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Registration number: 06348104

Fresson & Tee Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Fresson & Tee Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Fresson & Tee Ltd

Company Information

Directors

Colin Martin

Neil Panton

Robert Say

Registered office

3RD Floor Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Fresson & Tee Ltd

(Registration number: 06348104)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

740,000

925,000

Tangible assets

5

96,314

120,766

 

836,314

1,045,766

Current assets

 

Stocks

6

144,526

229,538

Debtors

7

503,015

361,623

Cash at bank and in hand

 

560,116

693,249

 

1,207,657

1,284,410

Creditors: Amounts falling due within one year

8

(229,575)

(323,673)

Net current assets

 

978,082

960,737

Net assets

 

1,814,396

2,006,503

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

1,814,096

2,006,203

Total equity

 

1,814,396

2,006,503

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

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 13 September 2022 and signed on its behalf by:
 

.........................................
Colin Martin
Director

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The principal place of business is:
6th Floor
55-56 Queens House
Lincoln's Inn Fields
London
WC2A 3LJ

The address of its registered office is:
3RD Floor Lawford House
Albert Place
London
N3 1QA
United Kingdom

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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Going concern

The financial statements have been prepared on a going concern basis.

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the services and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

The current corporation 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 balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% reducing balance

Furniture and fittings

25% reducing balance

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Office equipment

33 1/3% 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Asset class

Amortisation method and rate

Goodwill

over 10 years

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 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 receivables.

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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.

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2021 - 17).

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

1,850,000

1,850,000

At 31 March 2022

1,850,000

1,850,000

Amortisation

At 1 April 2021

925,000

925,000

Amortisation charge

185,000

185,000

At 31 March 2022

1,110,000

1,110,000

Carrying amount

At 31 March 2022

740,000

740,000

At 31 March 2021

925,000

925,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

74,202

292,193

366,395

Additions

3,158

1,629

4,787

At 31 March 2022

77,360

293,822

371,182

Depreciation

At 1 April 2021

30,386

215,243

245,629

Charge for the year

4,697

24,542

29,239

At 31 March 2022

35,083

239,785

274,868

Carrying amount

At 31 March 2022

42,277

54,037

96,314

At 31 March 2021

43,816

76,950

120,766

Included within the net book value of land and buildings above is £42,277 (2021 - £43,816) in respect of short leasehold land and buildings.
 

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Stocks

2022
£

2021
£

Work in progress

144,526

229,538

7

Debtors

2022
£

2021
£

Trade debtors

344,010

203,167

Prepayments

100,107

63,680

Other debtors

58,898

94,776

503,015

361,623

 

Fresson & Tee Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

22,538

55,863

Taxation and social security

191,980

258,080

Accruals and deferred income

5,500

5,500

Other creditors

9,557

4,230

229,575

323,673

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

100

100

100

100

 

300

300

300

300

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £422,916 (2021 - £123,999). The financial committments is the rental lease on the business premises. The lease term is 5 years from 16 January 2022 at £50,000 per annum and from 16 July 2023 £100,000 per annum.

11

Related party transactions

Other transactions with directors

At the balane sheet date, the company owed £3,071 (2021 - £1,685) to the directors. The loan is provided interest free and unsecured. There are no formal terms and conditions regarding to the repayment of the loan.