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COMPANY REGISTRATION NUMBER: 00341206
John Frederick Limited
Filleted Unaudited Financial Statements
28 February 2023
John Frederick Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
John Frederick Limited
Balance Sheet
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
727,095
746,677
Current assets
Stocks
9,075
6,225
Debtors
6
165,207
133,707
Cash at bank and in hand
73,393
82,222
---------
---------
247,675
222,154
Creditors: amounts falling due within one year
7
473,755
214,257
---------
---------
Net current (liabilities)/assets
( 226,080)
7,897
---------
---------
Total assets less current liabilities
501,015
754,574
Creditors: amounts falling due after more than one year
8
38,293
312,211
Provisions
10,186
9,716
---------
---------
Net assets
452,536
432,647
---------
---------
Capital and reserves
Called up share capital
10,020
10,020
Profit and loss account
442,516
422,627
---------
---------
Shareholders funds
452,536
432,647
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 28 February 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 .
John Frederick Limited
Balance Sheet (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr M Church
Mr W Church
Director
Director
Company registration number: 00341206
John Frederick Limited
Notes to the Financial Statements
Year ended 28 February 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 Unit 2a Hurricane Trading Estate, Avion Crescent, Grahame Park Way, Colindale, London, NW9 5QW.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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:
Freehold property
-
2.00% straight line on building only
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% 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 includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and 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 balance sheet 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 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
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
783,018
195,654
31,726
142,577
1,152,975
---------
---------
--------
---------
------------
Depreciation
At 1 March 2022
90,666
185,736
26,835
103,061
406,298
Charge for the year
6,000
2,480
1,223
9,879
19,582
---------
---------
--------
---------
------------
At 28 February 2023
96,666
188,216
28,058
112,940
425,880
---------
---------
--------
---------
------------
Carrying amount
At 28 February 2023
686,352
7,438
3,668
29,637
727,095
---------
---------
--------
---------
------------
At 28 February 2022
692,352
9,918
4,891
39,516
746,677
---------
---------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
144,041
133,707
Other debtors
21,166
---------
---------
165,207
133,707
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
286,603
41,221
Trade creditors
36,959
32,965
Accruals and deferred income
4,615
4,000
Corporation tax
35,593
26,612
Social security and other taxes
54,294
51,644
Obligations under finance leases and hire purchase contracts
5,691
6,298
Director loan accounts
50,000
50,000
Other creditors
1,517
---------
---------
473,755
214,257
---------
---------
At the reporting date, the company owed £50,000 (2022: £50,000) to the directors in respect of their interest free loan which does not have a fixed repayment date.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,233
292,655
Obligations under finance leases and hire purchase contracts
15,060
19,556
--------
---------
38,293
312,211
--------
---------