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Registered number: 07785019
Famico Trading Limited
Financial Statements
For the Period 1 October 2022 to 28 June 2023
William Price & Co
Chartered Accountants
Westbury Court Church Road
Westbury On Trym
Bristol
BS9 3EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07785019
28 June 2023 30 September 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,999 3,799
Investment Properties 5 27,553 -
31,552 3,799
CURRENT ASSETS
Stocks 6 86,355 -
Debtors 7 150,422 147,948
Cash at bank and in hand 126,967 30,878
363,744 178,826
Creditors: Amounts Falling Due Within One Year 8 (323,536 ) (132,248 )
NET CURRENT ASSETS (LIABILITIES) 40,208 46,578
TOTAL ASSETS LESS CURRENT LIABILITIES 71,760 50,377
Creditors: Amounts Falling Due After More Than One Year 9 (22,211 ) (29,798 )
NET ASSETS 49,549 20,579
CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Profit and Loss Account 29,549 579
SHAREHOLDERS' FUNDS 49,549 20,579
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For the period ending 28 June 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs S Etemadi
Director
22 July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Famico Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07785019 . The registered office is Henleaze House, 13 Harbury Road, Bristol, BS9 4PN.
2. Accounting Policies
2.1. 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.
2.2. 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. 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.
2.3. 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 4 years (straight line)
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable.
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 years 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.
Current 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 tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 October 2022 11,975
Additions 1,786
As at 28 June 2023 13,761
Depreciation
As at 1 October 2022 8,176
Provided during the period 1,586
As at 28 June 2023 9,762
Net Book Value
As at 28 June 2023 3,999
As at 1 October 2022 3,799
5. Investment Property
28 June 2023
£
Fair Value
As at 1 October 2022 -
Additions 27,553
As at 28 June 2023 27,553
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6. Stocks
28 June 2023 30 September 2022
£ £
Stock 86,355 -
7. Debtors
28 June 2023 30 September 2022
£ £
Due within one year
Trade debtors 45,839 9,271
Other debtors 104,583 138,677
150,422 147,948
8. Creditors: Amounts Falling Due Within One Year
28 June 2023 30 September 2022
£ £
Trade creditors 168,628 25,211
Bank loans and overdrafts 10,449 10,648
Other taxes and social security 37,365 5,508
Other creditors 104,406 88,381
Accruals and deferred income 2,688 2,500
323,536 132,248
9. Creditors: Amounts Falling Due After More Than One Year
28 June 2023 30 September 2022
£ £
Bounce Back Loan > 1 year 22,211 29,798
10. Share Capital
28 June 2023 30 September 2022
£ £
Allotted, Called up and fully paid 20,000 20,000
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11. Related Party Transactions
At the end of the year, the company was owed £29,287 by the director (£16,319 in 2022).
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