2023-01-012023-12-312023-12-31false06273822Farley Solutions 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Farley Solutions Limited

Registered Number
06273822
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Farley Solutions Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Sherman, John Andrew

Registered Address

Willen Farm Holmbushes
Leigh
Sherborne
DT9 6HU

Registered Number

06273822 (England and Wales)
Farley Solutions Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3777292
777292
Current assets
Debtors476,23768,440
Cash at bank and on hand42,64827,826
118,88596,266
Creditors amounts falling due within one year5(110,627)(67,098)
Net current assets (liabilities)8,25829,168
Total assets less current liabilities9,03529,460
Creditors amounts falling due after one year6(6,103)(10,171)
Provisions for liabilities(194)(56)
Net assets2,73819,233
Capital and reserves
Called up share capital100100
Profit and loss account2,63819,133
Shareholders' funds2,73819,233
The financial statements were approved and authorised for issue by the Director on 12 July 2024, and are signed on its behalf by:
Sherman, John Andrew
Director
Registered Company No. 06273822
Farley Solutions Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees
The following average number of employees incudes the director.

20232022
Average number of employees during the year02
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 234,008
Additions595
At 31 December 234,603
Depreciation and impairment
At 01 January 233,716
Charge for year110
At 31 December 233,826
Net book value
At 31 December 23777
At 31 December 22292
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-3,750
Amounts owed by group undertakings76,09864,533
Prepayments and accrued income139157
Total76,23768,440
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.
5.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts4,0684,068
Amounts owed to related parties37,07737,473
Taxation and social security69,00625,202
Accrued liabilities and deferred income476355
Total110,62767,098
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.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts6,10310,171
Total6,10310,171