REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
FAHRNI (UK) LTD |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
FAHRNI (UK) LTD |
FAHRNI (UK) LTD (REGISTERED NUMBER: 05263457) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
FAHRNI (UK) LTD |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditors |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
Bankers: |
Bishopgate |
P.O.Box 34 |
15 Bishopsgate |
London |
EC2P 2AP |
FAHRNI (UK) LTD (REGISTERED NUMBER: 05263457) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FAHRNI (UK) LTD (REGISTERED NUMBER: 05263457) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Fahrni (UK) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis. The directors have considered therelevant information including the Group annual budget, and have considered the company's available resources. Additionally, the company's parent has provided confirmation that it will continue to provide financial support necessary for the company to continue to operate for the foreseeable future. |
Based on these assessments, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There are no cases of judgement and estimation uncertainty in the current or prior year. |
Tangible fixed assets |
Fixtures and fittings | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
FAHRNI (UK) LTD (REGISTERED NUMBER: 05263457) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Turnover and revenue recognition |
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is based on valuation of the work carried out to date after discounts and retentions but excluding value added tax and represents amounts derived from the ordinary activities of the company. |
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, after discounts and retentions but excluding value added tax. |
Revenue is recognised under the terms of the contract as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed during the accounting period. |
Revenue also includes half of all retentions withheld on incomplete contracts which are included in debtors. It is considered true and fair by management not to take account of the remaining 50% of retentions until work on the contracts has been completed and these residual retentions have been returned on the basis that they are recoverable subject to satisfactory completion of any rectification work. There were no amounts recoverable in respect of the current accounting period due to all work performed having been certified and billed before the end of the accounting period. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Auditors' remuneration |
The charge for the audit of the companies financial statements was £8,263 (2022: £5,125). |
5. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
FAHRNI (UK) LTD (REGISTERED NUMBER: 05263457) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Related party disclosures |
In respect of contracts undertaken by Fahrni (UK) Ltd during the accounting period, in addition to manufacturing and supplying all goods, the parent company could also provide guarantees to United Kingdom banks and insurance companies for performance bonds. No such guarantees were in place at the year end. |
11. | Ultimate controlling party |
Fahrni (UK) Limited was wholly owned by Fahrni Fassadensysteme AG, a company resident in Switzerland. |
The ultimate controlling party as at 31 December 2023 was Pascal Schwarz, a Director of Fahrni (UK) Limited, through his ownership of all shares in the ultimate parent company, SBIH AG, which wholly owns Fahrni Fassadensysteme AG. |
SBIH AG is registered in Switzerland and Pascal Schwarz is a resident in Switzerland. |