Registered number
03158161
Farrell Fabrications Limited
Filleted Accounts
31 March 2024
Farrell Fabrications Limited
Registered number: 03158161
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 251,140 171,503
Current assets
Stocks 132,165 31,184
Debtors 4 844,965 642,633
Cash at bank and in hand 552,951 705,617
1,530,081 1,379,434
Creditors: amounts falling due within one year 5 (611,040) (581,181)
Net current assets 919,041 798,253
Total assets less current liabilities 1,170,181 969,756
Creditors: amounts falling due after more than one year 6 (276,848) (104,738)
Provisions for liabilities (38,297) (25,282)
Net assets 855,036 839,736
Capital and reserves
Called up share capital 38,310 38,310
Capital redemption reserve 8 21,325 21,325
Profit and loss account 795,401 780,101
Shareholders' funds 855,036 839,736
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Bell
Director
Approved by the board on 15 November 2024
Farrell Fabrications Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property 2% straight line
Plant & Machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 71,492 37,288 200,043 308,823
Additions 12,820 21,461 113,642 147,923
Disposals - - (10,500) (10,500)
At 31 March 2024 84,312 58,749 303,185 446,246
Depreciation
At 1 April 2023 33,051 28,897 75,372 137,320
Charge for the year 1,686 5,968 59,231 66,885
On disposals - - (9,099) (9,099)
At 31 March 2024 34,737 34,865 125,504 195,106
Net book value
At 31 March 2024 49,575 23,884 177,681 251,140
At 31 March 2023 38,441 8,391 124,671 171,503
4 Debtors 2024 2023
£ £
Trade debtors 594,382 521,868
Other debtors 250,583 120,765
844,965 642,633
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,000 12,000
Obligations under finance lease and hire purchase contracts 45,577 14,666
Trade creditors 518,831 355,939
Accruals 5,583 5,459
Other taxes and social security costs 29,049 113,117
Other creditors including director's loan accounts - 80,000
611,040 581,181
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 162,808 70,130
Obligations under finance lease and hire purchase contracts 114,040 34,608
276,848 104,738
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 174,808 82,130
Bank loans are secured on the freehold property of the company.
8 Capital redemption reserve 2024 2023
£ £
At 1 April 2023 21,325 11,770
Purchase of own shares - 9,555
At 31 March 2024 21,325 21,325
9 Other information
Farrell Fabrications Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wallis Road
Skippers Lane Industrial Estate
South Bank
Middlesbrough
A&A Shutters is an holding company which owns shares in the company.
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