Company Registration No. 03868176 (England and Wales)
CHRISTOPHER FARR CLOTH LIMITED
Unaudited accounts
for the year ended 31 December 2019
CHRISTOPHER FARR CLOTH LIMITED
Unaudited accounts
Contents
CHRISTOPHER FARR CLOTH LIMITED
Company Information
for the year ended 31 December 2019
Directors
MIchal SIlver
Matthew John Sheridan Bourne
Company Number
03868176 (England and Wales)
Registered Office
7 Albert Buildings
49 Queen Victoria Street
London
EC4N 4SA
United Kingdom
CHRISTOPHER FARR CLOTH LIMITED
Statement of financial position
as at 31 December 2019
Tangible assets
914
11,639
Inventories
392,990
430,282
Cash at bank and in hand
2,263,124
1,953,784
Creditors: amounts falling due within one year
(715,726)
(832,894)
Net current assets
2,801,321
2,294,503
Total assets less current liabilities
2,802,236
2,306,143
Provisions for liabilities
Net assets
2,802,236
2,305,875
Called up share capital
1,000
1,000
Profit and loss account
2,801,236
2,304,875
Shareholders' funds
2,802,236
2,305,875
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 December 2020 and were signed on its behalf by
MIchal SIlver
Director
Company Registration No. 03868176
CHRISTOPHER FARR CLOTH LIMITED
Notes to the Accounts
for the year ended 31 December 2019
CHRISTOPHER FARR CLOTH LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03868176. The registered office is 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
3 years straight line
Computer equipment
3 years straight line
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
CHRISTOPHER FARR CLOTH LIMITED
Notes to the Accounts
for the year ended 31 December 2019
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Total
At 31 December 2018
11,639
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
CHRISTOPHER FARR CLOTH LIMITED
Notes to the Accounts
for the year ended 31 December 2019
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,361 (2018 - £35,539)
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Operating lease commitments
2019
2018
At 31 December 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
101,200
101,200
Within two to five years
303,600
404,800
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Average number of employees
During the year the average number of employees was 9 (2018: 7).
