Farer Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

Farer Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09316365 . The registered office is Hazelwood Farm, Bottle Lane, Warfield, Bracknell, Berkshire, RG42 5RX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Preparation of consolidated financial statements

The financial statements contain information about Farer Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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

2.2. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the directors have made the following judgements:

- Determined that the accounting policy in place in respect of turnover recognition and measurement is reasonable.

- Determined that the measurement and recognition policies in place in respect of stock and associated purchase orders are reasonable and appropriate.

2.3. Turnover

Turnover is recognised the the extent that is it probable the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.

Turnover 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 reliably measured;

- 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 reliably measured

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	10 years striaght line
Plant & Machinery	2 years striaght line
Motor Vehicles	4 years striaght line
Fixtures & Fittings	2 years striaght line
Computer Equipment	2 years striaght line

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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Farer Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. 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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

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Farer Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.10. Research and development

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

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

4. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 January 2025	25,771	127,041	152,812
Additions	-	37,145	37,145

As at 31 December 2025	25,771	164,186	189,957

Depreciation
As at 1 January 2025	4,510	95,537	100,047
Provided during the period	2,577	25,452	28,029

As at 31 December 2025	7,087	120,989	128,076

Net Book Value
As at 31 December 2025	18,684	43,197	61,881

As at 1 January 2025	21,261	31,504	52,765

5. Investments

	Other
	£
Cost or Valuation
As at 1 January 2025	1

As at 31 December 2025	1

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1

As at 1 January 2025	1

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Farer Inc

Registered office: Hazelwood Farm, Bottle Lane, Warfield, Bracknell, Berkshire, RG42 5RX

Nature of business: Retail of watches and related accessories

Class of shares: Ordinary

Shareholding: 100%

Financial results

Capital and reserves: £85,291 (2024: £51,291)

Profit/(loss) for the year: £37,988 (2024: £11,930)

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Farer Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Stocks

	2025	2024
	£	£
Stocks	1,701,924	1,925,320

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	41,407	55,603
Other debtors	24,073	13,757

	65,480	69,360

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	154,182	548,186
Bank loans and overdrafts	91,416	54,840
Other creditors	82,057	42,346
Taxation and social security	94,060	127,420

	421,715	772,792

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,000	1,000

10. Ultimate Controlling Party

The company has no ultimate controlling party.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		61,881		52,765
Investments	5		1		1

			61,882		52,766
CURRENT ASSETS
Stocks	6	1,701,924		1,925,320
Debtors	7	65,480		69,360
Cash at bank and in hand		1,156,043		1,177,320

		2,923,447		3,172,000
Creditors: Amounts Falling Due Within One Year	8	(421,715 )		(772,792 )

NET CURRENT ASSETS (LIABILITIES)			2,501,732		2,399,208

TOTAL ASSETS LESS CURRENT LIABILITIES			2,563,614		2,451,974

NET ASSETS			2,563,614		2,451,974

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Share premium account			129,000		129,000
Income Statement			2,433,614		2,321,974

SHAREHOLDERS' FUNDS			2,563,614		2,451,974