Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 11935119 Mr J W Farrington Mrs A D Farrington Mrs A F Farrington-Talbot Mrs C Farrington-Brown true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11935119 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-03-31 11935119 2023-03-31 11935119 2024-03-31 11935119 2023-04-01 2024-03-31 11935119 frs-core:CurrentFinancialInstruments 2024-03-31 11935119 frs-core:Non-currentFinancialInstruments 2024-03-31 11935119 frs-core:ShareCapital 2024-03-31 11935119 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 11935119 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11935119 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 11935119 frs-bus:SmallEntities 2023-04-01 2024-03-31 11935119 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11935119 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11935119 1 2023-04-01 2024-03-31 11935119 frs-bus:Director1 2023-04-01 2024-03-31 11935119 frs-bus:Director2 2023-04-01 2024-03-31 11935119 frs-bus:Director3 2023-04-01 2024-03-31 11935119 frs-bus:Director4 2023-04-01 2024-03-31 11935119 frs-countries:EnglandWales 2023-04-01 2024-03-31 11935119 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-03-31 11935119 2022-03-31 11935119 2023-03-31 11935119 2022-04-01 2023-03-31 11935119 frs-core:CurrentFinancialInstruments 2023-03-31 11935119 frs-core:Non-currentFinancialInstruments 2023-03-31 11935119 frs-core:ShareCapital 2023-03-31 11935119 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 11935119
Farrington Developments Limited
Financial Statements
For The Year Ended 31 March 2024
Sturgess Hutchinson
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11935119
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,627,715 1,602,791
1,627,715 1,602,791
CURRENT ASSETS
Debtors 5 36,750 41,299
Cash at bank and in hand 15,427 35,150
52,177 76,449
Creditors: Amounts Falling Due Within One Year 6 (326,718 ) (40,997 )
NET CURRENT ASSETS (LIABILITIES) (274,541 ) 35,452
TOTAL ASSETS LESS CURRENT LIABILITIES 1,353,174 1,638,243
Creditors: Amounts Falling Due After More Than One Year 7 (1,497,042 ) (1,759,362 )
NET LIABILITIES (143,868 ) (121,119 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (143,968 ) (121,219 )
SHAREHOLDERS' FUNDS (143,868) (121,119)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J W Farrington
Director
26/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Farrington Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11935119 . The registered office is 21 New Walk, Leicester, LE1 6TE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Investment Property
2024
£
Fair Value
As at 1 April 2023 1,602,791
Additions 24,924
As at 31 March 2024 1,627,715
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,627,715 1,602,791
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,268 8,945
Other debtors 32,482 32,354
36,750 41,299
Included in other debtors due < 1 year is a loan to FRPC Ltd. a company for which J Farrington and A Farrington are also directors and shareholders. The balance outstanding at the year end is £2,904 (2023: £nil).
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,987 255
Bank loans and overdrafts 24,106 25,195
Other creditors 290,625 15,547
326,718 40,997
Included in other creditors due < 1 year is a loan from Farrington Properties Limited, a company for which J Farrington, A Farrington, A Farrington-Talbot and C Farrington-Brown are also directors and shareholders. The balance outstanding at the year end is £275,285 (2023: £nil).
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,497,042 1,759,362
The bank loan is secured by a fixed and floating charge over the assets of the company, including a first legal charge over the freehold property.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 1,399,080 1,661,399
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The parent company is Farrington Properties Limited, a company incorporated in England and Wales.
The company's ultimate controlling party are Mr J and Mrs A Farrington.
Page 5