Frisla Holdings Ltd 13223570 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is making investments Digita Accounts Production Advanced 6.30.9574.0 true 13223570 2022-03-01 2023-02-28 13223570 2023-02-28 13223570 core:CurrentFinancialInstruments 2023-02-28 13223570 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13223570 bus:SmallEntities 2022-03-01 2023-02-28 13223570 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13223570 bus:FullAccounts 2022-03-01 2023-02-28 13223570 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 13223570 bus:RegisteredOffice 2022-03-01 2023-02-28 13223570 bus:Director1 2022-03-01 2023-02-28 13223570 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13223570 countries:EnglandWales 2022-03-01 2023-02-28 13223570 2021-02-24 2022-02-28 13223570 2022-02-28 13223570 core:CurrentFinancialInstruments 2022-02-28 13223570 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 13223570

Prepared for the registrar

Frisla Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Frisla Holdings Ltd

(Registration number: 13223570)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

28,659

148,420

Cash at bank and in hand

 

367,430

676,479

 

396,089

824,899

Creditors: Amounts falling due within one year

5

(110,983)

(420,106)

Net assets

 

285,106

404,793

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

285,105

404,792

Shareholders' funds

 

285,106

404,793

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 5 October 2023
 


Andrew Hirons
Director

 

Frisla Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Investments

Investments are measured at cost less impairment.

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.

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.

 

Frisla Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

4

Debtors

2023
£

2022
£

Other debtors

28,659

148,420

 

28,659

148,420

 

5

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

6

109,298

322,343

Accrued expenses

 

1,560

2,725

Corporation tax liability

125

95,038

 

110,983

420,106

 

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director's loan account

109,298

322,343

 

7

Related party transactions

At 28 February 2023, the company owed £109,298 (2022 - £322,343) to Andrew Hirons in the form of a director's loan account. The loan is unsecured, repayable on demand and no interest is payable.