Registered number
03657507
Farren Hydraulics Limited
Filleted Accounts
31 October 2023
Farren Hydraulics Limited
Registered number: 03657507
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,295,949 2,677,498
Investments 4 9,004,761 9,004,761
11,300,710 11,682,259
Current assets
Debtors 5 3,061,491 3,405,996
Cash at bank and in hand 39,917 281,698
3,101,408 3,687,694
Creditors: amounts falling due within one year 6 (852,879) (1,144,620)
Net current assets 2,248,529 2,543,074
Total assets less current liabilities 13,549,239 14,225,333
Creditors: amounts falling due after more than one year 7 (2,332,178) (3,257,339)
Provisions for liabilities (307,829) (234,911)
Net assets 10,909,232 10,733,083
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 550,362 550,362
Profit and loss account 10,358,770 10,182,621
Shareholders' funds 10,909,232 10,733,083
The director is 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 director acknowledges his 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.
Mr. E. Cullen
Director
Approved by the board on 22 February 2024
Farren Hydraulics Limited
Notes to the Accounts
for the year ended 31 October 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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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 and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Investment Properties
Investment properties are shown at market value as valued by the director at the balance sheet date. Land is not depreciated. Freehold properties are maintained to ensure that their value does not diminish over time. The maintenance costs are charged to profit and loss account in year incurred. In the director's opinion, depreciation is immaterial and has not been charged.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 6,994,574 13,221 7,007,795
Additions 716,916 - 716,916
Disposals (679,510) - (679,510)
At 31 October 2023 7,031,980 13,221 7,045,201
Depreciation
At 1 November 2022 4,317,626 12,671 4,330,297
Charge for the year 987,198 550 987,748
On disposals (568,793) - (568,793)
At 31 October 2023 4,736,031 13,221 4,749,252
Net book value
At 31 October 2023 2,295,949 - 2,295,949
At 31 October 2022 2,676,948 550 2,677,498
4 Investments
Other
investments
£
Cost
At 1 November 2022 9,004,761
At 31 October 2023 9,004,761
Historical cost
At 1 November 2022 8,454,399
At 31 October 2023 8,454,399
5 Debtors 2023 2022
£ £
Trade debtors 63,222 416,654
Loan to related company 2,710,062 2,701,135
Other debtors 288,207 288,207
3,061,491 3,405,996
Amounts due after more than one year included above 2,998,269 2,989,342
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 251,333 251,333
Obligations under finance lease and hire purchase contracts 223,368 296,818
Trade creditors 15,288 5,416
Amounts owed to related party companies 158,252 144,144
Other taxes and social security costs 159,408 364,347
Other creditors 45,230 82,562
852,879 1,144,620
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,852,461 2,625,814
Obligations under finance lease and hire purchase contracts 380,717 508,382
Other creditors 99,000 123,143
2,332,178 3,257,339
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 924,299 1,627,833
Secured bank loans 2,103,794 2,877,146
The bank holds freehold charges and a debenture over the assets of the company.
9 Revaluation reserve 2023 2022
£ £
At 1 November 2022 550,362 550,362
At 31 October 2023 550,362 550,362
10 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
11 Related party transactions 2023 2022
£ £
Holywell Haulage Ltd
Company controlled by the director
Sales - 809,803
Rental income 212,500 212,500
Amount due (to)/from the related party (7,455) 16,685
Holywell Recycling Ltd
Company controlled by the director
Sales 153,660 308,880
Rental income 167,500 167,500
Amount due (to) the related party (158,252) (144,144)
Holywell Utility Ltd
Company controlled by the director
Sales 72,180 202,050
Rent 52,000 62,000
Amount due from the related party 1,737 58,820
12 Controlling party
The company is controlled by the director, Mr. E. Cullen.
13 Other information
Farren Hydraulics Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 1 Park Court,
Pyrford Road,
West Byfleet,
Surrey,
KT14 6SD.
Its place of business is:
11-12 Maxted Road,
Hemel Hempstead,
Herts, HP2 7DX.
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