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REGISTERED NUMBER: 03930862 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

Farnworth 2000 Limited

Farnworth 2000 Limited (Registered number: 03930862)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Farnworth 2000 Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: N Harrison
C Harrison





SECRETARY: J S Walker





REGISTERED OFFICE: 555 Prescot Road
St Helens
Merseyside
WA10 3BZ





REGISTERED NUMBER: 03930862 (England and Wales)





AUDITORS: Xeinadin Audit Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

Farnworth 2000 Limited (Registered number: 03930862)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,161,209 14,744,772
18,161,209 14,744,772

CURRENT ASSETS
Stocks 271,453 242,701
Debtors 6 1,506,084 1,529,871
Cash at bank and in hand 3,037,545 2,219,099
4,815,082 3,991,671
CREDITORS
Amounts falling due within one year 7 6,776,372 5,218,585
NET CURRENT LIABILITIES (1,961,290 ) (1,226,914 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,199,919

13,517,858

CREDITORS
Amounts falling due after more than
one year

8

(11,362,143

)

(9,841,500

)

PROVISIONS FOR LIABILITIES (954,299 ) (583,875 )
NET ASSETS 3,883,477 3,092,483

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 3,883,177 3,092,183
SHAREHOLDERS' FUNDS 3,883,477 3,092,483

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





C Harrison - Director


Farnworth 2000 Limited (Registered number: 03930862)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Farnworth 2000 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Despite the net current liability position at the year end the financial statements have been prepared on a going concern basis as the company has the continued support of its directors.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover represents the fair value of income from the hire of vehicles, vehicle sales and vehicle repair work excluding value added tax. Turnover is recognised in the hire period, when the vehicle is legally transferred or when the repair work has been completed.

Intangible fixed assets
Goodwill represents the difference between the fair value of the consideration paid on acquisition of a business and the fair value of its separable net assets at the date of acquisition. Goodwill is amortised over its estimated useful life of 10% per annum of cost.


Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost, 15% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Farnworth 2000 Limited (Registered number: 03930862)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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.

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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Finance lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

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 48 (2023 - 46 ) .

Farnworth 2000 Limited (Registered number: 03930862)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 160,000
AMORTISATION
At 1 March 2023
and 29 February 2024 160,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 49,560 248,567 128,650 21,917,077 22,343,854
Additions - 11,355 10,693 8,869,974 8,892,022
Disposals - - - (2,995,974 ) (2,995,974 )
At 29 February 2024 49,560 259,922 139,343 27,791,077 28,239,902
DEPRECIATION
At 1 March 2023 39,905 226,912 100,071 7,232,194 7,599,082
Charge for year 1,377 13,350 16,536 4,183,833 4,215,096
Eliminated on disposal - - - (1,735,485 ) (1,735,485 )
At 29 February 2024 41,282 240,262 116,607 9,680,542 10,078,693
NET BOOK VALUE
At 29 February 2024 8,278 19,660 22,736 18,110,535 18,161,209
At 28 February 2023 9,655 21,655 28,579 14,684,883 14,744,772

Farnworth 2000 Limited (Registered number: 03930862)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 20,036,621
Additions 8,515,657
Disposals (2,545,697 )
Transfer to ownership (479,540 )
At 29 February 2024 25,527,041
DEPRECIATION
At 1 March 2023 5,489,717
Charge for year 4,010,772
Eliminated on disposal (1,333,989 )
Transfer to ownership (304,411 )
At 29 February 2024 7,862,089
NET BOOK VALUE
At 29 February 2024 17,664,952
At 28 February 2023 14,546,904

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,030,709 935,054
Other debtors 475,375 594,817
1,506,084 1,529,871

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 9) 5,364,932 4,206,728
Trade creditors 321,507 369,209
Taxation and social security 557,880 289,995
Other creditors 532,053 352,653
6,776,372 5,218,585

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 9) 11,362,143 9,841,500

Farnworth 2000 Limited (Registered number: 03930862)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 5,364,932 4,206,728
Between one and five years 11,362,143 9,841,500
16,727,075 14,048,228

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 13,542 -

10. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Hire purchase contracts 16,727,075 14,048,228

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Harrison BSc ACA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited