Registered number
06801394
M J Farrell & Sons Limited
Filleted Accounts
30 April 2024
M J Farrell & Sons Limited
Registered number: 06801394
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,000 25,000
Tangible assets 4 42,624 17,364
67,624 42,364
Current assets
Debtors 5 35,408 53,130
Cash at bank and in hand 95,903 67,770
131,311 120,900
Creditors: amounts falling due within one year 6 (197,746) (163,251)
Net current liabilities (66,435) (42,351)
Net assets 1,189 13
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,188 12
Shareholder's funds 1,189 13
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Farrell
Director
Approved by the board on 31 January 2025
M J Farrell & Sons Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 25,000
At 30 April 2024 25,000
Amortisation
At 30 April 2024 -
Net book value
At 30 April 2024 25,000
At 30 April 2023 25,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 2,042 86,779 88,821
Additions - 39,449 39,449
At 30 April 2024 2,042 126,228 128,270
Depreciation
At 1 May 2023 1,765 69,692 71,457
Charge for the year 55 14,134 14,189
At 30 April 2024 1,820 83,826 85,646
Net book value
At 30 April 2024 222 42,402 42,624
At 30 April 2023 277 17,087 17,364
5 Debtors 2024 2023
£ £
Trade debtors 35,408 53,130
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,662 24,181
Obligations under finance lease and hire purchase contracts 43,354 5,402
Trade creditors 50,614 46,043
Corporation tax 37,343 41,890
Other taxes and social security costs 49,673 44,343
Other creditors 1,100 1,392
197,746 163,251
7 Other information
M J Farrell & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Silver Street
Whitwick
Coalville
Leicestershire
LE67 5ET
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