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Company registration number: 10362693
Frinton and Walton Magazine Ltd
Unaudited filleted financial statements
30 September 2022
Frinton and Walton Magazine Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Frinton and Walton Magazine Ltd
Directors and other information
Director Mark Stephenson
Company number 10362693
Registered office 5 Marion Avenue
Clacton on Sea
CO15 4EY
Business address 312A Old Road
Clacton on Sea
CO15 3NP
Accountants Hill Allen (Wickford) Limited
Office1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Frinton and Walton Magazine Ltd
Statement of financial position
30 September 2022
2022 2021
Note £ £ £ £
Intangible assets 4 - -
Current assets
Debtors 6 407 407
Cash at bank and in hand 1,209 1,863
_______ _______
1,616 2,270
Creditors: amounts falling due
within one year 7 ( 1,481) ( 1,737)
_______ _______
Net current assets 135 533
_______ _______
Total assets less current liabilities 135 533
_______ _______
Net assets 135 533
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 134 532
_______ _______
Shareholders funds 135 533
_______ _______
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 October 2022 , and are signed on behalf of the board by:
Mark Stephenson
Director
Company registration number: 10362693
Frinton and Walton Magazine Ltd
Notes to the financial statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Marion Avenue, Clacton on Sea, CO15 4EY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement.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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 50 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2021 and 30 September 2022 8,000 8,000
_______ _______
Amortisation
At 1 October 2021 and 30 September 2022 8,000 8,000
_______ _______
Carrying amount
At 30 September 2022 - -
_______ _______
At 30 September 2021 - -
_______ _______
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 October 2021 and 30 September 2022 3,649 3,649
_______ _______
Depreciation
At 1 October 2021 and 30 September 2022 3,649 3,649
_______ _______
Carrying amount
At 30 September 2022 - -
_______ _______
At 30 September 2021 - -
_______ _______
6. Debtors
2022 2021
£ £
Other debtors 407 407
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 300 570
Corporation tax - ( 1)
Other creditors 1,181 1,168
_______ _______
1,481 1,737
_______ _______
8. Controlling party
The company is controlled by the director, M Stephenson .