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COMPANY REGISTRATION NUMBER: 12202777
D R Farrow Developments Ltd
Filleted Unaudited Financial Statements
31 March 2024
D R Farrow Developments Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
89
238
Investments
6
50
1
----
----
139
239
Current assets
Debtors
7
874
Cash at bank and in hand
20,506
10,115
--------
--------
21,380
10,115
Creditors: amounts falling due within one year
8
1,508
2,330
--------
--------
Net current assets
19,872
7,785
--------
-------
Total assets less current liabilities
20,011
8,024
--------
-------
Net assets
20,011
8,024
--------
-------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
19,911
7,924
--------
-------
Shareholders funds
20,011
8,024
--------
-------
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 income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
D R Farrow Developments Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr D Farrow
Mrs A Farrow
Director
Director
Company registration number: 12202777
D R Farrow Developments Ltd
Notes to the Financial Statements
Year ended 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Equipment
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023 and 31 March 2024
830
----
Depreciation
At 1 April 2023
592
Charge for the year
149
----
At 31 March 2024
741
----
Carrying amount
At 31 March 2024
89
----
At 31 March 2023
238
----
6. Investments
Shares in participating interests
£
Cost
At 1 April 2023
1
Additions
49
----
At 31 March 2024
50
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
50
----
At 31 March 2023
1
----
7. Debtors
2024
2023
£
£
Corporation tax repayable
19
Other debtors
855
----
----
874
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
119
Amounts owed to undertakings in which the company has a participating interest
747
698
Accruals and deferred income
630
600
Corporation tax
657
Social security and other taxes
131
131
Director loan accounts
125
-------
-------
1,508
2,330
-------
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
60
60
60
60
Ordinary B shares of £ 1 each
40
40
40
40
----
----
----
----
100
100
100
100
----
----
----
----
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Farrow
Mrs A Farrow
( 125)
800
675
----
----
----
( 125)
800
675
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D Farrow
60
( 60)
Mrs A Farrow
40
( 165)
( 125)
----
----
----
100
( 225)
( 125)
----
----
----
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Other Related Parties
119,290
Related Company
(49)
(110,697)
( 747)
( 698)
----
---------
----
----
During the year the company received management charges amounting to £15,000 (2023: £30,000) and dividends of £15,000 (2023: £nil) from a company in which it has a participating interest.