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COMPANY REGISTRATION NUMBER: 14969625
Farlam Landcare Ltd
Filleted Unaudited Financial Statements
31 March 2024
Farlam Landcare Ltd
Financial Statements
Period from 29 June 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Farlam Landcare Ltd
Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
£
Fixed assets
Tangible assets
5
402,278
Current assets
Debtors
6
14,504
Cash at bank and in hand
253,486
---------
267,990
Creditors: amounts falling due within one year
7
421,234
---------
Net current liabilities
153,244
---------
Total assets less current liabilities
249,034
Creditors: amounts falling due after more than one year
8
67,186
---------
Net assets
181,848
---------
Capital and reserves
Called up share capital
2
Profit and loss account
181,846
---------
Shareholders funds
181,848
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Farlam Landcare Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr L. Mousa
Director
Company registration number: 14969625
Farlam Landcare Ltd
Notes to the Financial Statements
Period from 29 June 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260/268 Chapel Street, Salford, M3 5JZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 29 June 2023
Additions
446,470
28,036
474,506
---------
--------
---------
At 31 March 2024
446,470
28,036
474,506
---------
--------
---------
Depreciation
At 29 June 2023
Charge for the period
66,971
5,257
72,228
---------
--------
---------
At 31 March 2024
66,971
5,257
72,228
---------
--------
---------
Carrying amount
At 31 March 2024
379,499
22,779
402,278
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
277,100
---------
6. Debtors
31 Mar 24
£
Trade debtors
11,700
Other debtors
2,804
--------
14,504
--------
7. Creditors: amounts falling due within one year
31 Mar 24
£
Trade creditors
86,532
Social security and other taxes
26,966
Other creditors
307,736
---------
421,234
---------
8. Creditors: amounts falling due after more than one year
31 Mar 24
£
Other creditors
67,186
--------
9. Director's advances, credits and guarantees
At 31 March 2024 the company owed its director £5,796. No interest has been charged to the company in respect of the loan which is classified under creditor falling due within one year.