Registered number
07287381
French Polishing & Finishing Limited
Filleted Accounts
31 March 2023
French Polishing & Finishing Limited
Registered number: 07287381
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 16,557 12,223
Current assets
Debtors 5 26,385 14,913
Cash at bank and in hand 19,199 24,839
45,584 39,752
Creditors: amounts falling due within one year 6 (24,351) (14,327)
Net current assets 21,233 25,425
Total assets less current liabilities 37,790 37,648
Creditors: amounts falling due after more than one year 7 (26,060) (29,800)
Provisions for liabilities (1,557) (2,322)
Net assets 10,173 5,526
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,073 5,426
Shareholders' funds 10,173 5,526
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.
Mr A A Stonebridge
Director
Approved by the board on 14 November 2023
French Polishing & Finishing Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Land and buildings 10% reducing balance
Office Equipment 3 Year straight line
Equipment and machinery etc 4 Year straight line
Company vans 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
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 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 50,000
At 31 March 2023 50,000
Amortisation
At 1 April 2022 50,000
At 31 March 2023 50,000
Net book value
At 31 March 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Equipment & machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 - 13,322 16,850 30,172
Additions 8,836 - - 8,836
At 31 March 2023 8,836 13,322 16,850 39,008
Depreciation
At 1 April 2022 - 11,036 6,913 17,949
Charge for the year 884 1,134 2,484 4,502
At 31 March 2023 884 12,170 9,397 22,451
Net book value
At 31 March 2023 7,952 1,152 7,453 16,557
At 31 March 2022 - 2,286 9,937 12,223
5 Debtors 2023 2022
£ £
Trade debtors 11,655 3,792
Other debtors 14,730 11,121
26,385 14,913
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,650 3,650
Trade creditors 1,027 2
Taxation and social security costs 6,926 3,079
Other creditors 12,748 7,596
24,351 14,327
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,060 29,800
8 Other information
French Polishing & Finishing Limited is a private company limited by shares and incorporated in England. Its registered office is:
21 Hazelwood Avenue
Morden
Surrey
SM4 5RS
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