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COMPANY REGISTRATION NUMBER: 11210981
Ferreira & Simoes Ltd
Filleted Unaudited Financial Statements
29 February 2024
Ferreira & Simoes Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
6,690
9,552
Current assets
Stocks
9,235
7,750
Debtors
6
8,649
Cash at bank and in hand
2,511
21,828
--------
--------
20,395
29,578
Creditors: amounts falling due within one year
7
86,615
39,698
--------
--------
Net current liabilities
66,220
10,120
--------
--------
Total assets less current liabilities
( 59,530)
( 568)
Creditors: amounts falling due after more than one year
8
10,961
13,098
--------
--------
Net liabilities
( 70,491)
( 13,666)
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
( 70,691)
( 13,866)
--------
--------
Shareholders deficit
( 70,491)
( 13,666)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ferreira & Simoes Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr J Simoes
Director
Company registration number: 11210981
Ferreira & Simoes Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Church Street, Wrexham, LL138LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Written off in full in year
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 5 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
12,349
14,916
779
28,044
Additions
4,170
4,170
Disposals
( 6,236)
( 6,236)
--------
--------
----
--------
At 29 February 2024
12,349
12,850
779
25,978
--------
--------
----
--------
Depreciation
At 1 March 2023
8,585
9,526
381
18,492
Charge for the year
3,764
1,505
100
5,369
Disposals
( 4,573)
( 4,573)
--------
--------
----
--------
At 29 February 2024
12,349
6,458
481
19,288
--------
--------
----
--------
Carrying amount
At 29 February 2024
6,392
298
6,690
--------
--------
----
--------
At 28 February 2023
3,764
5,390
398
9,552
--------
--------
----
--------
6. Debtors
2024
2023
£
£
Other debtors
8,649
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,248
1,888
Trade creditors
7,205
1,543
Social security and other taxes
60,690
18,613
Other creditors
9,472
17,654
--------
--------
86,615
39,698
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,961
13,098
--------
--------
9. Directors' advances, credits and guarantees
In the year the directors operated a loan account with the company. At the beginning of the period the amount due to the director by the company was £13,870 and at the end of the period the directors owed the company £8,429. The loan is interest free and repayable upon demand.