1 April 2023 v2024.37.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP020456552023-04-012024-03-31020456552024-03-31020456552023-03-3102045655core:WithinOneYear2024-03-3102045655core:WithinOneYear2023-03-3102045655core:ShareCapital2024-03-3102045655core:ShareCapital2023-03-3102045655core:RetainedEarningsAccumulatedLosses2024-03-3102045655core:RetainedEarningsAccumulatedLosses2023-03-3102045655bus:Director12023-04-012024-03-3102045655bus:RegisteredOffice2023-04-012024-03-3102045655core:OfficeEquipment2023-04-012024-03-31020456552022-04-012023-03-3102045655core:PlantMachinery2024-03-3102045655core:PlantMachinery2023-04-0102045655core:PlantMachinery2023-04-012024-03-3102045655core:PlantMachinery2023-03-310204565512023-04-012024-03-3102045655countries:EnglandWales2023-04-012024-03-3102045655bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102045655bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102045655bus:SmallEntities2023-04-012024-03-3102045655bus:FullAccounts2023-04-012024-03-31
Company registration number:
02045655
Fartrade Impex Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Fartrade Impex Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
4,149
 
5,532
 
Current assets    
Debtors 6
368,285
 
1,021,247
 
Cash at bank and in hand
691,484
 
475,070
 
1,059,769
 
1,496,317
 
Creditors: amounts falling due within one year 7
(121,763
)
(539,218
)
Net current assets
938,006
 
957,099
 
Total assets less current liabilities 942,155   962,631  
Capital and reserves    
Called up share capital
1,958
 
1,958
 
Profit and loss account
940,197
 
960,673
 
Shareholders funds
942,155
 
962,631
 
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 July 2024
, and are signed on behalf of the board by:
R Lelic
Director
Company registration number:
02045655
Fartrade Impex Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
59 Addison Road
,
Hove
,
East Sussex
,
BN3 1TQ
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2023:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
and
31 March 2024
16,966
 
Depreciation  
At
1 April 2023
11,434
 
Charge
1,383
 
At
31 March 2024
12,817
 
Carrying amount  
At
31 March 2024
4,149
 
At 31 March 2023
5,532
 

6 Debtors

20242023
££
Trade debtors
368,285
 
1,021,199
 
Other debtors -  
48
 
368,285
 
1,021,247
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
90
 
228,631
 
Taxation and social security
107,590
 
305,594
 
Other creditors
14,083
 
4,993
 
121,763
 
539,218