Company Registration No. 07034766 (England and Wales)
Far Eastern Manufacturing Limited
Unaudited accounts
for the year ended 31 December 2022
Far Eastern Manufacturing Limited
Unaudited accounts
Contents
Far Eastern Manufacturing Limited
Company Information
for the year ended 31 December 2022
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 2022
Tangible assets
151,459
125,166
Debtors
4,025,063
4,108,105
Cash at bank and in hand
1,687,323
1,882,638
Creditors: amounts falling due within one year
(1,560,191)
(2,119,165)
Net current assets
4,234,607
3,964,330
Net assets
4,386,066
4,089,496
Called up share capital
2
2
Profit and loss account
4,386,064
4,089,494
Shareholders' funds
4,386,066
4,089,496
For the year ending 31 December 2022 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 29 September 2023 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 2022
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 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
307,310
21,263
74,375
402,948
Additions
56,281
-
7,878
64,159
At 31 December 2022
363,591
21,263
82,253
467,107
At 1 January 2022
229,871
4,621
43,290
277,782
Charge for the year
26,744
3,329
7,793
37,866
At 31 December 2022
256,615
7,950
51,083
315,648
At 31 December 2022
106,976
13,313
31,170
151,459
At 31 December 2021
77,439
16,642
31,085
125,166
Finished goods
82,412
92,752
Amounts falling due within one year
Trade debtors
860,816
1,471,798
Amounts due from group undertakings etc.
2,689,207
2,065,451
Accrued income and prepayments
31,769
21,940
Other debtors
443,271
548,916
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
763,319
1,215,713
Trade creditors
156,478
328,233
Taxes and social security
233,574
201,702
Other creditors
1,187
1,200
Loans from directors
6
6,596
8
Average number of employees
During the year the average number of employees was 8 (2021: 12).
