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TOM FARLING INDUSTRIES LIMITED

Registered Number
06319161
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

TOM FARLING INDUSTRIES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

Thomas Farling

Company Secretary

Kim Stillman

Registered Address

Chequer Court, Knell Lane
Ash
Kent
CT3 2EF

Registered Number

06319161 (England and Wales)
TOM FARLING INDUSTRIES LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets382,93764,638
82,93764,638
Current assets
Debtors412,41143,608
Cash at bank and on hand79,24480,734
91,655124,342
Creditors amounts falling due within one year5(26,914)(29,700)
Net current assets (liabilities)64,74194,642
Total assets less current liabilities147,678159,280
Provisions for liabilities6(7,771)(5,995)
Net assets139,907153,285
Capital and reserves
Called up share capital11
Profit and loss account139,906153,284
Shareholders' funds139,907153,285
The financial statements were approved and authorised for issue by the Director on 1 April 2025, and are signed on its behalf by:
Thomas Farling
Director
Registered Company No. 06319161
TOM FARLING INDUSTRIES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
Tom Farling Industries Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office and principal place of business is Chequer Court, Knell Lane, Ash, Canterbury, Kent CT3 2EF. The financial statements are presented in pounds sterling which is the functional currency of the Company rounded to the nearest £1.
Statement of compliance
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Going concern
The financial statements are prepared on a going concern basis and there are no material uncertainties that cast doubt on the Company's ability to continue as a going concern.
Revenue from sale of goods
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. The following criteria must also be met before revenue is recognised: Revenue from the sale of goods is recognised when all of the following conditions are satisfied:  the Company has transferred the significant risks and rewards of ownership to the buyer;  the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;  the amount of revenue can be measured reliably;  it is probable that the Company will receive the consideration due under the transaction; and  the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:  the amount of revenue can be measured reliably;  it is probable that the Company will receive the consideration due under the contract;  the stage of completion of the contract at the end of the reporting period can be measured reliably; and  the costs incurred and the costs to complete the contract can be measured reliably.
Current taxation
The tax expense for the year comprises current and deferred tax. 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.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:  The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and  Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets and depreciation
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. 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Vehicles25
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 August 2361,39633,58615,74218,304129,028
Additions43,0114,166-5,62252,799
Disposals-(18,457)--(18,457)
At 31 July 24104,40719,29515,74223,926163,370
Depreciation and impairment
At 01 August 2328,31118,02910,6917,35964,390
Charge for year19,0264,9321,2634,14329,364
On disposals-(13,321)--(13,321)
At 31 July 2447,3379,64011,95411,50280,433
Net book value
At 31 July 2457,0709,6553,78812,42482,937
At 31 July 2333,08515,5575,05110,94564,638
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables12,32610,564
Other debtors-32,960
Prepayments and accrued income8584
Total12,41143,608
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,5942,750
Taxation and social security14,01924,267
Other creditors685-
Accrued liabilities and deferred income2,6162,683
Total26,91429,700
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.
6.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2024

2023

££
Net deferred tax liability (asset)7,7715,995
Total7,7715,995