Company registration number 10405758 (England and Wales)
FRIARY HOUSE (GLOUCESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FRIARY HOUSE (GLOUCESTER) LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
FRIARY HOUSE (GLOUCESTER) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FRIARY HOUSE (GLOUCESTER) LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Friary House (Gloucester) Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Friary House (Gloucester) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Friary House (Gloucester) Limited and state those matters that we have agreed to state to the Board of Directors of Friary House (Gloucester) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Friary House (Gloucester) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Friary House (Gloucester) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Friary House (Gloucester) Limited. You consider that Friary House (Gloucester) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Friary House (Gloucester) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffiths Marshall
19 October 2023
Chartered Accountants
Beaumont House
172 Southgate Street
Gloucester
GL1 2EZ
FRIARY HOUSE (GLOUCESTER) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
1,699,957
1,540,958
Debtors
3
86,067
54,716
Cash at bank and in hand
1,419
21,627
1,787,443
1,617,301
Creditors: amounts falling due within one year
4
(422,033)
(419,270)
Net current assets
1,365,410
1,198,031
Creditors: amounts falling due after more than one year
5
(1,307,385)
(1,137,231)
Net assets
58,025
60,800
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
58,021
60,796
Total equity
58,025
60,800
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
Mr A B Clark
Director
Company Registration No. 10405758
FRIARY HOUSE (GLOUCESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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1
Accounting policies
Company information
Friary House (Gloucester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakwood, Tewkesbury Road, Twigworth, Gloucester, GL2 9PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
FRIARY HOUSE (GLOUCESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
86,067
6,066
Other debtors
48,650
86,067
54,716
FRIARY HOUSE (GLOUCESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,701
35,516
Corporation tax
22,258
20,233
Other taxation and social security
15,503
Other creditors
362,571
363,521
422,033
419,270
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,307,385
1,137,231
6
Related party transactions
Remuneration of key management personnel
At 31 March 2023, the company owed £1,640,718 (2022: £1,137,231) to Clark Holdings (UK) Limited, its parent company. No interest was charged on this balance and there are no fixed repayment terms.
At 31 March 2023, the company owed £400,000 (2022: £400,000) to Roomsbooked Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.
At 31 March 2023, the company owed £358,791 (2022: £358,791) to the director, in the form of a directors loan account. No interest was charged on this balance and there are no fixed repayment terms.