Farolima Ltd 30/11/2022 iXBRL

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Company registration number: 13181093

Farolima Ltd

Unaudited filleted financial statements

30 November 2022

Farolima Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Farolima Ltd

Directors and other information


	Directors	Mr A J Read
		Mrs C A Read


	Company number	13181093


	Registered office	Vaughan Chambers
		Vaughan Road
		Harpenden
		Hertfordshire
		AL5 4EE


	Accountants	Hicks and Company
		Chartered Accountants
		Vaughan Chambers
		Vaughan Road
		Harpenden
		Hertfordshire
		AL5 4EE

Farolima Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Farolima Ltd

Year ended 30 November 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Farolima Ltd for the year ended 30 November 2022 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Farolima Ltd, as a body, in accordance with the terms of our engagement letter dated 8 February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Farolima Ltd and state those matters that we have agreed to state to the board of directors of Farolima Ltd 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 Farolima Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Farolima Ltd 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 loss of Farolima Ltd. You consider that Farolima Ltd 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 Farolima Ltd. 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.

Hicks and Company

Chartered Accountants

Vaughan Chambers

Vaughan Road

Harpenden

Hertfordshire

AL5 4EE

10 February 2023

Farolima Ltd

Statement of financial position

30 November 2022

		30/11/22		30/11/21
	Note	£	£	£	£

Fixed assets
Investments	5	50		50
		_______		_______
			50		50

Current assets
Debtors	6	105,040		105,140
Cash at bank and in hand		282		140
		_______		_______
		105,322		105,280
Creditors: amounts falling due
within one year	7	( 107,239)		( 106,192)
		_______		_______
Net current liabilities			( 1,917)		( 912)
			_______		_______
Total assets less current liabilities			( 1,867)		( 862)

			_______		_______
Net liabilities			( 1,867)		( 862)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			( 1,967)		( 962)
			_______		_______
Shareholders deficit			( 1,867)		( 862)
			_______		_______

For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 10 February 2023 , and are signed on behalf of the board by:

Mr A J Read

Director

Company registration number: 13181093

Farolima Ltd

Notes to the financial statements

Year ended 30 November 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 December 2021 and 30 November 2022	50	50
	_______	_______
Impairment
At 1 December 2021 and 30 November 2022	-	-
	_______	_______
Carrying amount
At 30 November 2022	50	50
	_______	_______
At 30 November 2021	50	50
	_______	_______

6. Debtors

	30/11/22	30/11/21
	£	£
Other debtors	105,040	105,140
	_______	_______

7. Creditors: amounts falling due within one year

	30/11/22	30/11/21
	£	£
Other creditors	107,239	106,192
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

Year ended 30/11/22
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A J Read	50	( 50)	-
	Mrs C A Read	50	( 50)	-
		_______	_______	_______
		100	( 100)	-
		_______	_______	_______

Period ended 30/11/21
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A J Read	-	50	50
	Mrs C A Read	-	50	50
		_______	_______	_______
		-	100	100
		_______	_______	_______

9. Related party transactions

During the year, the company advanced funds totalling £nil (2021 - £105,000) to Townstone (Lancaster Road) Ltd, a company in which Mr A Read is a director and shareholder. At 30 November 2022, there was a balance due from Townstone (Lancaster Road) Ltd of £105,000 (2021 - £105,000).During the year, the company received funds totalling £1,000 (2021 - £105,579) from Impala Property Ventures Ltd, a company in which Mr A Read and Mrs C Read are directors and shareholders. At 30 November 2022, there was a balance due to Impala Property Ventures Ltd of £106,579 (2021 - £105,579).