REGISTERED NUMBER: |
M. FARNSWORTH LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 JANUARY 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
M. FARNSWORTH LIMITED (REGISTERED NUMBER: 01718710) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Amounts due from participating interests |
Other debtors |
Amounts due from related undertakings | 34,229 | 34,229 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Other tax and social security |
Amounts due to related undertakings |
Other creditors | 5,542 | 6,007 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 2023 | 1,649,044 | 229,903 | 1,878,947 |
Loss for the year | (71,674) | - | (71,674 | ) |
Fair value adjustment | - | - | - |
Deferred Tax | 13,603 | (13,603) | - |
At 31 January 2024 | 1,590,973 | 216,300 | 1,802,273 |
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). |