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COMPANY REGISTRATION NUMBER: 08504238
Dr T Friedman Ltd
Unaudited Financial Statements
30 April 2023
Dr T Friedman Ltd
Financial Statements
Year ended 30 April 2023
Contents
Page
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Dr T Friedman Ltd
Directors' Report
Year ended 30 April 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Directors
The directors who served the company during the year were as follows:
Dr T. Friedman
Mrs J. S. Friedman
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 October 2023 and signed on behalf of the board by:
Dr T. Friedman
Director
Registered office:
4 Broadgate
Broadway Business Park
Chadderton
Oldham
OL9 9XA
Dr T Friedman Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Dr T Friedman Ltd
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dr T Friedman Ltd for the year ended 30 April 2023, which comprise the statement of income and retained earnings, statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Dr T Friedman Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Dr T Friedman Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dr T Friedman Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Dr T Friedman Ltd 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 profit of Dr T Friedman Ltd. You consider that Dr T Friedman Ltd 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 Dr T Friedman Ltd. 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.
EDWARDS VEEDER (UK) LIMITED Chartered accountants
4 Broadgate Broadway Business Park Chadderton Oldham OL9 9XA
10 October 2023
Dr T Friedman Ltd
Statement of Income and Retained Earnings
Year ended 30 April 2023
2023
2022
Note
£
£
Turnover
602,647
668,091
---------
---------
Gross profit
602,647
668,091
Administrative expenses
126,044
98,472
---------
---------
Operating profit
476,603
569,619
Other interest receivable and similar income
3,168
1,143
---------
---------
Profit before taxation
5
479,771
570,762
Tax on profit
110,519
107,666
---------
---------
Profit for the financial year and total comprehensive income
369,252
463,096
---------
---------
Dividends paid and payable
( 575,000)
( 311,000)
Retained earnings at the start of the year
448,999
296,903
---------
---------
Retained earnings at the end of the year
243,251
448,999
---------
---------
All the activities of the company are from continuing operations.
Dr T Friedman Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
51,304
23,123
Investments
7
78,535
78,535
---------
---------
129,839
101,658
Current assets
Debtors
8
50,000
Cash at bank and in hand
261,800
456,719
---------
---------
261,800
506,719
Creditors: amounts falling due within one year
9
135,462
159,278
---------
---------
Net current assets
126,338
347,441
---------
---------
Total assets less current liabilities
256,177
449,099
Provisions
Taxation including deferred tax
12,826
---------
---------
Net assets
243,351
449,099
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
243,251
448,999
---------
---------
Shareholders funds
243,351
449,099
---------
---------
These financial statements have been prepared 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'.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dr T Friedman Ltd
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Dr T. Friedman
Director
Company registration number: 08504238
Dr T Friedman Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received during the year, for the company's principal activity, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 initially 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 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
9,131
4,080
-------
-------
6. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 May 2022
46,003
46,003
Additions
36,002
1,310
37,312
--------
-------
--------
At 30 April 2023
82,005
1,310
83,315
--------
-------
--------
Depreciation
At 1 May 2022
22,880
22,880
Charge for the year
8,869
262
9,131
--------
-------
--------
At 30 April 2023
31,749
262
32,011
--------
-------
--------
Carrying amount
At 30 April 2023
50,256
1,048
51,304
--------
-------
--------
At 30 April 2022
23,123
23,123
--------
-------
--------
7. Investments
Other investments other than loans
£
Cost
At 1 May 2022 and 30 April 2023
78,535
--------
Impairment
At 1 May 2022 and 30 April 2023
--------
Carrying amount
At 30 April 2023
78,535
--------
At 30 April 2022
78,535
--------
8. Debtors
2023
2022
£
£
Other debtors
50,000
----
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,789
Corporation tax
97,693
107,700
Social security and other taxes
36,049
47,804
Other creditors
1,720
1,985
---------
---------
135,462
159,278
---------
---------
10. Related party transactions
The company was under the control of Dr T. Friedman and Mrs J. S. Friedman throughout the current year. Dr T. Friedman and Mrs J. S. Friedman are the directors and shareholders. During the year dividends totalling £575,000(2022 £311,000) were paid to the directors.