FARIMA PROPERTIES LTD

FARIMA PROPERTIES LTD

FARIMA PROPERTIES LTD - Company Information

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FARIMA PROPERTIES LTD

Company Registration Number:
05217352 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2021

Period of accounts

Start date: 01 September 2020

End date: 31 August 2021

FARIMA PROPERTIES LTD

Contents of the Financial Statements

for the Period Ended 31 August 2021

Balance sheet
Notes

FARIMA PROPERTIES LTD

Balance sheet

As at 31 August 2021


Notes
2021
2020


£
£
Fixed assets
Tangible assets: 3 7,908 6,453
Total fixed assets: 7,908 6,453
Current assets
Stocks: 3,109,837 3,000,437
Debtors:   850,771 567,264
Cash at bank and in hand: 88,404 170,608
Total current assets: 4,049,012 3,738,309
Creditors: amounts falling due within one year: 4 (3,219,812) (2,999,233)
Net current assets (liabilities): 829,200 739,076
Total assets less current liabilities: 837,108 745,529
Provision for liabilities: (850)
Total net assets (liabilities): 836,258 745,529
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 836,257 745,528
Shareholders funds: 836,258 745,529

The notes form part of these financial statements

FARIMA PROPERTIES LTD

Balance sheet statements

For the year ending 31 August 2021 the company was entitled to exemption 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 this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 August 2022
and signed on behalf of the board by:

Name: Mr M. Heapy
Status: Director

The notes form part of these financial statements

FARIMA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 August 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.

Valuation and information policy

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

FARIMA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 August 2021

2. Employees

2021 2020
Average number of employees during the period 3 3

FARIMA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 August 2021

3. Tangible Assets

Total
Cost £
At 01 September 2020 10,637
Additions 3,432
At 31 August 2021 14,069
Depreciation
At 01 September 2020 4,184
Charge for year 1,977
At 31 August 2021 6,161
Net book value
At 31 August 2021 7,908
At 31 August 2020 6,453

FARIMA PROPERTIES LTD

Notes to the Financial Statements

for the Period Ended 31 August 2021

4. Creditors: amounts falling due within one year note

Bank loans and overdrafts £836,000 (443,171)Accruals £6,970 (2,470)Taxation and social security costs £23,805 (13,571)Directors loan account £2,353,037 (2,536,168)Other creditors £Nil (853)