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REGISTERED NUMBER: NI051128 (Northern Ireland)













FARRELL FENCING PRODUCTS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


FARRELL FENCING PRODUCTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs Janet Farrell
Mr David Farrell
Mr Dean Farrell



SECRETARY: Mrs Janet Farrell



REGISTERED OFFICE: 77a Clabby Road
Fivemiletown
Co. Tyrone
BT75 0PU



REGISTERED NUMBER: NI051128 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
99-101 Main Street
Fivemiletown
Co. Tyrone
BT75 0PH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FARRELL FENCING PRODUCTS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


13 September 2024

FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,528 94,392

CURRENT ASSETS
Stocks 132,664 112,700
Debtors 5 394,313 333,159
Investments 6 701,945 877,984
Cash at bank 477,147 175,268
1,706,069 1,499,111
CREDITORS
Amounts falling due within one year 7 421,344 254,432
NET CURRENT ASSETS 1,284,725 1,244,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,253

1,339,071

PROVISIONS FOR LIABILITIES 19,009 20,713
NET ASSETS 1,353,244 1,318,358

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Revaluation reserve 8 (220,015 ) (220,015 )
Retained earnings 1,571,759 1,536,873
SHAREHOLDERS' FUNDS 1,353,244 1,318,358

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 directors acknowledge their 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.

FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:




Mr David Farrell - Director



Mr Dean Farrell - Director


FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

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

1. STATUTORY INFORMATION

Farrell Fencing Products 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.

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.

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.

Plant & machinery - 20% reducing balance
Motor vehicles - 25% reducing balance
Office equipment - varies between 25% reducing balance, 25% straight line & 10% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

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

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

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

4. TANGIBLE FIXED ASSETS
Land & Plant & Fixtures Motor
buildings machinery & fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 9,000 406,406 12,361 85,203 512,970
Additions - 14,250 - - 14,250
Disposals - (7,500 ) - - (7,500 )
At 31 December 2023 9,000 413,156 12,361 85,203 519,720
DEPRECIATION
At 1 January 2023 - 329,862 11,584 77,132 418,578
Charge for year - 18,068 577 2,018 20,663
Eliminated on disposal - (7,049 ) - - (7,049 )
At 31 December 2023 - 340,881 12,161 79,150 432,192
NET BOOK VALUE
At 31 December 2023 9,000 72,275 200 6,053 87,528
At 31 December 2022 9,000 76,544 777 8,071 94,392

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 294,313 233,159
Other debtors 100,000 100,000
394,313 333,159

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 701,945 877,984

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 343,638 192,366
Taxation and social security 68,330 55,047
Other creditors 9,376 7,019
421,344 254,432

FARRELL FENCING PRODUCTS LTD (REGISTERED NUMBER: NI051128)

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

8. RESERVES
Revaluatio
reserve
£   
At 1 January 2023
and 31 December 2023 (220,015 )

9. RELATED PARTY DISCLOSURES

At the period end the company had a loan amounting to £4,068 (£113 as at 31.12.2022) from
members of key management personnel.

There is no repayment date for this loan and interest is not currently being charged.

The loan is presented within creditors: amounts falling due within one year.

During the year ended 31 December 2023, the company maintained a loan with Dean Farrell Properties Ltd.