Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2022-11-01false2No description of principal activity2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC428333 2022-11-01 2024-03-31 SC428333 2021-11-01 2022-10-31 SC428333 2024-03-31 SC428333 2022-10-31 SC428333 c:Director1 2022-11-01 2024-03-31 SC428333 c:Director2 2022-11-01 2024-03-31 SC428333 c:RegisteredOffice 2022-11-01 2024-03-31 SC428333 d:PlantMachinery 2022-11-01 2024-03-31 SC428333 d:PlantMachinery 2024-03-31 SC428333 d:PlantMachinery 2022-10-31 SC428333 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2024-03-31 SC428333 d:CurrentFinancialInstruments 2024-03-31 SC428333 d:CurrentFinancialInstruments 2022-10-31 SC428333 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC428333 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 SC428333 d:ShareCapital 2024-03-31 SC428333 d:ShareCapital 2022-10-31 SC428333 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC428333 d:RetainedEarningsAccumulatedLosses 2022-10-31 SC428333 c:OrdinaryShareClass1 2022-11-01 2024-03-31 SC428333 c:OrdinaryShareClass1 2024-03-31 SC428333 c:OrdinaryShareClass1 2022-10-31 SC428333 c:FRS102 2022-11-01 2024-03-31 SC428333 c:AuditExempt-NoAccountantsReport 2022-11-01 2024-03-31 SC428333 c:FullAccounts 2022-11-01 2024-03-31 SC428333 c:PrivateLimitedCompanyLtd 2022-11-01 2024-03-31 SC428333 e:PoundSterling 2022-11-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC428333










FARAWAY FIELDS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 
FARAWAY FIELDS LIMITED
 

COMPANY INFORMATION


DIRECTORS
W Nicoll 
Mrs C Nicoll 




REGISTERED NUMBER
SC428333



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ






 
FARAWAY FIELDS LIMITED
REGISTERED NUMBER:SC428333

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
31 October
2024
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
589,839
673,219

  
589,839
673,219

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
72,651
49,524

Cash at bank and in hand
  
10,649
3,034

  
83,300
52,558

Creditors: amounts falling due within one year
 6 
(474,263)
(626,640)

NET CURRENT LIABILITIES
  
 
 
(390,963)
 
 
(574,082)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
198,876
99,137

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(54,225)
(21,881)

  
 
 
(54,225)
 
 
(21,881)

NET ASSETS
  
144,651
77,256


CAPITAL AND RESERVES
  

Called up share capital 
 7 
60
60

Profit and loss account
  
144,591
77,196

  
144,651
77,256


Page 1

 
FARAWAY FIELDS LIMITED
REGISTERED NUMBER:SC428333

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




W Nicoll
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FARAWAY FIELDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024


1.


GENERAL INFORMATION

Faraway Fields Limited is a private company, limited by shares, incorporated in Scotland with registration number SC428333.  The registered office is Westby, 64 West High Street, Forfar, Angus DD8 1BJ.                    The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
FARAWAY FIELDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
FARAWAY FIELDS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).


4.


TANGIBLE FIXED ASSETS







Plant and machinery

£



COST OR VALUATION


At 1 November 2022
1,173,036



At 31 March 2024

1,173,036



DEPRECIATION


At 1 November 2022
499,817


Charge for the period on owned assets
83,380



At 31 March 2024

583,197



NET BOOK VALUE



At 31 March 2024
589,839



At 31 October 2022
673,219

Page 5

 
FARAWAY FIELDS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024


5.


DEBTORS

31 March
31 October
2024
2022
£
£


Trade debtors
57,652
42,853

Prepayments and accrued income
14,999
6,671

72,651
49,524



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 March
31 October
2024
2022
£
£

Other loans
450,448
614,336

Trade creditors
13,077
5,563

Other taxation and social security
2,347
1,641

Accruals and deferred income
8,391
5,100

474,263
626,640



7.


SHARE CAPITAL

31 March
31 October
2024
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



60 (2022 - 60) Ordinary shares of £1.00 each
60
60



Page 6