Company Registration No. 07034766 (England and Wales)
Far Eastern Manufacturing Limited
Unaudited accounts
for the year ended 31 December 2023
Far Eastern Manufacturing Limited
Unaudited accounts
Contents
Far Eastern Manufacturing Limited
Company Information
for the year ended 31 December 2023
Directors
M Robinson
M Steinhart
Company Number
07034766 (England and Wales)
Registered Office
Churchill House
137-139 Brent Street
London
NW4 4DJ
Accountants
Clearfin Accountants Limited
Churchill House
137-139 Brent Street
London
NW4 4DJ
Far Eastern Manufacturing Limited
Statement of financial position
as at 31 December 2023
Intangible assets
11,704
-
Tangible assets
159,173
151,459
Inventories
118,409
82,412
Debtors
4,295,034
4,025,063
Cash at bank and in hand
2,082,603
1,687,323
Creditors: amounts falling due within one year
(2,049,721)
(1,560,191)
Net current assets
4,446,325
4,234,607
Net assets
4,617,202
4,386,066
Called up share capital
2
2
Profit and loss account
4,617,200
4,386,064
Shareholders' funds
4,617,202
4,386,066
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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by
M Robinson
Director
Company Registration No. 07034766
Far Eastern Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2023
Far Eastern Manufacturing Limited is a private company, limited by shares, registered in England and Wales, registration number 07034766. The registered office is Churchill House, 137-139 Brent Street, London, NW4 4DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
20% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Far Eastern Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
14,630
At 31 December 2023
11,704
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
363,591
21,263
82,253
467,107
Additions
32,074
-
15,434
47,508
At 31 December 2023
395,665
21,263
97,687
514,615
At 1 January 2023
256,615
7,950
51,083
315,648
Charge for the year
27,810
2,663
9,321
39,794
At 31 December 2023
284,425
10,613
60,404
355,442
At 31 December 2023
111,240
10,650
37,283
159,173
At 31 December 2022
106,976
13,313
31,170
151,459
Finished goods
118,409
82,412
Amounts falling due within one year
Trade debtors
778,428
860,816
Amounts due from group undertakings etc.
3,073,899
2,689,207
Accrued income and prepayments
71,881
31,769
Other debtors
370,826
443,271
Far Eastern Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
953,777
763,319
Trade creditors
247,816
156,478
Taxes and social security
93,434
233,574
Other creditors
412,821
1,187
Loans from directors
7,487
6
9
Average number of employees
During the year the average number of employees was 7 (2022: 8).