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REGISTERED NUMBER: 01718710 (England and Wales)















M. FARNSWORTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2024






M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M. FARNSWORTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mr R. G. A. Barber





REGISTERED OFFICE: Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD





REGISTERED NUMBER: 01718710 (England and Wales)

M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 6,090,590 4,380,124
Investment property 5 500,000 500,000
6,590,590 4,880,124

CURRENT ASSETS
Stocks 69,920 88,420
Debtors 6 56,124 878,814
Cash at bank - 54,466
126,044 1,021,700
CREDITORS
Amounts falling due within one year 7 (3,374,507 ) (2,469,108 )
NET CURRENT LIABILITIES (3,248,463 ) (1,447,408 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,342,127 3,432,716

CREDITORS
Amounts falling due after more than one
year

8

(1,455,481

)

(1,473,319

)

PROVISIONS FOR LIABILITIES (49,373 ) (50,450 )
NET ASSETS 1,837,273 1,908,947

M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Fair value reserve 10 216,300 229,903
Retained earnings 10 1,590,973 1,649,044
SHAREHOLDERS' FUNDS 1,837,273 1,908,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 24 October 2024 and were signed by:





Mr R. G. A. Barber - Director


M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

M. Farnsworth Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest Pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover shown in the income statement is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 12.5% on cost
Motor vehicles - 20% on cost

Investment properties
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net of tax amount is transferred to a fair value reserve.

Stocks
Stocks are valued by the director at the lower of cost and net realisable value.

Financial instruments
Basic financial instruments are recognised at amortised cost.

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.


M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2023 4,461,063 143,264 41,533 4,645,860
Additions 1,726,611 - 8,270 1,734,881
Disposals - - (7,750 ) (7,750 )
At 31 January 2024 6,187,674 143,264 42,053 6,372,991
DEPRECIATION
At 1 February 2023 107,902 143,264 14,570 265,736
Charge for year 9,876 - 7,047 16,923
Eliminated on disposal - - (258 ) (258 )
At 31 January 2024 117,778 143,264 21,359 282,401
NET BOOK VALUE
At 31 January 2024 6,069,896 - 20,694 6,090,590
At 31 January 2023 4,353,161 - 26,963 4,380,124

Included within the cost of the Freehold Property is an amount of £2,312,912 (2023: £1,513,355) in respect of non-depreciable land. Also included within the cost of Freehold Property are two Mixed Use properties and as the cost of the buildings have not been separately identified, they have therefore been treated as non-depreciable.

M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 500,000
NET BOOK VALUE
At 31 January 2024 500,000
At 31 January 2023 500,000

The investment property was valued by the director at his estimate of market value as at 31st January 2024. The original cost of the property was £232,215.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,695 6,122
Amounts due from participating interests - 826,138
Other debtors 14,472 7,470
Amounts due from related undertakings 34,229 34,229
Prepayments and accrued income 5,728 4,855
56,124 878,814

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 39,029 31,000
Trade creditors 73,164 58,568
Corporation tax - 18,101
Other tax and social security 402 1,074
Amounts due to related undertakings 3,239,980 2,341,575
Other creditors 5,542 6,007
Accruals and deferred income 16,390 12,783
3,374,507 2,469,108

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,455,481 1,473,319

M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Bank loans include amounts payable after more than 5 years other than by instalments of £906,250 (2023: £906,250).

Bank loans also include amounts payable by instalments after 5 years of £549,230 (2023: £443,068).

9. SECURED DEBTS

The bank loans and overdraft are secured on the land held by the company by way of a legal charge over land owned by the company.

10. RESERVES


Retained
earnings
Fair value
reserve

Totals
£ £ £
At 1 February 20231,649,044229,9031,878,947
Loss for the year(71,674)-(71,674)
Fair value adjustment---
Deferred Tax13,603(13,603)-
At 31 January 20241,590,973216,3001,802,273


11. RELATED PARTY TRANSACTIONS

During the year Delenco Foods Ltd loaned £100,000 to the company and at the year end £3,199,548 was owed to Delenco Foods Ltd (2023: £2,301,143).

Land was purchased from 153 Acres LLP, of which the company is a designated member and at the year end the balance due to 153 Acres LLP of £798,405 was novated and is included within the amount due to Delenco Foods Ltd.

At the year end £40,432 was owed to Corporation Farms Ltd (2023: £40,432).

There is a balance due from A & G Barbers of £34,229 at the year end (2023: £34,229).