Registered number
13032474
Ferroal Limited
Unaudited Filleted Accounts
30 November 2023
Ferroal Limited
Registered number: 13032474
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 128,023 125,623
Current assets
Cash at bank and in hand 1,591 3,558
Creditors: amounts falling due within one year 4 (47,551) (43,734)
Net current liabilities (45,960) (40,176)
Total assets less current liabilities 82,063 85,447
Creditors: amounts falling due after more than one year 5 (78,418) (84,267)
Net assets 3,645 1,180
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,545 1,080
Shareholders' funds 3,645 1,180
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.
A Ferro
Director
Approved by the board on 22 July 2024
Ferroal Limited
Notes to the Accounts
for the year ended 30 November 2023
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 consists of rental income and is measured at the fair value of the consideration received or receivable, net of discounts and vat.
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 and investment property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2022 128,023
At 30 November 2023 128,023
Depreciation
At 1 December 2022 2,400
Write back of depreciation (2,400)
At 30 November 2023 -
Net book value
At 30 November 2023 128,023
At 30 November 2022 125,623
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,088 5,566
Taxation and social security costs 18 858
Other creditors 37,445 37,310
47,551 43,734
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 78,418 84,267
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 38,115 62,002
Secured bank loan 88,506 89,833
The loan is secured on the investment property.
7 Valuation of Investment Property
The director carried out a year end review of the carrying value of the companys investment property and considers that no change is required to the current valuation.
8 Other information
Ferroal Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Word Hill
Harborne
Birmingham
B17 8TS
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