1 October 2023 false No description of principal activity Taxfiler 2024.6 NI620429business:PrivateLimitedCompanyLtd2023-10-012024-09-30 NI6204292023-09-30 NI6204292023-10-012024-09-30 NI620429business:AuditExemptWithAccountantsReport2023-10-012024-09-30 NI620429business:FilletedAccounts2023-10-012024-09-30 NI6204292024-09-30 NI620429business:Director12023-10-012024-09-30 NI620429business:Director22023-10-012024-09-30 NI620429business:RegisteredOffice2023-10-012024-09-30 NI6204292023-09-30 NI620429core:WithinOneYear2024-09-30 NI620429core:WithinOneYear2023-09-30 NI620429core:ShareCapitalcore:PreviouslyStatedAmount2024-09-30 NI620429core:ShareCapitalcore:PreviouslyStatedAmount2023-09-30 NI620429core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-09-30 NI620429core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-09-30 NI620429core:PreviouslyStatedAmount2024-09-30 NI620429core:PreviouslyStatedAmount2023-09-30 NI620429business:SmallEntities2023-10-012024-09-30 NI620429countries:NorthernIreland2023-10-012024-09-30 NI620429core:LandBuildings2023-10-012024-09-30 NI620429core:PlantMachinery2023-10-012024-09-30 NI620429core:MotorVehicles2023-10-012024-09-30 NI620429core:FurnitureFittings2023-10-012024-09-30 NI620429core:ComputerEquipment2023-10-012024-09-30 NI620429core:MotorVehicles2023-09-30 NI620429core:MotorVehicles2024-09-30 NI620429business:OrdinaryShareClass12023-10-012024-09-30 NI620429business:OrdinaryShareClass12022-10-012023-09-30 NI6204292022-10-012023-09-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. NI620429 (Northern Ireland)
Farland Development Company Limited Unaudited accounts for the year ended 30 September 2024
Farland Development Company Limited Unaudited accounts Contents
Page
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Farland Development Company Limited Company Information for the year ended 30 September 2024
Directors
Claudia Farrell Dermott Farrell
Company Number
NI620429 (Northern Ireland)
Registered Office
Cootehall Leansmount Lurgan Armagh BT67 9JP
Accountants
Martina Harbinson 2 Kiln Lodge Lurgan Craigavon Armagh BT66 6HT
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Farland Development Company Limited Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
72,560 
- 
Current assets
Inventories
2,489 
2,489 
Debtors
7,204 
6,988 
Cash at bank and in hand
20,186 
9,925 
29,879 
19,402 
Creditors: amounts falling due within one year
(102,575)
(3,644)
Net current (liabilities)/assets
(72,696)
15,758 
Net (liabilities)/assets
(136)
15,758 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(137)
15,757 
Shareholders' funds
(136)
15,758 
For the year ending 30 September 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 9 June 2025 and were signed on its behalf by
Dermott Farrell Director Company Registration No. NI620429
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Farland Development Company Limited Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
Farland Development Company Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI620429. The registered office is Cootehall, Leansmount, Lurgan, Armagh, BT67 9JP.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Inventories
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 manufacturing/completion.
Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
Trade and Other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Borrowing Costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditures the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method , unless the effect of discounting would be immaterial , in which case they are stated at cost.
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Farland Development Company Limited Notes to the Accounts for the year ended 30 September 2024
Taxation and Deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0%
Plant & machinery
20%
Motor vehicles
20%
Fixtures & fittings
20%
Computer equipment
25%
4
Tangible fixed assets
Motor vehicles 
£ 
Cost or valuation
At cost 
At 1 October 2023
- 
Additions
90,700 
At 30 September 2024
90,700 
Depreciation
Charge for the year
18,140 
At 30 September 2024
18,140 
Net book value
At 30 September 2024
72,560 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
246 
30 
Trade debtors
6,958 
6,958 
7,204 
6,988 
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Farland Development Company Limited Notes to the Accounts for the year ended 30 September 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
13,711 
- 
Amounts owed to group undertakings and other participating interests
85,000 
- 
Loans from directors
3,464 
3,464 
Accruals
400 
180 
102,575 
3,644 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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