,070 40,429
DEPRECIATION
At 1 August 2022 2,845 505 16,701 20,051
Charge for year 1,953 180 3,196 5,329
Eliminated on disposal - - (1,417 ) (1,417 )
At 31 July 2023 4,798 685 18,480 23,963
NET BOOK VALUE
At 31 July 2023 5,859 1,017 9,590 16,466
At 31 July 2022 7,366 867 13,609 21,842

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,261 18,477
Other debtors 186,602 197,511
242,863 215,988

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 5,000
Hire purchase contracts 5,371 5,371
Trade creditors 17,471 299
Taxation and social security 113,431 77,414
Other creditors 15,767 16,353
157,040 104,437

Obligations under finance lease and hire purchase contracts totalling £5,371 (2022 £5,371) are secured on the assets concerned.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 33,565 37,009
Hire purchase contracts 9,167 14,538
Other creditors 38,018 49,716
80,750 101,263

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,000 15,000

Obligations under finance lease and hire purchase contracts totalling £9,167 (2022 £14,538) are secured on the assets concerned.

Farrsec Ltd (Registered number: 09433066)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mr P A Farrugia Snr
Balance outstanding at start of year 56,381 38,983
Amounts advanced 15,376 29,188
Amounts repaid (20,719 ) (11,790 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,038 56,381

Mr P A M Farrugia
Balance outstanding at start of year 56,381 38,983
Amounts advanced 24,495 31,227
Amounts repaid (29,466 ) (13,829 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,410 56,381

Mr T I Farrugia
Balance outstanding at start of year 56,380 38,981
Amounts advanced 28,182 30,604
Amounts repaid (20,049 ) (13,205 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 64,513 56,380