Company Registration No. 07034766 (England and Wales)
Far Eastern Manufacturing Limited
Unaudited accounts
for the year ended 31 December 2020
Far Eastern Manufacturing Limited
Unaudited accounts
Contents
Far Eastern Manufacturing Limited
Company Information
for the year ended 31 December 2020
Directors
M Robinson
M Steinhart
Company Number
07034766 (England and Wales)
Registered Office
Churchill House
137-139 Brent Street
London
NW4 4DJ
Accountants
Clearfin Accountants Limited
Churchill House
137-139 Brent Street
London
NW4 4DJ
Far Eastern Manufacturing Limited
Statement of financial position
as at 31 December 2020
Tangible assets
99,322
104,611
Debtors
3,144,057
2,124,547
Cash at bank and in hand
1,708,664
817,549
Creditors: amounts falling due within one year
(2,088,754)
(1,079,953)
Net current assets
2,846,417
1,941,005
Net assets
2,945,739
2,045,616
Called up share capital
2
2
Profit and loss account
2,945,737
2,045,614
Shareholders' funds
2,945,739
2,045,616
For the year ending 31 December 2020 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.
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 12 May 2021 and were signed on its behalf by
M Robinson
Director
Company Registration No. 07034766
Far Eastern Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2020
Far Eastern Manufacturing Limited is a private company, limited by shares, registered in England and Wales, registration number 07034766. The registered office is Churchill House, 137-139 Brent Street, London, NW4 4DJ.
2
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.
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.
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:
Plant & machinery
20% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
20% reducing balance
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.
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.
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.
Far Eastern Manufacturing Limited
Notes to the Accounts
for the year ended 31 December 2020
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2020
275,115
-
51,155
326,270
Additions
11,639
2,300
5,603
19,542
At 31 December 2020
286,754
2,300
56,758
345,812
At 1 January 2020
191,450
-
30,209
221,659
Charge for the year
19,061
460
5,310
24,831
At 31 December 2020
210,511
460
35,519
246,490
At 31 December 2020
76,243
1,840
21,239
99,322
At 31 December 2019
83,665
-
20,946
104,611
Finished goods
82,450
78,862
6
Debtors: amounts falling due within one year
2020
2019
Trade debtors
1,250,834
323,409
Amounts due from group undertakings etc.
1,688,356
1,012,204
Accrued income and prepayments
45,614
15,000
Other debtors
159,253
773,934
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
1,277,572
621,416
Trade creditors
314,629
223,393
Taxes and social security
112,497
59,313
Included within other debtors is a balance of £87,129 (2019: £109,441) due from a director of the company, which was repaid to the company shortly after the year end date. Interest has been charged on this balance at 2.5%.
9
Average number of employees
During the year the average number of employees was 8 (2019: 7).
