IRIS Accounts Production v24.2.0.383 NI648712 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6487122022-12-31NI6487122023-12-31NI6487122023-01-012023-12-31NI6487122021-12-31NI6487122022-01-012022-12-31NI6487122022-12-31NI648712ns15:NorthernIreland2023-01-012023-12-31NI648712ns14:PoundSterling2023-01-012023-12-31NI648712ns10:Director12023-01-012023-12-31NI648712ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31NI648712ns10:SmallEntities2023-01-012023-12-31NI648712ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31NI648712ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31NI648712ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31NI648712ns10:FullAccounts2023-01-012023-12-31NI648712ns10:RegisteredOffice2023-01-012023-12-31NI648712ns5:CurrentFinancialInstruments2023-12-31NI648712ns5:CurrentFinancialInstruments2022-12-31NI648712ns5:ShareCapital2023-12-31NI648712ns5:ShareCapital2022-12-31NI648712ns5:RetainedEarningsAccumulatedLosses2023-12-31NI648712ns5:RetainedEarningsAccumulatedLosses2022-12-31NI648712ns5:LeaseholdImprovements2023-01-012023-12-31NI648712ns5:FurnitureFittings2023-01-012023-12-31NI648712ns5:PlantMachinery2022-12-31NI648712ns5:PlantMachinery2023-01-012023-12-31NI648712ns5:PlantMachinery2023-12-31NI648712ns5:PlantMachinery2022-12-31NI648712ns5:CostValuation2022-12-31NI648712ns5:AdditionsToInvestments2023-12-31NI648712ns5:CostValuation2023-12-31NI648712ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31NI648712ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: NI648712 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FARISS LTD

FARISS LTD (REGISTERED NUMBER: NI648712)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


FARISS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: A Simms





REGISTERED OFFICE: Suite 6 Alexander House
17a Ormeau Avenue
Belfast
BT2 8HD





REGISTERED NUMBER: NI648712 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

FARISS LTD (REGISTERED NUMBER: NI648712)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,054 41,758
Investments 5 2,947,992 914,127
2,983,046 955,885

CURRENT ASSETS
Debtors 6 1,025,647 941,964
Cash at bank 134,825 1,065,095
1,160,472 2,007,059
CREDITORS
Amounts falling due within one year 7 1,409,388 740,340
NET CURRENT (LIABILITIES)/ASSETS (248,916 ) 1,266,719
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,734,130

2,222,604

PROVISIONS FOR LIABILITIES 4,393 5,195
NET ASSETS 2,729,737 2,217,409

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 2,729,587 2,217,259
2,729,737 2,217,409

FARISS LTD (REGISTERED NUMBER: NI648712)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





A Simms - Director


FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Fariss Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Fariss Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Consider the recoverability of other debtors and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Establish whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investment and the business in general.

The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures, fittings & equipment - 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 67,051
DEPRECIATION
At 1 January 2023 25,293
Charge for year 6,704
At 31 December 2023 31,997
NET BOOK VALUE
At 31 December 2023 35,054
At 31 December 2022 41,758

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 914,127
Additions 2,033,865
At 31 December 2023 2,947,992
NET BOOK VALUE
At 31 December 2023 2,947,992
At 31 December 2022 914,127

Fariss Ltd owns 100% of the shares in SD Event Management Limited, a company registered in Northern Ireland.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 1,025,647 941,964

FARISS LTD (REGISTERED NUMBER: NI648712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 72 1
Amounts owed to group undertakings 481,600 -
Taxation and social security 264,959 141,170
Other creditors 662,757 599,169
1,409,388 740,340

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Simms.