Company registration number 02042783 (England and Wales)
TERRY FARRELL & PARTNERS LIMITED
FINANCIAL STATEMENTS
for the year ended
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TERRY FARRELL & PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
TERRY FARRELL & PARTNERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
1,664,009
Current assets
Debtors
4
191,779
152,303
Cash at bank and in hand
206
157
191,985
152,460
Creditors: amounts falling due within one year
5
(767,465)
(746,327)
Net current liabilities
(575,480)
(593,867)
Net (liabilities)/assets
(575,480)
1,070,142
Capital and reserves
Called up share capital
6
100,000
100,000
Capital redemption reserve
50,000
50,000
Profit and loss reserves
(725,480)
920,142
Total equity
(575,480)
1,070,142

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Sir T Farrell CBE
Director
Company registration number 02042783 (England and Wales)
TERRY FARRELL & PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100,000
50,000
867,962
1,017,962
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
74,452
74,452
Dividends
-
-
(22,272)
(22,272)
Balance at 31 March 2023
100,000
50,000
920,142
1,070,142
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(1,645,622)
(1,645,622)
Balance at 31 March 2024
100,000
50,000
(725,480)
(575,480)
TERRY FARRELL & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Terry Farrell & Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Hatton Street, London, NW8 8PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The business of the company supports its day-to-day working capital requirements. The balance sheet of the company is in a deficit position as a result of the loans it has in place. The loans due in less than one year are owed to Terry Farrell Holdings Limited and TFP Farrells Limited, both related parties. The loans can be recalled without notice respectively but the partners and directors of the above related parties have indicated that they will not demand repayment until such a time that the company has sufficient funds. Furthermore, the Directors of Terry Farrell Holdings Limited have indicated their willingness to provide financial support to the company to the extent necessary to enable the company to meets its financial obligations for the foreseeable future, and specifically for at least twelve months from the date of signature of this report.true

 

The directors, having considered the above and made due enquiries, do not consider there to be a material uncertainty and continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

1.3
Turnover

Turnover represents amount receivable for architectural and planning services net of VAT.

 

Other income represents management fees and rent recharges invoiced to Farrells (London) LLP, where the company is a designated partner.

 

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TERRY FARRELL & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TERRY FARRELL & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Investments
-
1,664,009

The Directors have reviewed the performance of the investment and assessed the likely returns and have impaired the asset accordingly to the estimated value at the year end.

TERRY FARRELL & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
1,664,009
Impairment
At 1 April 2023
-
Impairment losses
1,664,009
At 31 March 2024
1,664,009
Carrying amount
At 31 March 2024
-
At 31 March 2023
1,664,009
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,754
87,414
Other debtors
125,025
64,889
191,779
152,303
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,780
92,263
Amounts owed to group undertakings
597,215
597,836
Other creditors
56,470
56,228
767,465
746,327
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
TERRY FARRELL & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
246,521
247,197
Between two and five years
224,034
470,555
470,555
717,752
8
Control

The company is controlled by Terry Farrell Holdings Limited, a parent company registered in the United Kingdom. The registered office is Summit House, 170 Finchley Road. London. NW3 6BP.

 

2024-03-312023-04-01false24 January 2025CCH SoftwareCCH Accounts Production 2024.100The principal activity of the company continued to be that of architectural and planning services.
Sir T Farrell CBEM. StowellMs M Wangfalsefalse
020427832023-04-012024-03-31020427832024-03-31020427832023-03-3102042783core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102042783core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102042783core:CurrentFinancialInstruments2024-03-3102042783core:CurrentFinancialInstruments2023-03-3102042783core:ShareCapital2024-03-3102042783core:ShareCapital2023-03-3102042783core:CapitalRedemptionReserve2024-03-3102042783core:CapitalRedemptionReserve2023-03-3102042783core:RetainedEarningsAccumulatedLosses2024-03-3102042783core:RetainedEarningsAccumulatedLosses2023-03-3102042783core:ShareCapital2022-03-3102042783core:CapitalRedemptionReserve2022-03-3102042783core:RetainedEarningsAccumulatedLosses2022-03-3102042783bus:Director12023-04-012024-03-3102042783core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31020427832022-04-012023-03-3102042783core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102042783core:WithinOneYear2024-03-3102042783core:WithinOneYear2023-03-3102042783core:BetweenTwoFiveYears2024-03-3102042783core:BetweenTwoFiveYears2023-03-3102042783bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102042783bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102042783bus:FRS1022023-04-012024-03-3102042783bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102042783bus:Director22023-04-012024-03-3102042783bus:Director32023-04-012024-03-3102042783bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP