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Registration number: 00654605

Measom Freer & Company Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2018

Robert Whowell & Partners
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Measom Freer & Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Measom Freer & Company Limited

Company Information

Directors

P. A. Freer

M. R. M. Freer

A. J. M. Freer

J. C. Freer

A. M. Freer

Registered office

37-41 Chartwell Drive
Wigston
Leicester
LE18 2FL

Auditors

Robert Whowell & Partners
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Measom Freer & Company Limited

(Registration number: 00654605)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

488,332

523,853

Current assets

 

Stocks

5

259,554

222,104

Debtors

6

330,124

337,691

Cash at bank and in hand

 

678,661

520,401

 

1,268,339

1,080,196

Creditors: Amounts falling due within one year

7

(759,016)

(701,614)

Net current assets

 

509,323

378,582

Total assets less current liabilities

 

997,655

902,435

Provisions for liabilities

(5,569)

(8,036)

Net assets

 

992,086

894,399

Capital and reserves

 

Called up share capital

8

1,526

1,526

Profit and loss account

990,560

892,873

Total equity

 

992,086

894,399

The notes on pages 4 to 10 form an integral part of these financial statements.
 

 

Measom Freer & Company Limited

(Registration number: 00654605)
Balance Sheet as at 31 March 2018

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2018 and signed on its behalf by:
 

.........................................

M. R. M. Freer
Director

.........................................

A. J. M. Freer
Director

The notes on pages 4 to 10 form an integral part of these financial statements.
 

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37-41 Chartwell Drive
Wigston
Leicester
LE18 2FL

These financial statements were authorised for issue by the Board on 9 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 November 2018 was Jason Whowell BSc FCA, who signed for and on behalf of Robert Whowell & Partners.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

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.

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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 assets

Tangible 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 assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Fixtures, fittings and equipment

20% on cost

Plant and machinery

20% and 33.3% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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 debtor.

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Defined benefit pension obligation

Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2017 - 29).

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2017

867,626

253,263

1,796,779

2,917,668

Additions

-

-

18,952

18,952

Disposals

-

-

(9,369)

(9,369)

At 31 March 2018

867,626

253,263

1,806,362

2,927,251

Depreciation

At 1 April 2017

424,461

250,603

1,718,751

2,393,815

Charge for the year

17,353

1,070

36,000

54,423

Eliminated on disposal

-

-

(9,319)

(9,319)

At 31 March 2018

441,814

251,673

1,745,432

2,438,919

Carrying amount

At 31 March 2018

425,812

1,590

60,930

488,332

At 31 March 2017

443,165

2,660

78,028

523,853

5

Stocks

2018
£

2017
£

Raw materials and consumables

119,741

96,022

Finished goods and goods for resale

139,813

126,082

259,554

222,104

 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Debtors

2018
£

2017
£

Trade debtors

254,619

254,107

Prepayments

74,665

82,994

Other debtors

840

590

330,124

337,691

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

407,572

337,499

Taxation and social security

56,877

51,292

Accruals and deferred income

26,048

27,815

Other creditors

268,519

285,008

759,016

701,614

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1,526

1,526

1,526

1,526

         
 

Measom Freer & Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Related party transactions

Summary of transactions with other related parties

Measom Freer & Company Limited leases a property from a pension scheme of which the beneficiary is P. A. Freer, a director and shareholder of Measom Freer & Company Limited. The lease is for £35,000 per annum which was a market rent valuation provided by Sturgis Shattock and Partners, Chartered Surveyors.

During the year the directors received dividends amounting to £169,680.