Farrell Software Associates Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03075558 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2017

FOR

FARRELL SOFTWARE ASSOCIATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Farrell

Mrs A L Farrell

SECRETARY:

Mrs A L Farrell

REGISTERED OFFICE:

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

REGISTERED NUMBER:

03075558 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

FIXED ASSETS

Tangible assets

4

593

790

CURRENT ASSETS

Debtors

5

6,079

5,102

Cash at bank and in hand

16,694

17,466

22,773

22,568

CREDITORS

Amounts falling due within one year

6

22,602

22,158

NET CURRENT ASSETS

171

410

TOTAL ASSETS LESS CURRENT LIABILITIES

764

1,200

PROVISIONS FOR LIABILITIES

7

112

158

NET ASSETS

652

1,042

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

552

942

SHAREHOLDERS' FUNDS

652

1,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1st September 2017 and were signed on its behalf by:

S Farrell - Director

1.	STATUTORY INFORMATION

Farrell Software Associates Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment

-

25% on reducing balance

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipment

£

COST

At 6th April 2016

and 5th April 2017

14,977

DEPRECIATION

At 6th April 2016

14,187

Charge for year

197

At 5th April 2017

14,384

NET BOOK VALUE

At 5th April 2017

593

At 5th April 2016

790

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/17

5/4/16

£

£

Trade debtors

2,880

672

Directors' current accounts

3,199

4,430

6,079

5,102

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/17

5/4/16

£

£

Tax

14,847

14,173

Social security and other taxes

6,315

6,545

Accrued expenses

1,440

1,440

22,602

22,158

7.	PROVISIONS FOR LIABILITIES

5/4/17

5/4/16

£

£

Deferred tax

112

158

Deferred

tax

£

Balance at 6th April 2016

158

Accelerated capital allowances

(46

)

Balance at 5th April 2017

112

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

5/4/17

5/4/16

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 6th April 2016

942

Profit for the year

57,610

Dividends

(58,000

)

At 5th April 2017

552

10.	CONTINGENT LIABILITIES

The company had no contingent liabilities at 5th April 2017 (2016 - none).

11.	RELATED PARTY DISCLOSURES

During the year Mr S Farrell charged the company £1,920 (2016 - £1,920) for business use of his private home

and £12,200 (2016 - £14,929) for business use of his private car which was calculated in accordance with

HMRC approved mileage rates.

12.	ULTIMATE CONTROLLING PARTY

Mr S Farrell and Mrs A L Farrell together own 100% of the company's issued share capital.

13.	FIRST TIME ADOPTION OF FINANCIAL REPORTING STANDARD 102

These financial statements are the first which the company has prepared in accordance with the provisions of

Financial Reporting Standard 102 (FRS 102), including those of Section 1A relating to "Small Entities". The

transition to FRS 102 has had no effect on any item included within the opening balance sheet of the comparative

period at 6th April 2015, the income statement for the comparative period ended 5th April 2016 or the closing

balance sheet of the comparative period at 5th April 2016.