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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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A D & C FARRELL LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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FOR |
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A D & C FARRELL LIMITED |
A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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A D & C FARRELL LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 September 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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STATEMENT OF FINANCIAL POSITION |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 September 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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A D & C Farrell Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reports Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost |
convention. |
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The principle accounting policies adopted in the preparation of the financial statements are set out below. |
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The transition to FRS 102 Section 1A has resulted in no changes to the accounting policies used previously. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 October 2015. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover represents the net value of services provided and fees receivable in the year. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts, |
trade creditors, accruals and bank loans. |
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Financial instruments that are payable or receivable within one year, typically trade debtors, Directors' loan |
accounts, trade creditors and accruals, are measured initially and subsequently at the discounted amount of the |
cash or other consideration that is expected to be paid or received. |
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Financial instruments repayable in more than one year such as bank loans are initially measured at present value |
of the future payments and subsequently at amortised cost using the effective interest method unless the effect of |
discounting would be immaterial. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2016 |
and 30 September 2017 |
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AMORTISATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 October 2016 |
and 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Prepayments |
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A D & C FARRELL LIMITED (REGISTERED NUMBER: 03430757) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Tax |
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Social security and other taxes |
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Other creditors |
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Directors' loan accounts | 27,102 | 8,081 |
Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Between one and five years |
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9. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £51,640 were paid to the directors . |
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The company occupies premises owned by a pension fund of which the director, A D Farrell OBE, is a member. |
Rent of £23,000 (2016: £23,000) was paid under an informal lease during the year. |
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The controlling party is the directors. |