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REGISTERED NUMBER: NI049085 (Northern Ireland)















FARRELL PRODUCTS LTD

Unaudited Financial Statements for the Year Ended 31 January 2024






FARRELL PRODUCTS LTD (REGISTERED NUMBER: NI049085)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FARRELL PRODUCTS LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Anne Murray





REGISTERED OFFICE: Unit 1&2, 1a Fairhill Industrial Estate
Aughrim Road
Magherafelt
Co. Londonderry
BT45 6AY





REGISTERED NUMBER: NI049085 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

FARRELL PRODUCTS LTD (REGISTERED NUMBER: NI049085)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 69,126 48,252
69,126 48,252

CURRENT ASSETS
Inventories 7 95,000 57,071
Receivables: amounts falling due within
one year

8

113,438

126,534
Cash at bank 326,200 267,031
534,638 450,636
PAYABLES
Amounts falling due within one year 9 (144,955 ) (122,965 )
NET CURRENT ASSETS 389,683 327,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

458,809

375,923

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 458,807 375,921
SHAREHOLDERS' FUNDS 458,809 375,923

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 her 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 30 October 2024 and were signed by:





Anne Murray - Director


FARRELL PRODUCTS LTD (REGISTERED NUMBER: NI049085)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Farrell Products Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of non current assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

FARRELL PRODUCTS LTD (REGISTERED NUMBER: NI049085)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

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 income statement in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 February 2023
and 31 January 2024 258,000
AMORTISATION
At 1 February 2023
and 31 January 2024 258,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 February 2023 47,201 58,955 54,222 160,378
Additions - 549 41,090 41,639
At 31 January 2024 47,201 59,504 95,312 202,017
DEPRECIATION
At 1 February 2023 45,809 42,095 24,222 112,126
Charge for year 348 4,305 16,112 20,765
At 31 January 2024 46,157 46,400 40,334 132,891
NET BOOK VALUE
At 31 January 2024 1,044 13,104 54,978 69,126
At 31 January 2023 1,392 16,860 30,000 48,252

7. INVENTORIES
2024 2023
£ £
Inventories 95,000 57,071

FARRELL PRODUCTS LTD (REGISTERED NUMBER: NI049085)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 113,438 126,534

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade payables 73,516 56,430
Taxation and social security 56,399 36,663
Other payables 15,040 29,872
144,955 122,965

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary 1 2 2

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, there was an amount of £12,494 (2023: £12,494) due to the Director in respect of monies advanced to the company.