ACCOUNTS - Final Accounts preparation

Company Registration Number: 14815481

FARMISON & CO LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

FARMISON & CO LIMITED

REGISTERED NUMBER: 14815481

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		203,761		238,783
Tangible assets	5		231,969		297,933
			435,730		536,716
Current assets
Stocks		588,705		417,754
Debtors: amounts falling due within one year	6	1,193,752		349,326
Cash at bank and in hand	7	285,427		282,987
		2,067,884		1,050,067
Creditors: amounts falling due within one year	8	(2,269,917)		(856,357)
Net current (liabilities)/assets			(202,033)		193,710
Total assets less current liabilities			233,697		730,426
Creditors: amounts falling due after more than one year			(70,500)		-

Net assets			163,197		730,426

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FARMISON & CO LIMITED

REGISTERED NUMBER: 14815481

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Financed by:
Amounts owed to shareholders		1,787,038	350,000
			-
Capital and reserves			-
Called up share capital	11	1,660	1,660
Share premium account	12	998,340	998,340
Revaluation reserve	12	165,750	165,750
Profit and loss account	12	(2,789,591)	(785,324)
		163,197	730,426

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A J Clarke

Director

Date: 24 September 2025

The notes on pages 3 to 10 form part of these financial statements.

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Farmison & Co Limited is a private company limited by shares and registered in England and Wales. The company's registered number is 14815481 and the registered address is Farmison & Co, Bondgate Green, Ripon, North Yorkshire, HG4 1QW.
The financial statements are presented in sterling and this is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

Despite the losses incurred during the year, the company retains the support of the shareholders, to which the company owes £1,787,038 and the support of the bank for the next year and therefore these accounts have been prepared on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Current and deferred taxation

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

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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

25%

Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 55 (2023 - 46).

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Website
		£
	Cost
	At 1 January 2024	279,527
	Additions	40,320
	At 31 December 2024	319,847
	Amortisation
	At 1 January 2024	40,744
	Charge for the year on owned assets	75,342
	At 31 December 2024	116,086
	Net book value
	At 31 December 2024	203,761
	At 31 December 2023	238,783

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2024	349,301
	Additions	24,333
	Disposals	(4,300)
	At 31 December 2024	369,334
	Depreciation
	At 1 January 2024	51,368
	Charge for the year on owned assets	90,297
	Disposals	(4,300)
	At 31 December 2024	137,365
	Net book value
	At 31 December 2024	231,969
	At 31 December 2023	297,933

Assets with a historical value of £77,000 were revalued on 21 April 2023 by Hilco. The increase in valuation was £221,000 which is included in the revaluation reserve, less any deferred tax provision.

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:
	2024	2023
	£	£


Cost	128,301	128,301
Accumulated depreciation	(38,718)	(18,218)
Net book value	89,583	110,083

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FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	301,867	69,822
Other debtors	71,711	67,688
Prepayments and accrued income	63,321	82,572
Deferred taxation	756,853	129,244
	1,193,752	349,326

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	285,427	282,987
	285,427	282,987

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	190,505	-
Trade creditors	1,402,408	622,101
Other taxation and social security	68,253	85,862
Other creditors	370,195	70,677
Accruals and deferred income	238,556	77,717
	2,269,917	856,357

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	70,500	-
	70,500	-

The Close Brothers Limited loan dated 30 July 2024 is secured by way of a fixed and floating charge. The other loans are secured by way of all assets of the company.

Page 8

FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Deferred taxation

		2024
		£

	At beginning of year	129,244
	Charged to profit or loss	627,609
	At end of year	756,853

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(45,090)	(57,673)
Tax losses carried forward	857,193	242,167
Deferred Tax on revaluation reserve	(55,250)	(55,250)
	756,853	129,244

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,660 (2023 - 1,660) Ordinary shares of £1.00 each	1,660	1,660

Page 9

FARMISON & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.

Reserves

Share premium account

The reserve records the amount above the nominal value received for shares sold.

Revaluation reserve

The revaluation reserve represents the amount of of unrealised surplus created when the assets were revalued, less any deferred tax provision. The reserve is non-distributable reserves.

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