2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 16,800 16,800 xbrli:pure xbrli:shares iso4217:GBP SC299366 2023-09-01 2024-08-31 SC299366 2024-08-31 SC299366 2023-08-31 SC299366 2022-09-01 2023-08-31 SC299366 2023-08-31 SC299366 2022-08-31 SC299366 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-01 2024-08-31 SC299366 core:FurnitureFittings 2023-09-01 2024-08-31 SC299366 bus:Director1 2023-09-01 2024-08-31 SC299366 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-31 SC299366 core:PlantMachinery 2023-08-31 SC299366 core:FurnitureFittings 2023-08-31 SC299366 core:PlantMachinery 2024-08-31 SC299366 core:FurnitureFittings 2024-08-31 SC299366 core:WithinOneYear 2024-08-31 SC299366 core:WithinOneYear 2023-08-31 SC299366 core:ShareCapital 2024-08-31 SC299366 core:ShareCapital 2023-08-31 SC299366 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC299366 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC299366 core:PlantMachinery 2023-09-01 2024-08-31 SC299366 core:FurnitureFittings 2023-08-31 SC299366 bus:SmallEntities 2023-09-01 2024-08-31 SC299366 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC299366 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC299366 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC299366 bus:FullAccounts 2023-09-01 2024-08-31 SC299366 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 SC299366 core:FurnitureFittingsToolsEquipment 2024-08-31 SC299366 core:FurnitureFittingsToolsEquipment 2023-08-31 SC299366 core:KeyManagementIndividualGroup1 2023-09-01 2024-08-31 SC299366 core:KeyManagementIndividualGroup1 2024-08-31
COMPANY REGISTRATION NUMBER: SC299366
Farr End Enterprises Limited
Filleted Unaudited Financial Statements
31 August 2024
Farr End Enterprises Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
3,419
4,022
Current assets
Stocks
11,085
9,668
Debtors
7
3,960
3,474
Cash at bank and in hand
28,170
52,018
--------
--------
43,215
65,160
Creditors: amounts falling due within one year
8
26,934
19,871
--------
--------
Net current assets
16,281
45,289
--------
--------
Total assets less current liabilities
19,700
49,311
Provisions
Taxation including deferred tax
486
564
--------
--------
Net assets
19,214
48,747
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
19,212
48,745
--------
--------
Shareholders funds
19,214
48,747
--------
--------
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 31 August 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 .
Farr End Enterprises Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
C J Craig
Director
Company registration number: SC299366
Farr End Enterprises Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Farr End, Culduthel Road, Inverness, IV2 4BH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the companies ability to continue.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Amortisation of Patents
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Tenants Improvement
-
10-20% straight line
Fixtures & Fittings
-
15% reducing balance
Computer Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Patents
£
Cost
At 1 September 2023 and 31 August 2024
16,800
--------
Amortisation
At 1 September 2023 and 31 August 2024
16,800
--------
Carrying amount
At 31 August 2024
--------
At 31 August 2023
--------
6. Tangible assets
Tenants Improvement
Fixtures & Fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
51,816
12,548
2,736
67,100
--------
--------
-------
--------
Depreciation
At 1 September 2023
51,816
8,526
2,736
63,078
Charge for the year
603
603
--------
--------
-------
--------
At 31 August 2024
51,816
9,129
2,736
63,681
--------
--------
-------
--------
Carrying amount
At 31 August 2024
3,419
3,419
--------
--------
-------
--------
At 31 August 2023
4,022
4,022
--------
--------
-------
--------
7. Debtors
2024
2023
£
£
Other debtors
3,960
3,474
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,214
11,112
Corporation tax
423
Social security and other taxes
585
147
Other creditors
9,712
8,612
--------
--------
26,934
19,871
--------
--------
9. Related party transactions
Included in creditors is a loan due to the directors of £ 2,934 (2023 - £1,960). This is unsecured, interest free and has no fixed terms of repayment.