Company No: 08940737 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	0		95,700
Tangible assets	4	128,410		478,024
		128,410		573,724
Current assets
Stocks		3,000		3,000
Debtors	5	278,395		123,288
Cash at bank and in hand		576,665		147,976
		858,060		274,264
Creditors: amounts falling due within one year	6	( 433,063)		( 203,361)
Net current assets		424,997		70,903
Total assets less current liabilities		553,407		644,627
Creditors: amounts falling due after more than one year	7	( 125,014)		( 153,295)
Provision for liabilities		( 23,561)		( 84,333)
Net assets		404,832		406,999
Capital and reserves
Called-up share capital	8	721,000		721,000
Profit and loss account		( 316,168 )		( 314,001 )
Total shareholders' funds		404,832		406,999

For the financial year ending 31 March 2026 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Favis of Salcombe Limited (registered number: 08940737) were approved and authorised for issue by the Board of Directors on 08 September 2026. They were signed on its behalf by:

Mr K Favis Director

Mr N Favis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Favis of Salcombe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Torr Quarry Industrial Estate, East Allington, Totnes, Devon, TQ9 7QQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	12		12

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	1,595,000		1,595,000
At 31 March 2026	1,595,000		1,595,000
Accumulated amortisation
At 01 April 2025	1,499,300		1,499,300
Charge for the financial year	95,700		95,700
At 31 March 2026	1,595,000		1,595,000
Net book value
At 31 March 2026	0		0
At 31 March 2025	95,700		95,700

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2025	278,856		255,876		543,034		1,077,766
Additions	1,081		92,360		0		93,441
Disposals	0		( 27,498)		( 543,034)		( 570,532)
At 31 March 2026	279,937		320,738		0		600,675
Accumulated depreciation
At 01 April 2025	248,802		181,753		169,187		599,742
Charge for the financial year	8,514		49,696		0		58,210
Disposals	0		( 16,500)		( 169,187)		( 185,687)
At 31 March 2026	257,316		214,949		0		472,265
Net book value
At 31 March 2026	22,621		105,789		0		128,410
At 31 March 2025	30,054		74,123		373,847		478,024

5. Debtors

	2026		2025
	£		£
Trade debtors	162,678		53,930
Other debtors	115,717		69,358
	278,395		123,288

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	1,667		10,000
Trade creditors	203,171		102,013
Corporation tax	120,812		5,174
Other taxation and social security	12,186		12,245
Obligations under finance leases and hire purchase contracts	80,331		37,916
Other creditors	14,896		36,013
	433,063		203,361

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	0		1,667
Deferred income	1		31,726
Obligations under finance leases and hire purchase contracts	53,013		47,902
Other creditors	72,000		72,000
	125,014		153,295

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000
800,000 Redeemable Preference shares of £ 1.00 each	800,000		800,000
	801,000		801,000

9. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed by the directors	54,609		17,544