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COMPANY REGISTRATION NUMBER: 559389
FREDSHAW & CO LIMITED
FILLETED FINANCIAL STATEMENTS
31 January 2023
FREDSHAW & CO LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 7
FREDSHAW & CO LIMITED
BALANCE SHEET
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
451,971
440,725
Current assets
Stocks
192,086
182,782
Debtors
6
2,404,871
2,762,599
Cash at bank and in hand
1,103,192
883,362
------------
------------
3,700,149
3,828,743
Creditors: amounts falling due within one year
7
( 1,039,902)
( 1,081,745)
------------
------------
Net current assets
2,660,247
2,746,998
------------
------------
Total assets less current liabilities
3,112,218
3,187,723
Provisions
( 94,341)
( 64,609)
------------
------------
Net assets
3,017,877
3,123,114
------------
------------
Capital and reserves
Called up share capital
9
4,011
4,011
Share premium account
94,116
94,116
Profit and loss account
2,919,750
3,024,987
------------
------------
Shareholders funds
3,017,877
3,123,114
------------
------------
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 profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
J H Rhodes
Director
Company registration number: 559389
FREDSHAW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registration number 559389 and registered in England and Wales. The address of the registered office is Victoria Buildings, Albert Street, Lockwood, Huddersfield, HD1 3PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, the functional currency of the entity and are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax and in the case of an incomplete contract, the value is estimated based on the cost of work completed during the year compared to the total expected cost of the contract. Revenues are recognised when there are no significant obligations remaining by the vendor and collection of the resulting receivables is considered probable.
Tax
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. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leashold improvements
-
10% straight line
Plant and machinery
-
15% or 20% reducing balance
Fixtures and fittings
-
20% straight line or 15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
The company operates a number of defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs are the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 67 (2022: 65 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Software under construction
Total
£
£
£
£
£
£
Cost
At 1 Feb 2022
49,706
789,398
230,835
227,822
1,297,761
Additions
19,842
16,840
75,285
23,914
135,881
Disposals
( 30,813)
( 30,813)
------------
------------
------------
------------
------------
------------
At 31 Jan 2023
49,706
809,240
247,675
272,294
23,914
1,402,829
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Feb 2022
27,748
519,547
180,316
129,425
857,036
Charge for the year
3,606
57,410
20,108
35,979
117,103
Disposals
( 23,281)
( 23,281)
------------
------------
------------
------------
------------
------------
At 31 Jan 2023
31,354
576,957
200,424
142,123
950,858
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Jan 2023
18,352
232,283
47,251
130,171
23,914
451,971
------------
------------
------------
------------
------------
------------
At 31 Jan 2022
21,958
269,851
50,519
98,397
440,725
------------
------------
------------
------------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
1,827,685
1,996,124
Amounts owed by customers on construction contracts
345,970
508,362
Prepayments and accrued income
45,178
50,302
Corporation tax repayable
16,292
Directors' loan accounts
58,326
94,526
VAT
60,904
63,156
Other debtors
50,516
50,129
------------
------------
2,404,871
2,762,599
------------
------------
Other debtors include £23,632 which is recoverable after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
602,582
634,745
Amounts owed to group undertakings
25,705
22,406
Accruals and deferred income
123,343
204,496
Corporation tax
146,145
Social security and other taxes
89,269
73,953
Amounts owed to customers on construction contracts
199,003
------------
------------
1,039,902
1,081,745
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
94,341
64,609
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
95,877
65,901
Other timing differences
( 1,536)
( 1,292)
------------
------------
94,341
64,609
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
3,601
3,601
3,601
3,601
'A' Ordinary shares of £ 1 each
410
410
410
410
------------
------------
------------
------------
4,011
4,011
4,011
4,011
------------
------------
------------
------------
The 'A' Ordinary shares issued rank parri passu in all respects with the existing Ordinary shares.
10. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023
2022
£
£
Tangible assets
20,502
15,603
------------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
12,168
21,101
Later than 1 year and not later than 5 years
2,822
8,657
------------
------------
14,990
29,758
------------
------------
12. Summary audit opinion
The auditor's report for the year dated 16 October 2023 was unqualified.
The senior statutory auditor was Aman Hayer , for and on behalf of Wheawill & Sudworth Limited .
13. Directors' advances, credits and guarantees
Included in debtors is a loan to a director, D M Sutton £ Amount outstanding at end of year 29,163 Amount outstanding at beginning of the year 47,263 Maximum outstanding during the year 47,263 This qualifying loan is unsecured, repayable on demand and currently interest free. Included in debtors is a loan to a director, G Tingle £ Amount outstanding at end of year 29,163 Amount outstanding at beginning of the year 47,263 Maximum outstanding during the year 47,263 This qualifying loan is unsecured, repayable on demand and currently interest free.
14. Controlling party
Fredshaw & Co Limited is a 90% owned subsidiary of Rhodes Asset Holdings Limited. The ultimate controlling party is J H Rhodes .