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Company registration number: 01936145
Frost Auto Restoration Techniques Limited
Unaudited filleted financial statements
31 October 2022
Frost Auto Restoration Techniques Limited
Contents
Directors and other information
Directors report
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Frost Auto Restoration Techniques Limited
Directors and other information
Directors Mr Andrew Richard Penketh
Mr Stephen William Penketh
Company number 01936145
Registered office 749a
Ormskirk Road
Wigan
WN5 8AT
Business address Albion Park
Warrington Road
Glazebury
Cheshire
WA3 5PG
Accountant Practical Business Solutions (NW) Limited
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
Frost Auto Restoration Techniques Limited
Directors report
Year ended 31 October 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2022.
Directors
The directors who served the company during the year were as follows:
Mr Andrew Richard Penketh
Mr Stephen William Penketh
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 31 October 2023 and signed on behalf of the board by:
Mr Stephen William Penketh
Director
Frost Auto Restoration Techniques Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Frost Auto Restoration Techniques Limited
Year ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Frost Auto Restoration Techniques Limited for the year ended 31 October 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Chartered Institute of Management Accountants , I am subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of Frost Auto Restoration Techniques Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Frost Auto Restoration Techniques Limited and state those matters that we have agreed to state to the board of directors of Frost Auto Restoration Techniques Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Frost Auto Restoration Techniques Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Frost Auto Restoration Techniques 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 profit of Frost Auto Restoration Techniques Limited. You consider that Frost Auto Restoration Techniques Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Frost Auto Restoration Techniques Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Practical Business Solutions (NW) Limited
Chartered Global Management Accountants
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
31 October 2023
Frost Auto Restoration Techniques Limited
Statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 1,640 23,858
Tangible assets 6 21,948 27,188
_______ _______
23,588 51,046
Current assets
Stocks 735,035 741,403
Debtors 7 903,105 808,747
Cash at bank and in hand 15,052 55,924
_______ _______
1,653,192 1,606,074
Creditors: amounts falling due
within one year 8 ( 710,634) ( 563,015)
_______ _______
Net current assets 942,558 1,043,059
_______ _______
Total assets less current liabilities 966,146 1,094,105
Creditors: amounts falling due
after more than one year 9 ( 156,106) ( 315,925)
Provisions for liabilities ( 3,928) ( 23,625)
_______ _______
Net assets 806,112 754,555
_______ _______
Capital and reserves
Called up share capital 684 684
Profit and loss account 805,428 753,871
_______ _______
Shareholders funds 806,112 754,555
_______ _______
For the year ending 31 October 2022 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr Stephen William Penketh
Director
Company registration number: 01936145
Frost Auto Restoration Techniques Limited
Statement of changes in equity
Year ended 31 October 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2020 684 607,757 608,441
Profit for the year 146,114 146,114
_______ _______ _______
Total comprehensive income for the year - 146,114 146,114
_______ _______ _______
At 31 October 2021 and 1 November 2021 684 753,872 754,556
Profit for the year 51,556 51,556
_______ _______ _______
Total comprehensive income for the year - 51,556 51,556
_______ _______ _______
At 31 October 2022 684 805,428 806,112
_______ _______ _______
Frost Auto Restoration Techniques Limited
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 749a, Ormskirk Road, Wigan, WN5 8AT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Wages and salaries 351,486 369,053
Social security costs 12,431 11,692
Other pension costs 3,279 3,730
_______ _______
367,196 384,475
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 November 2021 and 31 October 2022 81,399 81,399
_______ _______
Amortisation
At 1 November 2021 78,821 78,821
Charge for the year 938 938
_______ _______
At 31 October 2022 79,759 79,759
_______ _______
Carrying amount
At 31 October 2022 1,640 1,640
_______ _______
At 31 October 2021 2,578 2,578
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2021 19,755 125,836 10,000 155,591
Additions 2,823 930 - 3,753
_______ _______ _______ _______
At 31 October 2022 22,578 126,766 10,000 159,344
_______ _______ _______ _______
Depreciation
At 1 November 2021 7,331 116,489 4,583 128,403
Charge for the year 2,070 4,423 2,500 8,993
_______ _______ _______ _______
At 31 October 2022 9,401 120,912 7,083 137,396
_______ _______ _______ _______
Carrying amount
At 31 October 2022 13,177 5,854 2,917 21,948
_______ _______ _______ _______
At 31 October 2021 12,424 9,347 5,417 27,188
_______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 20,081 19,695
Amounts owed by group undertakings and undertakings in which the company has a participating interest 729,957 761,856
Other debtors 153,067 27,196
_______ _______
903,105 808,747
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 226,902 41,397
Trade creditors 286,989 397,508
Amounts owed to group undertakings and undertakings in which the company has a participating interest 84,477 25,842
Corporation tax 59,367 43,494
Social security and other taxes 38,371 46,655
Other creditors 14,528 8,119
_______ _______
710,634 563,015
_______ _______
Included within creditors: amounts falling due within one year is a Loan from Funding Circle for £24,400 (2022: £24,400) for which the directors have pledged personal guarantees.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 156,111 315,925
Other creditors ( 5) -
_______ _______
156,106 315,925
_______ _______
Included within creditors: amounts falling due after more than one year is a Loan from Funding Circle due for £11,640.12 (2022: £36,040.12) for which the directors have pledged personal guarantees.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew Richard Penketh - - -
Mr Stephen William Penketh - - -
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew Richard Penketh 7,748 ( 7,748) -
Mr Stephen William Penketh 12,741 ( 12,741) -
_______ _______ _______
20,489 ( 20,489) -
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Alan Tunstall Holdings Limited 15,000 12,000 71,000 56,000
_______ _______ _______ _______
The company incurred a recharge from it's parent company in respect of management fees of £15,000.00 (2021: £12,000.00)
12. Controlling party
The Company is controlled by both Directors. The Ultimate Parent Company is Alan Tunstall Holdings Limited, a Company registered in England and Wales.