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Company No: 10068141 (England and Wales)

IN-FAR-STRUCTURE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

IN-FAR-STRUCTURE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

IN-FAR-STRUCTURE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
IN-FAR-STRUCTURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 48,773 33,283
48,773 33,283
Current assets
Debtors 4 17,149 10,316
Cash at bank and in hand 15,494 9,643
32,643 19,959
Creditors: amounts falling due within one year 5 ( 41,161) ( 24,931)
Net current liabilities (8,518) (4,972)
Total assets less current liabilities 40,255 28,311
Creditors: amounts falling due after more than one year 6 ( 23,904) ( 20,000)
Provision for liabilities 7 ( 12,193) ( 6,324)
Net assets 4,158 1,987
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,058 1,887
Total shareholders' funds 4,158 1,987

For the financial year 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 financial statements of In-Far-Structure Ltd (registered number: 10068141) were approved and authorised for issue by the Director. They were signed on its behalf by:

Dean Farrow
Director

24 November 2024

IN-FAR-STRUCTURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
IN-FAR-STRUCTURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

In-Far-Structure Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Faiers House, Gilray Road, Diss, IP22 4WR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 10 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 2,102 49,325 677 52,104
Additions 410 20,950 0 21,360
Disposals 0 ( 3,278) ( 341) ( 3,619)
At 31 March 2024 2,512 66,997 336 69,845
Accumulated depreciation
At 01 April 2023 1,254 17,166 401 18,821
Charge for the financial year 204 3,565 55 3,824
Disposals 0 ( 1,343) ( 230) ( 1,573)
At 31 March 2024 1,458 19,388 226 21,072
Net book value
At 31 March 2024 1,054 47,609 110 48,773
At 31 March 2023 848 32,159 276 33,283
Leased assets included above:
Net book value
At 31 March 2024 0 20,601 0 20,601
At 31 March 2023 0 0 0 0

4. Debtors

2024 2023
£ £
Trade debtors 2,460 0
Prepayments and accrued income 10,789 8,940
VAT recoverable 3,900 1,376
17,149 10,316

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,000 8,000
Trade creditors 0 1,839
Amounts owed to director 1,232 688
Accruals 9,990 5,375
Corporation tax 13,844 6,734
CIS withheld 4,942 2,171
Other taxation and social security 40 124
Obligations under finance leases and hire purchase contracts 3,113 0
41,161 24,931

There are no amounts included above in respect of which any security has been given by the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,000 20,000
Obligations under finance leases and hire purchase contracts 11,904 0
23,904 20,000

There are no amounts included above in respect of which any security has been given by the company.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 6,324) ( 7,056)
(Charged)/credited to the Income Statement ( 5,869) 732
At the end of financial year ( 12,193) ( 6,324)