Faraday Consultancy Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 02938426 (England and Wales)
Faraday Consultancy Limited
Company Information
Director
Mr C. Angove
Secretary
P. Prendergast
Company number
02938426
Registered office
9A Wanstead Road
Bromley
Kent
BR1 3BL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Faraday Consultancy Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Faraday Consultancy Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
184
246
Current assets
Cash at bank and in hand
922
1,342
Creditors: amounts falling due within one year
4
(3,995)
(3,995)
Net current liabilities
(3,073)
(2,653)
Total assets less current liabilities
(2,889)
(2,407)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(2,891)
(2,409)
Total equity
(2,889)
(2,407)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 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 and signed by the director and authorised for issue on 26 September 2024
Mr C. Angove
Director
Company Registration No. 02938426
Faraday Consultancy Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Faraday Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9A Wanstead Road, Bromley, Kent, BR1 3BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for thetrue foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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:
Fixtures, fittings & equipment
25% reducing balance
1.4
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 current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost.
Faraday Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023: 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
30,181
Depreciation and impairment
At 1 April 2023
29,935
Depreciation charged in the year
62
At 31 March 2024
29,997
Carrying amount
At 31 March 2024
184
At 31 March 2023
246
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
3,575
3,575
Accruals and deferred income
420
420
3,995
3,995
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Faraday Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
6
Directors' transactions
Included within other creditors is an amount of £3,575 (2023: £3,575) due to the director.