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Company No: 06326875 (England and Wales)

FARRIER HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FARRIER HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FARRIER HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FARRIER HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 57,981 94,317
Investments 4 2 2
57,983 94,319
Current assets
Debtors 5 508,426 720,983
Cash at bank and in hand 6 1,062,814 667,661
1,571,240 1,388,644
Creditors: amounts falling due within one year 7 ( 99,036) ( 93,706)
Net current assets 1,472,204 1,294,938
Total assets less current liabilities 1,530,187 1,389,257
Provision for liabilities 8 ( 9,433) ( 23,580)
Net assets 1,520,754 1,365,677
Capital and reserves
Called-up share capital 9 4 4
Profit and loss account 1,520,750 1,365,673
Total shareholder's funds 1,520,754 1,365,677

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Farrier Holdings Limited (registered number: 06326875) were approved and authorised for issue by the Director. They were signed on its behalf by:

A Linton
Director

17 September 2024

FARRIER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FARRIER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Farrier Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 2 2

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 208,553 19,251 227,804
Disposals ( 72,355) 0 ( 72,355)
At 31 March 2024 136,198 19,251 155,449
Accumulated depreciation
At 01 April 2023 115,638 17,849 133,487
Charge for the financial year 18,977 350 19,327
Disposals ( 55,346) 0 ( 55,346)
At 31 March 2024 79,269 18,199 97,468
Net book value
At 31 March 2024 56,929 1,052 57,981
At 31 March 2023 92,915 1,402 94,317

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 2
At 31 March 2024 2
Carrying value at 31 March 2024 2
Carrying value at 31 March 2023 2

5. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 508,426 719,983
Other debtors 0 1,000
508,426 720,983

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,062,814 667,661

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 72,873 29,003
Other creditors 26,163 64,703
99,036 93,706

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 23,580) ( 17,275)
Credited/(charged) to the Statement of Income and Retained Earnings 14,147 ( 6,305)
At the end of financial year ( 9,433) ( 23,580)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 14,495) ( 23,580)
Other timing differences 5,062 0
( 9,433) ( 23,580)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

10. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions 20,250 0