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Registered number: 13061209
Formosan Farms Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
JPR Accountancy Solutions Ltd
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3
Page 1
Abridged Balance Sheet
Registered number: 13061209
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 5,000 5,000
Debtors 989 3,345
Cash at bank and in hand 286 3,298
6,275 11,643
Creditors: Amounts Falling Due Within One Year (42,076 ) (24,935 )
NET CURRENT ASSETS (LIABILITIES) (35,801 ) (13,292 )
TOTAL ASSETS LESS CURRENT LIABILITIES (35,801 ) (13,292 )
NET LIABILITIES (35,801 ) (13,292 )
CAPITAL AND RESERVES
Called up share capital 4 1 1
Profit and Loss Account (35,802 ) (13,293 )
SHAREHOLDERS' FUNDS (35,801) (13,292)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Dr Yvonne Han
Director
20/05/2024
The notes on page 3 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Formosan Farms Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13061209 . The registered office is 449 Whitmore Way, Basildon, SS14 2HN.
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. Going Concern Disclosure
The company meets its day to day working capital requirements through the utilisation of its own
funds and loans from its directors.
The company shows net liabilities at the reporting date of £35,801 (2022: £13,292). The directors
have indicated their willingness to provide the company with the necessary working capital for the
foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the directors
consider it appropriate to prepare the financial statements on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 3