Company registration number 05372301 (England and Wales)
FARRINGTON OILS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
FARRINGTON OILS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FARRINGTON OILS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FARRINGTON OILS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Farrington Oils Limited for the year ended 28 February 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Farrington Oils Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Farrington Oils Limited and state those matters that we have agreed to state to the Board of Directors of Farrington Oils Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Farrington Oils Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Farrington Oils Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Farrington Oils Limited. You consider that Farrington Oils Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Farrington Oils Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
1 June 2022
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
FARRINGTON OILS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
217,568
274,825
Current assets
Stocks
554,959
216,546
Debtors
4
477,438
270,213
Investments
5
110,903
Cash at bank and in hand
337,749
829,922
1,481,049
1,316,681
Creditors: amounts falling due within one year
6
(139,886)
(207,044)
Net current assets
1,341,163
1,109,637
Total assets less current liabilities
1,558,731
1,384,462
Provisions for liabilities
7
(51,698)
(50,402)
Net assets
1,507,033
1,334,060
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,507,031
1,334,058
Total equity
1,507,033
1,334,060
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FARRINGTON OILS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
Mr D C Farrington
Director
Company Registration No. 05372301
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
1
Accounting policies
Company information
Farrington Oils Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bottom Farm, Hargrave, Wellingborough, Northamptonshire, NN9 6BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
20% straight line
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
15
17
3
Tangible fixed assets
Tenant's improve-ments
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2021
26,426
635,988
662,414
Additions
16,058
16,058
Disposals
(35,961)
(35,961)
At 28 February 2022
26,426
616,085
642,511
Depreciation and impairment
At 1 March 2021
387,589
387,589
Depreciation charged in the year
5,285
64,584
69,869
Eliminated in respect of disposals
(32,515)
(32,515)
At 28 February 2022
5,285
419,658
424,943
Carrying amount
At 28 February 2022
21,141
196,427
217,568
At 28 February 2021
26,426
248,399
274,825
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
187,741
202,786
Corporation tax recoverable
13,418
13,418
Other debtors
276,279
54,009
477,438
270,213
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 7 -
5
Current asset investments
2022
2021
£
£
Other investments
110,903
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
43,175
28,943
Corporation tax
78,539
120,319
Other taxation and social security
11,305
11,952
Other creditors
6,867
45,830
139,886
207,044
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
51,698
50,402
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
48,000
48,000