Faifley Limited 02850752 false 2022-12-29 2023-12-27 2023-12-27 The principal activity of the company is Office Licensing Digita Accounts Production Advanced 6.30.9574.0 true true 02850752 2022-12-29 2023-12-27 02850752 2023-12-27 02850752 bus:OrdinaryShareClass1 2023-12-27 02850752 bus:OrdinaryShareClass2 2023-12-27 02850752 core:CurrentFinancialInstruments 2023-12-27 02850752 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-27 02850752 core:LandBuildings 2023-12-27 02850752 bus:SmallEntities 2022-12-29 2023-12-27 02850752 bus:AuditExemptWithAccountantsReport 2022-12-29 2023-12-27 02850752 bus:FullAccounts 2022-12-29 2023-12-27 02850752 bus:SmallCompaniesRegimeForAccounts 2022-12-29 2023-12-27 02850752 bus:RegisteredOffice 2022-12-29 2023-12-27 02850752 bus:Director1 2022-12-29 2023-12-27 02850752 bus:OrdinaryShareClass1 2022-12-29 2023-12-27 02850752 bus:OrdinaryShareClass2 2022-12-29 2023-12-27 02850752 bus:PrivateLimitedCompanyLtd 2022-12-29 2023-12-27 02850752 core:PlantMachinery 2022-12-29 2023-12-27 02850752 countries:AllCountries 2022-12-29 2023-12-27 02850752 2022-12-28 02850752 core:CostValuation 2022-12-28 02850752 core:LandBuildings 2022-12-28 02850752 2021-12-29 2022-12-28 02850752 2022-12-28 02850752 bus:OrdinaryShareClass1 2022-12-28 02850752 bus:OrdinaryShareClass2 2022-12-28 02850752 core:CurrentFinancialInstruments 2022-12-28 02850752 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-28 02850752 core:LandBuildings 2022-12-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02850752

Faifley Limited

Unaudited Filleted Financial Statements

for the Period from 29 December 2022 to 27 December 2023

 

Faifley Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Faifley Limited

Company Information

Director

David McDonald

Registered office

6a South Street
Leominster
HR6 8JB

Accountants

APL Accountants Limited
Chartered Accountants

 

Faifley Limited

(Registration number: 02850752)
Balance Sheet as at 27 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

133,612

133,612

Investments

5

361,050

361,050

 

494,662

494,662

Current assets

 

Debtors

6

142,664

136,184

Cash at bank and in hand

 

268,988

282,706

 

411,652

418,890

Creditors: Amounts falling due within one year

7

(240,172)

(243,269)

Net current assets

 

171,480

175,621

Net assets

 

666,142

670,283

Capital and reserves

 

Called up share capital

8

50,000

50,300

Retained earnings

616,142

619,983

Shareholders' funds

 

666,142

670,283

For the financial period ending 27 December 2023 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 December 2024
 

.........................................
David McDonald
Director

 

Faifley Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 27 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
6a South Street
Leominster
HR6 8JB

These financial statements were authorised for issue by the director on 24 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Faifley Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 27 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery and other assets

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Faifley Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 27 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 29 December 2022

133,612

133,612

At 27 December 2023

133,612

133,612

Depreciation

Carrying amount

At 27 December 2023

133,612

133,612

At 28 December 2022

133,612

133,612

Included within the net book value of land and buildings above is £133,612 (2022 - £133,612) in respect of freehold land and buildings.
 

 

Faifley Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 27 December 2023

5

Investments

2023
£

2022
£

Investments in associates

361,050

361,050

Associates

£

Cost

At 29 December 2022

361,050

Provision

Carrying amount

At 27 December 2023

361,050

At 28 December 2022

361,050

6

Debtors

Current

2023
£

2022
£

Other debtors

142,664

136,184

 

142,664

136,184

 

Faifley Limited

Notes to the Unaudited Financial Statements for the Period from 29 December 2022 to 27 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,203

597

Other creditors

238,969

242,672

240,172

243,269

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50,000

50,000

50,000

50,000

Ordinary B of £1 each

300

300

300

300

 

50,300

50,300

50,300

50,300