Company Registration No. 05068318 (England and Wales)
Francis Chambers and Company Limited
Unaudited accounts
for the year ended 31 May 2023
Francis Chambers and Company Limited
Unaudited accounts
Contents
Francis Chambers and Company Limited
Company Information
for the year ended 31 May 2023
Company Number
05068318 (England and Wales)
Registered Office
Limco Works, Taylors Lane
Parkgate
Rotherham
South Yorkshire
S62 6EE
Accountants
Red 5 Partnership Ltd
Fusion @ Magna Business Centre
Magna Way
Rotherham
South Yorkshire
S60 1FE
Francis Chambers and Company Limited
Statement of financial position
as at 31 May 2023
Tangible assets
59,283
67,706
Cash at bank and in hand
3,556
2,456
Creditors: amounts falling due within one year
(190,849)
(213,266)
Net current assets
46,610
51,519
Total assets less current liabilities
105,893
119,225
Creditors: amounts falling due after more than one year
(63,978)
(47,419)
Provisions for liabilities
Deferred tax
(11,264)
(12,864)
Called up share capital
100
100
Profit and loss account
30,551
58,842
Shareholders' funds
30,651
58,942
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 October 2023 and were signed on its behalf by
Mr G M Twynham
Director
Company Registration No. 05068318
Francis Chambers and Company Limited
Notes to the Accounts
for the year ended 31 May 2023
Francis Chambers and Company Limited is a private company, limited by shares, registered in England and Wales, registration number 05068318. The registered office is Limco Works, Taylors Lane , Parkgate, Rotherham, South Yorkshire, S62 6EE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
10% reducing balance
Motor vehicles
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Francis Chambers and Company Limited
Notes to the Accounts
for the year ended 31 May 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
15,040
70,962
42,820
128,822
At 31 May 2023
15,040
70,962
42,820
128,822
At 1 June 2022
1,454
34,906
24,756
61,116
Charge for the year
301
3,606
4,516
8,423
At 31 May 2023
1,755
38,512
29,272
69,539
At 31 May 2023
13,285
32,450
13,548
59,283
At 31 May 2022
13,586
36,056
18,064
67,706
Francis Chambers and Company Limited
Notes to the Accounts
for the year ended 31 May 2023
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
16,767
18,630
- Motor vehicles
13,548
18,065
Work in progress
54,000
58,000
Finished goods
7,000
15,000
Amounts falling due within one year
Trade debtors
111,190
120,145
Accrued income and prepayments
6,987
8,010
Other debtors
54,726
61,174
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
124,747
142,338
Obligations under finance leases and hire purchase contracts
12,625
11,728
Trade creditors
20,891
28,705
Taxes and social security
10,717
13,093
Other creditors
1,624
1,668
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
4,029
16,654
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Francis Chambers and Company Limited
Notes to the Accounts
for the year ended 31 May 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors loan account
42,760
-
6,448
36,312
12
Average number of employees
During the year the average number of employees was 8 (2022: 8).