Firs Farm Turbine Limited

FIRS FARM TURBINE LIMITED - Company Information

2022-06-012023-05-312023-05-31false09195872Firs Farm Turbine 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Registered Number
09195872
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

Firs Farm Turbine Limited

Company Information
for the year from 1 June 2022 to 31 May 2023


Directors	Ray Fawkes
	Stephen David Milner


Registered Address	Unit 14 Follifoot Ridge Business Park Pannal Road
	Follifoot
	Harrogate
	HG3 1DP


Registered Number	09195872 (England and Wales)

Firs Farm Turbine Limited

Statement of Financial Position
31 May 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		352,500		381,875
			352,500		381,875
Current assets
Debtors	6	12,996		15,346
Cash at bank and on hand		58,607		35,358
		71,603		50,704
Creditors amounts falling due within one year	7	(166,480)		(178,817)
Net current assets (liabilities)			(94,877)		(128,113)
Total assets less current liabilities			257,623		253,762
Creditors amounts falling due after one year	8		(128,275)		(153,275)
Provisions for liabilities	9		(75,949)		(61,271)
Net assets			53,399		39,216
Capital and reserves
Called up share capital			20		20
Profit and loss account			53,379		39,196
Shareholders' funds			53,399		39,216

The company was entitled to exemption from audit for this reporting period 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 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 and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 22 February 2024, and are signed on its behalf by:

Stephen David Milner
Director
Registered Company No. 09195872

Firs Farm Turbine Limited

Notes to the Financial Statements
for the year ended 31 May 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

3.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	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/or the rendering of services. 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.

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/or the rendering of services.

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.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Property, plant and equipment policy

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	20

	Taxation policy
	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 policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Valuation of financial instruments policy
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

4.	Employee information


		2023		2022
	Average number of employees during the year	2		2

5.	Property, plant and equipment

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 June 22	587,500	587,500
At 31 May 23	587,500	587,500
Depreciation and impairment
At 01 June 22	205,625	205,625
Charge for year	29,375	29,375
At 31 May 23	235,000	235,000
Net book value
At 31 May 23	352,500	352,500
At 31 May 22	381,875	381,875

6.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	2,594	-
Prepayments and accrued income	10,402	15,346
Total	12,996	15,346


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	6,624	-
Taxation and social security	12,764	8,008
Other creditors	128,275	153,275
Accrued liabilities and deferred income	18,817	17,534
Total	166,480	178,817


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors after one year

	2023	2022
	£	£
Other creditors	128,275	153,275
Total	128,275	153,275

9.	Provisions for liabilities

	2023	2022
	£	£
Other provisions	75,949	61,271
Total	75,949	61,271