Company registration number 05372301 (England and Wales)
FARRINGTON OILS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
FARRINGTON OILS LIMITED
COMPANY INFORMATION
Directors
Mr D C Farrington
Mrs E M Farrington
Mr D R Brown
Secretary
Mrs E M Farrington
Company number
05372301
Registered office
Bottom Farm
Hargrave
Wellingborough
Northamptonshire
NN9 6BP
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
FARRINGTON OILS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FARRINGTON OILS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FARRINGTON OILS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Farrington Oils Limited for the year ended 28 February 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Farrington Oils Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Farrington Oils Limited and state those matters that we have agreed to state to the Board of Directors of Farrington Oils Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Farrington Oils Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Farrington Oils Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Farrington Oils Limited. You consider that Farrington Oils Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Farrington Oils Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Date:
2 June 2025
FARRINGTON OILS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 2 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
122,149
157,946
Current assets
Stocks
216,909
203,485
Debtors
5
291,935
224,809
Investments
4
113,887
107,500
Cash at bank and in hand
909,418
845,458
1,532,149
1,381,252
Creditors: amounts falling due within one year
6
(116,834)
(65,160)
Net current assets
1,415,315
1,316,092
Total assets less current liabilities
1,537,464
1,474,038
Provisions for liabilities
7
(29,627)
(38,017)
Deferred income
(9,440)
(10,838)
Net assets
1,498,397
1,425,183
Capital and reserves
Called up share capital
8
1,000
2
Profit and loss reserves
1,497,397
1,425,181
Total equity
1,498,397
1,425,183
FARRINGTON OILS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025
28 February 2025
- 3 -

For the financial year ended 28 February 2025 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
Mr D C Farrington
Director
Company registration number 05372301 (England and Wales)
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
1
Accounting policies
Company information

Farrington Oils Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bottom Farm, Hargrave, Wellingborough, Northamptonshire, NN9 6BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant's improvements
20% straight line
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Fair value measurement of financial instruments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
15
15
3
Tangible fixed assets
Tenant's improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
26,426
651,525
19,045
696,996
Additions
-
0
14,796
-
0
14,796
Disposals
-
0
(19,754)
-
0
(19,754)
At 28 February 2025
26,426
646,567
19,045
692,038
Depreciation and impairment
At 1 March 2024
15,855
505,579
17,616
539,050
Depreciation charged in the year
5,285
42,658
357
48,300
Eliminated in respect of disposals
-
0
(17,461)
-
0
(17,461)
At 28 February 2025
21,140
530,776
17,973
569,889
Carrying amount
At 28 February 2025
5,286
115,791
1,072
122,149
At 29 February 2024
10,571
145,946
1,429
157,946
4
Current asset investments
2025
2024
£
£
Other investments
113,887
107,500
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
225,766
158,388
Other debtors
66,169
66,421
291,935
224,809
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
49,468
26,840
Corporation tax
60,551
22,472
Other taxation and social security
6,815
12,076
Other creditors
-
0
3,772
116,834
65,160
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
29,627
38,017
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
2
1,000
2

During the year 998 £1 ordinary shares were issued but not paid, therefore there is £998 of unpaid share capital at the year end 28 February 2025.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
48,000
48,000
10
Directors' transactions

Included within creditors due within one year is an amount of £0 (2024 - £3,772) owed to the directors. This is an unsecured and interest free loan with no set terms of repayment.

Dividends totalling £90,000 (2024 - £160,000) were paid in the year in respect of shares held by the company's directors.

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