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Registration number: 04856900

Farrar Smith Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 30 November 2023

 

Farrar Smith Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Farrar Smith Limited

(Registration number: 04856900)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

5

 

221,750

 

224,435

Current assets

   

 

Stocks

110,847

 

103,560

 

Debtors

6

283,289

 

271,116

 

Cash at bank and in hand

 

59,755

 

62,251

 

 

453,891

 

436,927

 

Creditors: Amounts falling due within one year

7

(164,626)

 

(124,241)

 

Net current assets

   

289,265

 

312,686

Total assets less current liabilities

   

511,015

 

537,121

Creditors: Amounts falling due after more than one year

7

 

(163,384)

 

(180,118)

Provisions for liabilities

 

(12,137)

 

(11,713)

Net assets

   

335,494

 

345,290

Capital and reserves

   

 

Called up share capital

200,632

 

200,632

 

Profit and loss account

134,862

 

144,658

 

Total equity

   

335,494

 

345,290

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr C.P. Lydon
Director

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Fusion Court
Garforth
Leeds
LS25 2GH
United Kingdom

These financial statements were authorised for issue by the Board on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 , including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the Balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Office equipment

25% on cost

Computer equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity , recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Ten years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

494,872

494,872

At 30 November 2023

494,872

494,872

Amortisation

At 1 December 2022

494,872

494,872

At 30 November 2023

494,872

494,872

Carrying amount

At 30 November 2023

-

-

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

224,820

16,146

240,966

Additions

-

5,099

5,099

At 30 November 2023

224,820

21,245

246,065

Depreciation

At 1 December 2022

4,496

12,035

16,531

Charge for the year

4,496

3,288

7,784

At 30 November 2023

8,992

15,323

24,315

Carrying amount

At 30 November 2023

215,828

5,922

221,750

At 30 November 2022

220,324

4,111

224,435

6

Debtors

Current

2023
£

2022
£

Trade debtors

79,118

67,668

Amounts owed by related parties

199,000

199,000

Prepayments

5,171

4,448

 

283,289

271,116

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

16,734

16,734

Trade creditors

12,336

24,512

Taxation and social security

66,412

51,541

Other creditors

69,144

31,454

164,626

124,241

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

163,384

180,118

Creditors include bank loans which are secured of £146,090 (2022 - £153,157). The loan is secured on the Company's land and buildings.

Creditors include bank loans repayable by instalments of £103,693 (2022 - £113,718) due after more than five years.

8

Parent and ultimate parent undertaking

The company's immediate parent is FSH (Leeds) Limited, incorporated in England & Wales.