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Registered number: 05445975










FAR 'N' BEYOND LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 May 2024

 
FAR 'N' BEYOND LIMITED
 

Company Information


Director
A D Moody 




Company secretary
Mrs D Robinson



Registered number
05445975



Registered office
124 City Road

London

EC1V 2NX





 
FAR 'N' BEYOND LIMITED
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Far 'n' Beyond Limited for the year ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Far 'n' Beyond Limited for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Far 'n' Beyond Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Far 'n' Beyond Limited and state those matters that we have agreed to state to the director of Far 'n' Beyond Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Far 'n' Beyond Limited and its director for our work or for this report. 

It is your duty to ensure that Far 'n' Beyond Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Far 'n' Beyond Limited. You consider that Far 'n' Beyond Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Far 'n' Beyond Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



J S Bethell & Co
 
Chartered Accountants
  
70 Clarkehouse Road
Sheffield
S10 2LJ
22 October 2024
Page 1

 
FAR 'N' BEYOND LIMITED
Registered number: 05445975

Balance sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,165
8,207

  
28,165
8,207

Current assets
  

Stocks
  
15,000
15,000

Debtors
 5 
72,160
176,305

Cash at bank and in hand
  
209,236
120,026

  
296,396
311,331

Creditors: amounts falling due within one year
 6 
(298,592)
(283,289)

Net current (liabilities)/assets
  
 
 
(2,196)
 
 
28,042

Total assets less current liabilities
  
25,969
36,249

Creditors: amounts falling due after more than one year
 7 
(15,665)
(25,872)

Net assets
  
10,304
10,377


Capital and reserves
  

Called up share capital 
 8 
125
125

Profit and loss account
  
10,179
10,252

  
10,304
10,377


Page 2

 
FAR 'N' BEYOND LIMITED
Registered number: 05445975

Balance sheet (continued)
As at 31 May 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.




................................................
A D Moody
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

1.


General information

Far 'n' Beyond Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the performance model model as permitted by FRS 102.  Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 -10).

Page 6

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
6,088
26,922
33,010


Additions
-
26,773
26,773



At 31 May 2024

6,088
53,695
59,783



Depreciation


At 1 June 2023
4,208
20,596
24,804


Charge for the year on owned assets
773
6,041
6,814



At 31 May 2024

4,981
26,637
31,618



Net book value



At 31 May 2024
1,107
27,058
28,165



At 31 May 2023
1,881
6,326
8,207

Page 7

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

5.


Debtors

2024
2023
£
£


Trade debtors
48,454
152,682

Other debtors
14,389
13,669

Prepayments and accrued income
9,317
9,954

72,160
176,305



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,119
9,868

Trade creditors
130,178
149,927

Taxation and social security
57,159
52,282

Other creditors
10,000
10,000

Accruals and deferred income
91,136
61,212

298,592
283,289



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,665
25,872

15,665
25,872


Page 8

 
FAR 'N' BEYOND LIMITED
 

 
Notes to the financial statements
For the year ended 31 May 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1 each
100
100
25 (2023 -25) Ordinary A shares of £1 each
25
25

125

125



Page 9