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Registration number: 07165710

Farmer Engineering Limited

Unaudited Financial Statements

for the Year Ended 28 February 2025

 

Farmer Engineering Limited

(Registration number: 07165710)

Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

3

-

25,654

Current assets

 

Debtors

4

8,768

50,757

Cash at bank and in hand

 

301,628

401,200

 

310,396

451,957

Creditors: Amounts falling due within one year

5

(3,617)

(118,094)

Net current assets

 

306,779

333,863

Total assets less current liabilities

 

306,779

359,517

Provisions for liabilities

-

(6,400)

Net assets

 

306,779

353,117

Capital and reserves

 

Called up share capital

100

100

Retained earnings

306,679

353,017

Shareholders' funds

 

306,779

353,117

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 15 May 2025
 

.........................................

Mr J Farmer

Director

 

Farmer Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

Accounting policies

Statutory information

Farmer Engineering Limited is a private company, limited by shares, domiciled in England and Wales, company number 07165710. The registered office is at 27 South Street, Mosborough, Sheffield, S20 5DE.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised at the point of sale or upon the provision of services.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Farmer Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

 

Farmer Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

3

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

38,238

1,814

37,848

77,900

Additions

-

498

-

498

Disposals

(38,238)

(2,312)

(37,848)

(78,398)

At 28 February 2025

-

-

-

-

Depreciation

At 1 March 2024

23,143

1,142

27,961

52,246

Charge for the year

4,078

376

2,339

6,793

Eliminated on disposal

(27,221)

(1,518)

(30,300)

(59,039)

At 28 February 2025

-

-

-

-

Carrying amount

At 28 February 2025

-

-

-

-

At 29 February 2024

15,095

672

9,887

25,654

4

Debtors

2025
£

2024
£

Trade debtors

-

30,697

Other debtors

8,768

20,060

 

8,768

50,757

5

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Trade creditors

-

23,750

Taxation and social security

1,267

87,875

Accruals and deferred income

2,350

2,799

Other creditors

-

3,670

3,617

118,094