REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
M. FARREN LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
M. FARREN LIMITED |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
M. FARREN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
46 Main Street |
Mexborough |
South Yorkshire |
S64 9DU |
BANKERS: |
The Mound |
Edinburgh |
EH1 1YZ |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
The directors present their strategic report for the year ended 31st October 2023. |
REVIEW OF BUSINESS |
The company has been profitable in the year under review and it is anticipated that the following year will also be so. At 31 October 2023, the Balance Sheet shows a stronger position to that of 2022. |
Gross profit has seen an increase to £4.70m (2022: £3.86m) and operating profits have also increased to £745,767 (2022: £272,846). The company renovated a new premises in the year in a more prominent location, so business from an underpeforming pharmacy can be relocated. |
The company has made good progress over the last year as it continued with its growth plans to purchase underperforming pharmacies and maximizing their potential. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company continues to trade as a retail pharmacy and faces no particular risks or uncertainties other than those generally facing retailers in the recessionary period. |
ON BEHALF OF THE BOARD: |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31st October 2023. |
DIVIDENDS |
Dividends of £10,000 (2022: £10,000) have been distributed during the year. |
FUTURE DEVELOPMENTS |
The company will take advantage of any appropriate business opportunity that arises. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st November 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Leesing Marrison Lee Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M. FARREN LIMITED |
Opinion |
We have audited the financial statements of M. Farren Limited (the 'company') for the year ended 31st October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st October 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M. FARREN LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that: |
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation etc, and |
- do not have a direct effect on the financial statements but compliance which may be fundamental to the company's ability to operate or to avoid a material penalty. These included regulatory solvency requirements and environmental regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M. FARREN LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
46 Main Street |
Mexborough |
South Yorkshire |
S64 9DU |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Other operating income |
14,016,066 | 12,507,344 |
Raw materials and consumables |
4,802,986 | 3,963,905 |
Staff costs | 3 |
Depreciation |
Other operating expenses |
4,057,219 | 3,691,059 |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
BALANCE SHEET |
31ST OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st November 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st October 2023 |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
410,612 |
Cash and cash equivalents at end of year |
2 |
639,475 |
432,070 |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.23 | 31.10.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 234,087 | 122,660 |
1,153,764 | 669,339 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 639,475 | 432,070 |
Year ended 31st October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 432,070 | 410,612 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 432,070 | 207,405 | 639,475 |
432,070 | 639,475 |
Debt |
Debts falling due within 1 year | (308,000 | ) | 33,292 | (274,708 | ) |
Debts falling due after 1 year | (3,215,413 | ) | 238,575 | (2,976,838 | ) |
(3,523,413 | ) | 271,867 | (3,251,546 | ) |
Total | (3,091,343 | ) | 479,272 | (2,612,071 | ) |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
1. | STATUTORY INFORMATION |
M. Farren Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
M Farren Limited is a company incorporated in England and domiciled in Scotland. The principal activity of the company in the year under review was that of retail pharmacy. The financial statements are presented in Great British Pounds. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Purchased goodwill is recognised at cost less any accumulated amortisation and impairment losses. Goodwill is amortised over 20 years on a straight line basis with effect from the date of purchase. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stock is valued by an industry specialist at selling price, before being discounted by industry accepted gross profit margins to arrive at a cost value. Allowance is made for slow moving and obsolete stock. |
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. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 |
31.10.23 | 31.10.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Administration and sales |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
In addition to being remunerated for audit work the auditors charged for accountancy services in the amount of £16,000. |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Bank loan interest |
Interest on overdue tax |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax was charged at 19%) in 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.10.23 | 31.10.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Depreciation in excess of capital allowances |
Tax rate change on opening deferred tax provision | 14,367 | - |
Total tax charge | 217,044 | 98,285 |
7. | DIVIDENDS |
31.10.23 | 31.10.22 |
£ | £ |
Final - Paid |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st November 2022 |
and 31st October 2023 |
AMORTISATION |
At 1st November 2022 |
Amortisation for year |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st November 2022 |
and 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
Fair value at 31st October 2023 is represented by: |
£ |
Valuation in 2020 | 12,400 |
Cost | 294,320 |
306,720 |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
11. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Goods for resale |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
Directors current account |
Other creditors | 50,336 | 48,259 |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans - more than 5 years | 1,828,838 | 2,007,301 |
Bank loans are repayable over differing periods but do not exceed 15 years. Interest is paid at various rates dependant upon base rate. |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Bank borrowings are secured by a fixed and floating charge over the company's assets. |
18. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 99,623 | 45,498 |
Deferred |
tax |
£ |
Balance at 1st November 2022 |
Accelerated capital allowances | 54,125 |
Tax on revaluation |
Balance at 31st October 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary shares | £1 | 1,002 | 1,002 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1st November 2022 |
Profit for the year |
Dividends | ( |
) |
At 31st October 2023 |
M. FARREN LIMITED (REGISTERED NUMBER: 01739740) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2023 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the directors purchased goods from the company amounting to £694 (2022: £435), these sales were made in the ordinary course of business and at open market value. |
Dividends of £10,000 were paid to directors during the year (2022: £10,000). |
At the 31 October 2023 the amount due by the company to the directors was £5,306 (2022: £3,614). The advance does not bear interest nor is it secured. |
22. | ULTIMATE CONTROLLING PARTY |
The Directors owning the majority of the issued share capital exercise control of the company. |