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Registration number: 04856900

Farrar Smith Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 30 November 2024

 

Farrar Smith Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Farrar Smith Limited

(Registration number: 04856900)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

213,966

 

221,750

Current assets

   

 

Stocks

126,072

 

110,847

 

Debtors

5

258,338

 

283,289

 

Cash at bank and in hand

 

92,573

 

59,755

 

 

476,983

 

453,891

 

Creditors: Amounts falling due within one year

6

(201,117)

 

(164,626)

 

Net current assets

   

275,866

 

289,265

Total assets less current liabilities

   

489,832

 

511,015

Creditors: Amounts falling due after more than one year

6

 

(144,749)

 

(163,384)

Provisions for liabilities

 

(11,093)

 

(12,137)

Net assets

   

333,990

 

335,494

Capital and reserves

   

 

Called up share capital

200,632

 

200,632

 

Profit and loss account

133,358

 

134,862

 

Total equity

   

333,990

 

335,494

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:
 

.........................................
Mr C.P. Lydon
Director

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

These financial statements were authorised for issue by the Board on 28 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 , including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Office equipment

25% on cost

Computer equipment

33% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Ten years

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Fixtures and equipment
£

Total
£

Cost or valuation

At 1 December 2023

224,820

21,245

246,065

At 30 November 2024

224,820

21,245

246,065

Depreciation

At 1 December 2023

8,992

15,323

24,315

Charge for the year

4,496

3,288

7,784

At 30 November 2024

13,488

18,611

32,099

Carrying amount

At 30 November 2024

211,332

2,634

213,966

At 30 November 2023

215,828

5,922

221,750

5

Debtors

Current

2024
£

2023
£

Trade debtors

54,967

79,118

Amounts owed by related parties

199,000

199,000

Prepayments

4,371

5,171

 

258,338

283,289

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

18,026

16,734

Trade creditors

9,090

12,336

Taxation and social security

78,558

66,412

Other creditors

95,443

69,144

201,117

164,626

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

144,749

163,384

 

Farrar Smith Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2024


 

Creditors include bank loans which are secured of £138,655 (2023 - £146,090). The loan is secured on the Company's land and buildings.

Creditors include bank loans repayable by instalments of £94,773 (2023 - £103,693) due after more than five years.

7

Parent and ultimate parent undertaking

The company's immediate parent is FSH (Leeds) Limited, incorporated in England & Wales.