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Company No: 07069179 (England and Wales)

FERNS DRYLINING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

FERNS DRYLINING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

FERNS DRYLINING LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
FERNS DRYLINING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR I D Fern
SECRETARY D Hamblin
REGISTERED OFFICE Tutsham Farm
West Farleigh
Kent
ME15 0NE
United Kingdom
COMPANY NUMBER 07069179 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
FERNS DRYLINING LIMITED

BALANCE SHEET

As at 31 May 2024
FERNS DRYLINING LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Current assets
Stocks 3 11,094 16,963
Debtors
- due within one year 4 843,604 801,101
- due after more than one year 4 161,412 157,773
Cash at bank and in hand 5 220,592 138,068
1,236,702 1,113,905
Creditors: amounts falling due within one year 6 ( 1,437,846) ( 1,785,048)
Net current liabilities (201,144) (671,143)
Total assets less current liabilities (201,144) (671,143)
Net liabilities ( 201,144) ( 671,143)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 201,145 ) ( 671,144 )
Total shareholder's deficit ( 201,144) ( 671,143)

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ferns Drylining Limited (registered number: 07069179) were approved and authorised for issue by the Director on 27 February 2025. They were signed on its behalf by:

I D Fern
Director
FERNS DRYLINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
FERNS DRYLINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ferns Drylining Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tutsham Farm, West Farleigh, Kent, ME15 0NE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The principal activity of the Company is the drylining of walls.

The functional currency of Ferns Drylining Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

Going concern

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

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

The directors have assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval these financial statements. The directors note that the Company has net liabilities of £201,144 (2023: £671,143). The Company is supported through loans from directors and companies under common control of the directors of the company. The directors have received a confirmation that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that they will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Exceptional Items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Stocks

2024 2023
£ £
Stocks 11,094 16,963

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 527,170 325,734
Amounts owed by Group undertakings 55,024 55,024
Deferred tax asset 69,689 0
S455 32,421 32,421
Other debtors 159,300 387,922
843,604 801,101
Debtors: amounts falling due after more than one year
Other debtors 161,412 157,773

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 220,592 138,068

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 162,259 460,958
Amounts owed to Group undertakings 106,603 394,539
Other taxation and social security 53,753 5,973
Other creditors 1,115,231 923,578
1,437,846 1,785,048

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Credited to the Statement of Income and Retained Earnings 69,689 0
At the end of financial year 69,689 0

8. Contingencies

Contingent liabilities

The company has jointly guranteed the loans and overdrafts of a company also owned by the director. The loan covered by this gurantee was repaid in the year to 31 May 2023 and no amounts remainded outstanding at the balance sheet date (2023: £nil).

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the director 182,065 182,065

The loan is interest free and there have been no transactions with the director during the year. The balance is included within other creditors.