Registered number
03210235
FARNHAM PARK ESTATES LTD
Filleted Accounts
31 March 2024
FARNHAM PARK ESTATES LTD
Registered number: 03210235
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,383 21,728
Investment Property 4 40,000 40,000
57,383 61,728
Current assets
Stocks 40,112 40,112
Debtors 5 495,438 543,477
Cash at bank and in hand 261,104 312,491
796,654 896,080
Creditors: amounts falling due within one year 6 (8,866) (11,734)
Net current assets 787,788 884,346
Total assets less current liabilities 845,171 946,074
Creditors: amounts falling due after more than one year 7 (13,962) (18,677)
Provisions for liabilities (3,872) (3,872)
Net assets 827,337 923,525
Capital and reserves
Called up share capital 200 200
Profit and loss account 827,137 923,325
Shareholders' funds 827,337 923,525
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Benedict James Webber
Director
Approved by the board on 7 August 2024
FARNHAM PARK ESTATES LTD
Notes to the Accounts
for the period from 1 July 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 25% straight line
Motor vehicles 20% reducing balance
Investment properties
Investment property , which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 10,972 33,950 44,922
At 31 March 2024 10,972 33,950 44,922
Depreciation
At 1 July 2023 10,972 12,222 23,194
Charge for the period - 4,345 4,345
At 31 March 2024 10,972 16,567 27,539
Net book value
At 31 March 2024 - 17,383 17,383
At 30 June 2023 - 21,728 21,728
4 Investment Property
£
Fair Value
At 1 July 2023 40,000
At 31 March 2024 40,000
5 Debtors 2024 2023
£ £
Directors Loan account (14,064) 33,782
Other debtors 509,502 509,695
495,438 543,477
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,981 8,994
Trade creditors 14,875 14,875
Taxation and social security costs (12,990) (12,135)
8,866 11,734
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,962 18,677
8 Directors Transactions
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr David Crispin Webber (resigned 31 March 2024) 33,782 - (51,846) (18,064)
33,782 - (51,846) (18,064)
9 Controlling party
Mr David Crispin Webber has the controlling share of the company.
10 Other information
FARNHAM PARK ESTATES LTD is a private company limited by shares and incorporated in England. Its registered office is:
9 Danesfield
Ripley
Woking
Surrey
GU23 6LS
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