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Registered number: 09253950
Fallon's Angler Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fallon's Angler Ltd for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of Fallon's Angler Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fallon's Angler Ltd and state those matters that we have agreed to state to the director of Fallon's Angler Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Fallon's Angler Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fallon's Angler Ltd . You consider that Fallon's Angler Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fallon's Angler Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Quest Accounting Services
30th July 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
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Balance Sheet
Registered number: 09253950
2023 2022
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 4 80,000 80,000
Debtors 5 821 717
Cash at bank and in hand 3,302 2,101
84,123 82,818
Creditors: Amounts Falling Due Within One Year 6 (4,421 ) (3,087 )
NET CURRENT ASSETS (LIABILITIES) 79,702 79,731
TOTAL ASSETS LESS CURRENT LIABILITIES 79,702 79,731
Creditors: Amounts Falling Due After More Than One Year 7 (98,001 ) (79,519 )
NET (LIABILITIES)/ASSETS (18,299 ) 212
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (18,300 ) 211
SHAREHOLDERS' FUNDS (18,299) 212
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Garrett Fallon
Director
30th July 2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight line
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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3. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2022 1,003
As at 31 October 2023 1,003
Depreciation
As at 1 November 2022 1,003
As at 31 October 2023 1,003
Net Book Value
As at 31 October 2023 -
As at 1 November 2022 -
4. Stocks
2023 2022
£ £
Stock 80,000 -
Finished goods - 80,000
80,000 80,000
5. Debtors
2023 2022
£ £
Due within one year
VAT 468 717
Director's loan account 353 -
821 717
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,821 -
Bank loans and overdrafts 600 600
Other taxes and social security - 360
Other creditors - 2,111
Director's loan account - 16
4,421 3,087
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,301 1,901
Other creditors 96,700 77,618
98,001 79,519
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Garrett Fallon - - - - 353
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
At the balance sheet Date, the company owed £96,699.70 to a company in which the Director has an interest. These loans is interest free and unsecured.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr G Fallon by virtue of his ownership of 100% of the issued share capital in the company.
12. General Information
Fallon's Angler Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09253950 . The registered office is Suite 110, The Pinnacle 150 Midsummer Boulevard, Milton Keynes, MK9 1FD.
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