Company registration number 04471612 (England and Wales)
FROSTS FLEET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
FROSTS FLEET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FROSTS FLEET LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
691
425
Tangible assets
4
60,529
37,535
61,220
37,960
Current assets
Debtors
5
26,397
26,900
Cash at bank and in hand
168,613
146,597
195,010
173,497
Creditors: amounts falling due within one year
6
(121,612)
(102,169)
Net current assets
73,398
71,328
Total assets less current liabilities
134,618
109,288
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
134,518
109,188
Total equity
134,618
109,288
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mrs W M Frost
Director
Company Registration No. 04471612
FROSTS FLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Frosts Fleet Limited is a private company limited by shares incorporated in England and Wales. The registered office is Altrees House, Stokelake, Chudleigh, Newton Abbot, Devon, TQ13 OEH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible rights are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimates useful lives.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% per annum on net book value
Motor vehicles
25% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FROSTS FLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
10
3
Intangible fixed assets
Other
£
Cost
At 1 August 2022
425
Additions
266
At 31 July 2023
691
Amortisation and impairment
At 1 August 2022 and 31 July 2023
Carrying amount
At 31 July 2023
691
At 31 July 2022
425
FROSTS FLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
112,624
Additions
43,188
Disposals
(430)
At 31 July 2023
155,382
Depreciation and impairment
At 1 August 2022
75,089
Depreciation charged in the year
20,020
Eliminated in respect of disposals
(256)
At 31 July 2023
94,853
Carrying amount
At 31 July 2023
60,529
At 31 July 2022
37,535
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,921
22,109
Other debtors
6,476
4,791
26,397
26,900
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
975
1,058
Taxation and social security
38,935
31,289
Other creditors
81,702
69,822
121,612
102,169
FROSTS FLEET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary "A" shares of £1 each
50
50
50
50
ordinary "B" shares of £1 each
50
50
50
50
100
100
100
100