Company registration number NI027392 (Northern Ireland)
FARRINGFORD FOODS CO. LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FARRINGFORD FOODS CO. LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
FARRINGFORD FOODS CO. LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
497,378
520,472
Current assets
Stocks
164,768
149,259
Debtors
4
204,843
161,105
Cash at bank and in hand
3,245
45,629
372,856
355,993
Creditors: amounts falling due within one year
5
(408,696)
(317,815)
Net current (liabilities)/assets
(35,840)
38,178
Total assets less current liabilities
461,538
558,650
Creditors: amounts falling due after more than one year
6
(73,294)
(121,580)
Provisions for liabilities
-
0
(6,635)
Net assets
388,244
430,435
Capital and reserves
Called up share capital
7
70,600
70,600
Equity reserve
20,178
24,671
Capital redemption reserve
300
300
Profit and loss reserves
297,166
334,864
Total equity
388,244
430,435

The director of the company has elected not to include a copy of the income statement within the financial statements.true

FARRINGFORD FOODS CO. LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr S C Lamb
Director
Company Registration No. NI027392
FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Farringford Foods Co. Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 82 Jervis Street, Portadown, Craigavon, Co Armagh, BT62 3HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis not withstanding losses incurred in the year of £42,191 and the current year having net current liability position of £35,840 at the year end.  In assessing the appropriateness of adopting the going concern basis the director has considered a period of 12 months from the date of signature of these financial statements.  Results after the year end show an improvement in the company's turnover and the director is confident that the company will be able to continue to collect it's debts and pay it's liabilities as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property
2% straight line
Property improvements
7.5%/2% straight line
Plant and equipment
10% straight line
Fixtures and fittings
25% reducing balance
Office equipment
30% reducing balance
Motor vehicles
20% straight line

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.

FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 5 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
14
FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Property
Property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
202,264
329,408
386,699
12,400
16,935
3,957
951,663
Additions
-
0
-
0
9,778
-
0
-
0
-
0
9,778
Disposals
-
0
-
0
(8,775)
-
0
-
0
-
0
(8,775)
At 31 December 2023
202,264
329,408
387,702
12,400
16,935
3,957
952,666
Depreciation and impairment
At 1 January 2023
21,237
88,874
288,459
12,139
16,935
3,547
431,191
Depreciation charged in the year
4,045
5,370
15,005
66
-
0
123
24,609
Eliminated in respect of disposals
-
0
-
0
(512)
-
0
-
0
-
0
(512)
At 31 December 2023
25,282
94,244
302,952
12,205
16,935
3,670
455,288
Carrying amount
At 31 December 2023
176,982
235,164
84,750
195
-
0
287
497,378
At 31 December 2022
181,027
240,534
98,240
261
-
0
410
520,472
FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
187,038
136,387
Corporation tax recoverable
8,969
8,609
Other debtors
7,531
14,701
Prepayments and accrued income
1,305
1,408
204,843
161,105
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
42,536
10,000
Trade creditors
98,873
103,637
Taxation and social security
2,923
6,043
Government grants
54,773
62,156
Other creditors
199,765
130,552
Accruals and deferred income
9,826
5,427
408,696
317,815

Bank loans and overdrafts are secured by a fixed charge over the property of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,767
25,634
Other creditors
57,527
95,946
73,294
121,580

Bank loans and overdrafts are secured by a fixed charge over the property of the company.

7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of £1 each
600
600
600
600
FARRINGFORD FOODS CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Called up share capital (Continued)
- 8 -
Preference share capital
Issued and fully paid
70,000  of £1 each
70,000
70,000
70,000
70,000
8
Reserves

Equity reserve

This reserve is a non distributable reserve and recognises a capital contribution arising from a long term interest free loan from a connected company.

 

A transfer is made from the equity reserve to the profit and loss reserve, over the life of the loan, on an annual basis. This is to reflect the imputed interest included in profit and loss. The transfer in the current year was £4,493.

 

Capital redemption reserve

This is a non distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

 

Profit and loss reserve

This reserve records retained earnings and accumulated losses.

9
Related party transactions

Mr CG Lamb and Mr SC Lamb hold current accounts with the company. At the period end the balance owing to them was £123,800 (2022 - £84,800). No interest is charged and there are no terms of repayment.

 

The Bank of Ireland holds a letter of guarantee from the directors of £20,000.

 

10
Prior period adjustment

Due to Mr C G Lamb ceasing to be a shareholder and director of the company, a review was carried out of the rights attaching to preference share capital previously issued by the company and recognised as a liability in the financial statements. As the preference shares carry no rights as to a mandatory dividend or redemption, a prior period adjustment has been done to recategorise these shares as equity.

As a result, the comparatives in these financial statements have been restated. Creditors due in more than one year has reduced by £70,000 whilst equity share capital has increased by the same amount.

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