Further Afield Ltd - Period Ending 2023-11-30
Further Afield Ltd - Period Ending 2023-11-30
Registration number:
Further Afield Ltd
for the Year Ended 30 November 2023
Further Afield Ltd
Contents
Company Information |
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Balance sheet |
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Notes to the Unaudited Financial Statements |
Further Afield Ltd
Company Information
Directors |
P Heath C Taylor |
Registered office |
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Accountants |
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Further Afield Ltd
(Registration number: 06343648)
Balance sheet as at 30 November 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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Further Afield Ltd
(Registration number: 06343648)
Balance sheet as at 30 November 2023 (continued)
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and loss account.
The financial statements of Further Afield Ltd were approved and authorised for issue by the
.........................................
Director
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023
General information |
Further Afield Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts. Revenue is recognised when the significant risks and rewards of ownership of the products have passed to the buyer and the amount of revenue can be measured reliably.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance basis |
Website development |
20% straight line |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of change in
value.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of receivables is established when there is objective evidence that the company will not be
able to collect all amounts due according to the original terms of the receivables.
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
2 |
Accounting policies (continued) |
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
Intangible assets |
Goodwill |
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Cost |
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At 1 December 2022 |
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At 30 November 2023 |
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Amortisation |
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At 1 December 2022 |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
- |
At 30 November 2022 |
- |
Tangible fixed assets |
Land and buildings |
Plant & machinery |
Motor vehicles |
Website development |
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Cost |
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At 1 December 2022 |
- |
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Additions |
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- |
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Disposals |
- |
- |
( |
- |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
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At 30 November 2023 |
- |
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Carrying amount |
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At 30 November 2023 |
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- |
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At 30 November 2022 |
- |
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- |
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
5 |
Tangible fixed assets (continued) |
Total |
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Cost |
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At 1 December 2022 |
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Additions |
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Disposals |
( |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Included within the net book value of land and buildings above is £367,994 (2022 - £Nil) in respect of freehold land and buildings.
Receivables |
2023 |
2022 |
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Trade receivables |
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Prepayments |
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Cash at bank and in hand |
2023 |
2022 |
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Cash at bank |
277,444 |
527,255 |
Further Afield Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
Payables |
Payables: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
93,507 |
59,676 |
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Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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90 |
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90 |
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2 |
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2 |
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4 |
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4 |
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Reserves |
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 December 2022 |
96 |
6 |
568,844 |
568,946 |
Profit for the year |
- |
- |
233,096 |
233,096 |
Total comprehensive income |
- |
- |
233,096 |
233,096 |
Dividends |
- |
- |
(84,000) |
(84,000) |
At 30 November 2023 |
96 |
6 |
717,940 |
718,042 |