Company Registration No. 05372301 (England and Wales)
FARRINGTON OILS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
FARRINGTON OILS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
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 2021
- 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 2021 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
7 June 2021
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
FARRINGTON OILS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2021
28 February 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
274,825
133,822
Current assets
Stocks
216,546
150,352
Debtors
4
270,213
248,385
Cash at bank and in hand
829,922
648,380
1,316,681
1,047,117
Creditors: amounts falling due within one year
5
(207,044)
(120,498)
Net current assets
1,109,637
926,619
Total assets less current liabilities
1,384,462
1,060,441
Provisions for liabilities
6
(50,402)
(23,860)
Net assets
1,334,060
1,036,581
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,334,058
1,036,579
Total equity
1,334,060
1,036,581
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 2021 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 2021
28 February 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 June 2021 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 2021
- 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
Nil
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 2021
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
17
16
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
3
Tangible fixed assets
Tenant's improve-ments
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2020
26,426
412,174
438,600
Additions
223,814
223,814
At 28 February 2021
26,426
635,988
662,414
Depreciation and impairment
At 1 March 2020
304,778
304,778
Depreciation charged in the year
82,811
82,811
At 28 February 2021
387,589
387,589
Carrying amount
At 28 February 2021
26,426
248,399
274,825
At 29 February 2020
26,426
107,396
133,822
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
202,786
183,055
Corporation tax recoverable
13,418
13,418
Other debtors
54,009
51,912
270,213
248,385
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
28,943
36,671
Corporation tax
120,319
52,483
Other taxation and social security
11,952
11,898
Other creditors
45,830
19,446
207,044
120,498
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
6
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
50,402
23,860
7
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:
2021
2020
£
£
48,000
48,000
FARRINGTON OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 8 -
8
Related party transactions
As at 29 February 2020, F R W Farrington & Son owed the company £12,430. F R W Farrington & Son is a related party due to one director also being a partner of F R W Farrington & Son. The loan was repaid in the year, with interest being charged at 2.9%.