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Registration number: 13059723

Fernowls Associates Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Fernowls Associates Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Fernowls Associates Limited

(Registration number: 13059723)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

49,897

28,299

Current assets

 

Stocks

5

6,569

2,744

Debtors

6

2,898

1,651

Cash at bank and in hand

 

18,366

43,243

 

27,833

47,638

Creditors: Amounts falling due within one year

7

(23,326)

(28,596)

Net current assets

 

4,507

19,042

Total assets less current liabilities

 

54,404

47,341

Provisions for liabilities

(2,349)

-

Net assets

 

52,055

47,341

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

42,055

37,341

Shareholders' funds

 

52,055

47,341

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Sarah Louise Large
Company secretary and director

 

Fernowls Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling (£) and rounded to the nearest pound.

Summary of disclosure exemptions

The company is exempt from preparing a Statement of Cashflows as it is small.

Going concern

The financial statements have been prepared on a going concern basis. The Directors believe that the Company will continue as a going concern for the forseeable future. Monthly operating profits largely translate into cash and the Company has no borrowings. The Directors are confident of the continuation of the relationship with its largest customer.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 December 2023 was Caroline Webster, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fernowls Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

2 Year SL

Plant and Machinery

2 Year SL

Buildings

5 Years SL

Building Improvements

2 Years SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Fernowls Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Buildings
£

Building improvements
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 January 2022

22,367

1,955

11,759

110

36,191

Additions

21,503

3,595

13,754

1,741

40,593

At 31 December 2022

43,870

5,550

25,513

1,851

76,784

Depreciation

At 1 January 2022

2,920

655

4,273

44

7,892

Charge for the year

8,745

1,342

8,673

235

18,995

At 31 December 2022

11,665

1,997

12,946

279

26,887

Carrying amount

At 31 December 2022

32,205

3,553

12,567

1,572

49,897

At 31 December 2021

19,447

1,300

7,486

66

28,299

 

Fernowls Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Stocks

2022
£

2021
£

Raw materials and consumables

1,958

2,628

Other inventories

4,611

116

6,569

2,744

6

Debtors

Current

2022
£

2021
£

Other debtors

2,898

1,651

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

2,934

2,376

Taxation and social security

11,742

11,173

Other creditors

8,650

15,047

23,326

28,596

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

11,289

-

Later than one year and not later than five years

32,083

-

43,372

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,822 (2021 - £Nil).

 

Fernowls Associates Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

9

Related party transactions

Other transactions with directors

The directors have a loan with the company. At the balance sheet date the amount due to the directors was
£4,900 (2021:£nil).