Company registration number 06495240 (England and Wales)
FARCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
FARCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FARCO LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
306
Current assets
Debtors
4
3,129
25,558
Cash at bank and in hand
13,052
2,670
16,181
28,228
Creditors: amounts falling due within one year
5
(18,872)
(17,897)
Net current (liabilities)/assets
(2,691)
10,331
Total assets less current liabilities
(2,691)
10,637
Creditors: amounts falling due after more than one year
6
(10,536)
Net (liabilities)/assets
(2,691)
101
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(2,791)
1
Total equity
(2,691)
101
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr C A R Farmer
Director
Company registration number 06495240 (England and Wales)
FARCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Farco Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts are prepared on the going concern basis on the assumption that the company's creditors, in particular the company's directors continue to provide financial support to the company.true
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computers
33% on cost
1.5
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
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.
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 form 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.
FARCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
11,328
Depreciation and impairment
At 1 March 2023
11,022
Depreciation charged in the year
306
At 29 February 2024
11,328
Carrying amount
At 29 February 2024
At 28 February 2023
306
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,129
25,558
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,000
Taxation and social security
5,946
12,742
Other creditors
12,926
1,155
18,872
17,897
FARCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,536
7
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr C A R Farmer - loan
-
23,012
(33,573)
(10,561)
23,012
(33,573)
(10,561)