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Company Registration Number:  14815481



















FARMISON & CO LIMITED
UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 31 DECEMBER 2023


















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FARMISON & CO LIMITED
REGISTERED NUMBER: 14815481

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
238,783

Tangible assets
 5 
297,933

  
536,716

Current assets
  

Stocks
  
417,754

Debtors: amounts falling due within one year
 6 
349,326

Cash at bank and in hand
 7 
282,987

  
1,050,067

Creditors: amounts falling due within one year
 8 
(856,357)

Net current assets
  
 
 
193,710

Total assets less current liabilities
  
730,426

  

Net assets
  
730,426

Page 1

 
FARMISON & CO LIMITED
REGISTERED NUMBER: 14815481
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
Note
£

Financed by:
  

Amounts owed to shareholders
  
350,000

  

Capital and reserves
  

Called up share capital 
 10 
1,660

Share premium account
 11 
998,340

Revaluation reserve
 11 
165,750

Profit and loss account
 11 
(785,324)

  
730,426


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A J Clarke
................................................
G A Whittle
Director
Director


Date: 4 April 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Farmison & Co Limited is a private company limited by shares and registered in England and Wales. The company's registered number is 14815481 and the registered address is Farmison & Co, Bondgate Green, Ripon, North Yorkshire, HG4 1QW.
The company was incorporated on 19 April 2023 and commenced trading on this date.
The financial statements are presented in sterling and this is the functional currency of the country.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as 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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

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.

Page 4

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight Line

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 profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the period was 46.

Page 5

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets



Website

£



Cost


Additions
279,527



At 31 December 2023

279,527



Amortisation


Charge for the period on owned assets
40,744



At 31 December 2023

40,744



Net book value



At 31 December 2023
238,783



Page 6

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
128,301


Revaluations
221,000



At 31 December 2023

349,301



Depreciation


Charge for the period on owned assets
51,368



At 31 December 2023

51,368



Net book value



At 31 December 2023
297,933

Assets with a historical value of £77,000 were revalued on 21 April 2023 by Hilco. The increase in valuation was £221,000 which is included in the revaluation reserve, less any deferred tax provision.

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2023
£



Cost
128,301

Accumulated depreciation
(18,218)

Net book value
110,083

Page 7

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

2023
£


Trade debtors
69,822

Other debtors
67,688

Prepayments and accrued income
82,572

Deferred taxation
129,244

349,326



7.


Cash and cash equivalents

2023
£

Cash at bank and in hand
282,987

282,987



8.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
622,101

Other taxation and social security
85,862

Other creditors
70,677

Accruals and deferred income
77,717

856,357


Page 8

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Deferred taxation



2023


£






Charged to profit or loss
129,244



At end of year
129,244

The deferred tax asset is made up as follows:

2023
£


Accelerated capital allowances
(57,673)

Tax losses carried forward
242,167

Deferred Tax on revaluation reserve
(55,250)

129,244


10.


Share capital

2023
£
Allotted, called up and fully paid


1,660 Ordinary shares of £1.00 each
1,660


The company was incorporated on 19 April 2023 and issued share capital of £100 on the same day.  On 19 December 2023 a further 1,560 shares of £1 each were issued.  Total consideration of £1,000,000 was paid for the shares of which £998,340 is included within the share premium account.

Page 9

 
FARMISON & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Reserves

Share premium account

The reserve records the amount above the nominal value received for shares sold.

Revaluation reserve

The revaluation reserve represents the amount of of unrealised surplus created when the assets were revalued, less any deferred tax provision.  The reserve is non-distributable reserves.

 
Page 10