2022-11-01 02186885 2023-10-31 02186885 2022-11-01 2023-10-31 02186885 2022-10-31 02186885 2021-11-01 2022-10-31 02186885 uk-core:WithinOneYear 2022-10-31 02186885 uk-core:WithinOneYear 2023-10-31 02186885 uk-core:AfterOneYear 2022-10-31 02186885 uk-core:AfterOneYear 2023-10-31 02186885 uk-core:ShareCapital 2023-10-31 02186885 uk-core:ShareCapital 2022-10-31 02186885 uk-core:RevaluationReserve 2023-10-31 02186885 uk-core:RevaluationReserve 2022-10-31 02186885 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 02186885 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 02186885 uk-bus:Director1 2022-11-01 2023-10-31 02186885 uk-core:PlantMachinery 2022-11-01 2023-10-31 02186885 uk-core:ComputerEquipment 2022-11-01 2023-10-31 02186885 uk-core:WithinOneYear 2023-10-31 02186885 uk-core:WithinOneYear 2022-10-31 02186885 uk-core:AfterOneYear uk-core:Secured 2023-10-31 02186885 uk-core:AfterOneYear uk-core:Secured 2022-10-31 iso4217:GBP xbrli:pure 02186885 uk-bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 02186885 uk-bus:FRS102 2022-11-01 2023-10-31 02186885 uk-bus:FilletedAccounts 2022-11-01 2023-10-31 02186885 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
Farola Limited
Registered Number:02186885
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
Farola Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
02186885
As at 31 October 2023
Farola Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
2,496
2,727
2
1,764,000
1,764,000
Investment property
Financial assets
1,066
1,066
1,767,562
1,767,793
Current assets
97,212
Cash and cash equivalents
75,059
75,059
97,212
Trade and other payables: amounts falling due within one year
(141,648)
(115,830)
3
(44,436)
(40,771)
Net current liabilities
Total assets less current liabilities
1,726,791
1,723,357
Trade and other payables: amounts falling due after more than one
year
(151,629)
(137,364)
4
1,589,427
Net assets
1,571,728
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
1,007,416
1,007,416
5
Retained earnings
572,011
554,312
1,589,427
1,571,728
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
02186885
For the year ended 31 October 2023
Farola Limited
Statement of Financial Position Continued
C.E. Kerrigan Director
These financial statements were approved and authorised for issue by the Board on 12 July 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 October 2023
Farola Limited
Notes to the Financial Statements
Statutory Information
Farola Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 02186885.
Registered address:
2 Rosemary Grove
Cadeby
Doncaster
DN5 7TH
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
15% Reducing balance
3 years Straight line
Computer Equipment
2. Investment property
Total
£
Fair value
At 01 November 2022
1,764,000
At 31 October 2023
1,764,000
Net book value
At 31 October 2023
1,764,000
At 31 October 2022
1,764,000
The investment properties are held for long-term investment. Investment properties are accounted for in accordance with SSAP19 as follows:(i) no depreciation is provided in respect of investment properties and they are revalued annualy. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and(ii) no depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. The treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets, however, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give and true and fair view.
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6
For the year ended 31 October 2023
Farola Limited
Notes to the Financial Statements Continued
3. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
14,500
14,800
Trade creditors
850
200
Taxation and social security
12,594
38,869
Other creditors
87,886
87,779
115,830
141,648
4. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
137,364
151,629
5. Reserves
Total
£
Revaluation reserve at 01 November 2022
1,007,416
1,007,416
Revaluation reserve at 31 October 2023
6. Average number of persons employed
During the year the average number of employees was 0
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