Registered number
07474395
Fraser James Blinds Limited
Filleted Accounts
31 January 2023
Fraser James Blinds Limited
Registered number: 07474395
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 275,560 268,059
Current assets
Stocks 17,896 18,000
Debtors 4 350,809 362,428
Cash at bank and in hand 546,763 610,424
915,468 990,852
Creditors: amounts falling due within one year 5 (323,444) (386,547)
Net current assets 592,024 604,305
Total assets less current liabilities 867,584 872,364
Creditors: amounts falling due after more than one year 6 (122,602) (108,394)
Provisions for liabilities (2,026) (2,026)
Net assets 742,956 761,944
Capital and reserves
Called up share capital 4 4
Profit and loss account 742,952 761,940
Shareholders' funds 742,956 761,944
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms K Tuttle
Director
Approved by the board on 16 August 2023
Fraser James Blinds Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Website Over 10 years
Office equipment and fixtures 15%/20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Website Office equiment and fixtures Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 89,544 61,202 185,353 336,099
Additions - 9,585 69,097 78,682
Disposals - - (5,829) (5,829)
At 31 January 2023 89,544 70,787 248,621 408,952
Depreciation
At 1 February 2022 8,954 27,342 31,744 68,040
Charge for the year 8,954 6,862 49,536 65,352
At 31 January 2023 17,908 34,204 81,280 133,392
Net book value
At 31 January 2023 71,636 36,583 167,341 275,560
At 31 January 2022 80,590 33,860 153,609 268,059
4 Debtors 2023 2022
£ £
Trade debtors 350,809 362,428
Other debtors - -
350,809 362,428
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,900 10,020
Obligations under finance lease and hire purchase contracts 27,808 17,486
Trade creditors 179,574 251,193
Taxation and social security costs 78,347 89,342
Other creditors 27,815 18,506
323,444 386,547
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,433 33,313
Obligations under finance lease and hire purchase contracts 99,169 75,081
122,602 108,394
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 33,333 43,333
8 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 60,000 34,500
9 Other information
Fraser James Blinds Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A, Morcott Buildings
Townsend Road
Enderby
Leicester
LE19 4PG
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