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Company Registration No. 08406177 (England and Wales)
Frizzenti Limited Unaudited accounts for the year ended 28 February 2023
Frizzenti Limited Unaudited accounts Contents
Page
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Frizzenti Limited Company Information for the year ended 28 February 2023
Directors
Daniel Spinath George Edward Workman
Company Number
08406177 (England and Wales)
Registered Office
30 Rugby Road Twickenham London TW1 1DG England
Accountants
The Accountancy Cloud 12-18 Hoxton Street London N1 6NG UK
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Frizzenti Limited Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
39,573 
30,938 
Tangible assets
68,018 
63,541 
107,591 
94,479 
Current assets
Inventories
312,069 
217,014 
Debtors
81,840 
111,038 
Cash at bank and in hand
72,407 
100,474 
466,316 
428,526 
Creditors: amounts falling due within one year
(326,295)
(129,466)
Net current assets
140,021 
299,060 
Total assets less current liabilities
247,612 
393,539 
Creditors: amounts falling due after more than one year
(229,166)
(367,720)
Provisions for liabilities
Deferred tax
(9,706)
(8,650)
Net assets
8,740 
17,169 
Capital and reserves
Called up share capital
100 
100 
Share premium
12,488 
12,488 
Profit and loss account
(3,848)
4,581 
Shareholders' funds
8,740 
17,169 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by
George Edward Workman Director Company Registration No. 08406177
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Frizzenti Limited Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
Frizzenti Limited is a private company, limited by shares, registered in England and Wales, registration number 08406177. The registered office is 30 Rugby Road, Twickenham, London, TW1 1DG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is charged on a 25% straight line basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% to 33% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Frizzenti Limited Notes to the Accounts for the year ended 28 February 2023
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Purchases - Prior Period Adjustment
Purchases for the year ending 28 February 2022 has been restated by £24,297 to remove two invoices that were duplicated during the year. The adjustments made is as follows; Reduction in Purchases by £24,297 Increase in Vat by £4,634 Reduction in Trade Creditors by £28,931
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 March 2022
66,219 
Additions
23,217 
At 28 February 2023
89,436 
Amortisation
At 1 March 2022
35,281 
Charge for the year
14,582 
At 28 February 2023
49,863 
Net book value
At 28 February 2023
39,573 
At 28 February 2022
30,938 
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Frizzenti Limited Notes to the Accounts for the year ended 28 February 2023
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 March 2022
121,426 
26,190 
14,087 
7,809 
169,512 
Additions
39,015 
- 
- 
2,219 
41,234 
At 28 February 2023
160,441 
26,190 
14,087 
10,028 
210,746 
Depreciation
At 1 March 2022
73,439 
13,874 
14,087 
4,571 
105,971 
Charge for the year
30,434 
4,716 
- 
1,607 
36,757 
At 28 February 2023
103,873 
18,590 
14,087 
6,178 
142,728 
Net book value
At 28 February 2023
56,568 
7,600 
- 
3,850 
68,018 
At 28 February 2022
47,987 
12,316 
- 
3,238 
63,541 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
74,517 
103,889 
Accrued income and prepayments
2,283 
3,352 
Other debtors
5,040 
3,797 
81,840 
111,038 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
121,686 
79,545 
VAT
6,434 
34,880 
Obligations under finance leases and hire purchase contracts
9,453 
15,991 
Trade creditors
52,295 
56,563 
Amounts owed to group undertakings and other participating interests
70,024 
50,024 
Taxes and social security
8,724 
7,416 
Other creditors
48,133 
(124,499)
Loans from directors
9,546 
9,546 
326,295 
129,466 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
229,166 
367,720 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100,000 Ordinary shares of £0.001 each
100 
100 
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Frizzenti Limited Notes to the Accounts for the year ended 28 February 2023
10
Controlling party
The immediate controlling party is Tap Inc Limited. The ultimate controlling parties are Mr G Workman and Mr D Spinath.
11
Average number of employees
During the year the average number of employees was 7 (2022: 5).
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