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REGISTERED NUMBER: 08129741 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

FAR-UK Limited

FAR-UK Limited (Registered number: 08129741)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAR-UK Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: Mr L M Sanders





REGISTERED OFFICE: Unit 29 Nottingham South & Wilford
Industrial Estate
Ruddington Lane
Nottingham
Nottinghamshire
NG11 7EP





REGISTERED NUMBER: 08129741 (England and Wales)





ACCOUNTANTS: Clifford Roberts
63 Broad Green
Wellingborough
Northamptonshire
NN8 4LQ

FAR-UK Limited (Registered number: 08129741)

Balance Sheet
30 September 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 4 349,238 458,746
Tangible assets 5 40,469 72,115
389,707 530,861

CURRENT ASSETS
Stocks 20,195 18,604
Debtors 6 537,718 440,342
Cash at bank 22,749 54,200
580,662 513,146
CREDITORS
Amounts falling due within one year 7 764,785 272,228
NET CURRENT (LIABILITIES)/ASSETS (184,123 ) 240,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

205,584

771,779

CREDITORS
Amounts falling due after more than one
year

8

573,941

576,667
NET (LIABILITIES)/ASSETS (368,357 ) 195,112

CAPITAL AND RESERVES
Called up share capital 11 2,052 2,052
Retained earnings (370,409 ) 193,060
SHAREHOLDERS' FUNDS (368,357 ) 195,112

FAR-UK Limited (Registered number: 08129741)

Balance Sheet - continued
30 September 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 June 2025 and were signed by:





Mr L M Sanders - Director


FAR-UK Limited (Registered number: 08129741)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

FAR-UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Turnover represents net invoices sale of goods and services, excluding value added tax.
Turnover is in respect of the provision for services including fees, commissions, rechargeable expenses and sales of materials performed subject to specific contract. Where recorded turnover exceeds amounts invoiced to clients, the excess is classified as accrued income.

Project income is recognised in the period in which the project is worked on. For projects which fall over the accounting year end, income is recognised to reflect the partial performance of the contractual obligations.

Other Operating Income - Grant Income

Grant Income of a revenue nature is recognised when the company has done the work necessary, and fulfilled all the conditions for the receipt of such income.

Intangible assets
Intangilbe assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are to be amortised evenly over their estimated useful life to 5 years, from completion of the development stage.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FAR-UK Limited (Registered number: 08129741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research is written off in the year in which it is incurred.

Expenditure on development is capitalised were it meets the below conditions. Expenditure that does not meet this criteria is expensed as incurred .


-The technical feasibility of completing the development stage so that it will be available for use or sale.

- Its intention to complete the development stage and use or sell it.

- Its ability to use or sell the intangible asset.

- How the intangible asset will generate probable future economic benefits. Among other things, the company can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset.

- The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.

- Its ability to measure reliably the expenditure attributable to the intangible asset during its development

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 27 ) .

FAR-UK Limited (Registered number: 08129741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 October 2023
and 30 September 2024 544,258
AMORTISATION
At 1 October 2023 85,512
Amortisation for year 109,508
At 30 September 2024 195,020
NET BOOK VALUE
At 30 September 2024 349,238
At 30 September 2023 458,746

5. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and Computer
to property machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 October 2023 130,812 538,986 30,935 70,622 771,355
Additions - 8,408 - 595 9,003
At 30 September 2024 130,812 547,394 30,935 71,217 780,358
DEPRECIATION
At 1 October 2023 111,212 492,994 28,433 66,601 699,240
Charge for year 9,006 28,388 1,081 2,174 40,649
At 30 September 2024 120,218 521,382 29,514 68,775 739,889
NET BOOK VALUE
At 30 September 2024 10,594 26,012 1,421 2,442 40,469
At 30 September 2023 19,600 45,992 2,502 4,021 72,115

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 139,381 199,750
Amounts owed by group undertakings 87,375 86,587
Prepayments 310,962 154,005
537,718 440,342

FAR-UK Limited (Registered number: 08129741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 26,733 -
Trade creditors 318,158 140,793
Social security and other taxes 148,146 35,167
VAT 32,612 33,414
Other creditors 3,755 96
Directors' current accounts 38,927 -
Accruals and deferred income 77,250 -
Accrued expenses 109,204 52,758
764,785 272,228

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 13,941 16,667
Other loans more 5yrs instal 550,000 550,000
573,941 576,667

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 550,000 550,000

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 26,733 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Other loans 550,000 550,000

The loan received during last year and this year is secured on certain fixed assets.

FAR-UK Limited (Registered number: 08129741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2,052 Ordinary £1 2,052 2,052

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.