Company Registration No. NI655015 (Northern Ireland)
Farland Holdings Ltd
Unaudited accounts
for the year ended 31 August 2024
Farland Holdings Ltd
Unaudited accounts
Contents
Farland Holdings Ltd
Company Information
for the year ended 31 August 2024
Directors
Dermott Farrell
Robert Mulligan
Company Number
NI655015 (Northern Ireland)
Registered Office
Cootehall
100 Cornakinnegar Road
Craigavon
Armagh
BT67 9JP
N.Ireland
Accountants
Martina Harbinson
2 Kiln Lodge
Lurgan
Craigavon
Armagh
BT66 6HT
Farland Holdings Ltd
Statement of financial position
as at 31 August 2024
Cash at bank and in hand
37,725
Creditors: amounts falling due within one year
(341,201)
Net current assets
1,105,870
Total assets less current liabilities
1,105,870
Creditors: amounts falling due after more than one year
(1,403,240)
Called up share capital
100
Profit and loss account
(297,470)
Shareholders' funds
(297,370)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by
Dermott Farrell
Director
Company Registration No. NI655015
Farland Holdings Ltd
Notes to the Accounts
for the year ended 31 August 2024
Farland Holdings Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI655015. The registered office is Cootehall, 100 Cornakinnegar Road, Craigavon, Armagh, BT67 9JP, N.Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company's financial statements are prepared on a going concern basis which contemplates the realisation of assets and the satisfaction of obligations in the normal course of business. However , in this accounting period the company has not generated any revenues and has accumulated losses to date .
In view of these matters continuation as a going concern is dependent upon the Company's ability to meet its financial requirements , raise additional capital , and the success of its future operations.
A detailed review of the company's forecasts and projections which cover the next 12 month period indicate that the company will have adequate resources through sales revenue and other equity investment to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of construction/completion.
Amounts falling due within one year
Farland Holdings Ltd
Notes to the Accounts
for the year ended 31 August 2024
5
Creditors: amounts falling due within one year
2024
6
Creditors: amounts falling due after more than one year
2024
7
Average number of employees
During the year the average number of employees was 0.