Company registration number 05277370 (England and Wales)
FRONTLINE CABINET DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FRONTLINE CABINET DESIGN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FRONTLINE CABINET DESIGN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
34,053
52,689
Tangible assets
5
394,357
371,036
428,410
423,725
Current assets
Stocks
196,975
184,300
Debtors
6
89,978
76,115
Cash at bank and in hand
85,792
88,237
372,745
348,652
Creditors: amounts falling due within one year
7
(247,569)
(205,568)
Net current assets
125,176
143,084
Total assets less current liabilities
553,586
566,809
Creditors: amounts falling due after more than one year
8
(86,344)
(49,050)
Provisions for liabilities
(58,982)
(52,900)
Net assets
408,260
464,859
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
358,260
414,859
Total equity
408,260
464,859
FRONTLINE CABINET DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
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 March 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 16 November 2023 and are signed on its behalf by:
Mr P J Danby
Director
Company registration number 05277370 (England and Wales)
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Frontline Cabinet Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.
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 represents amounts receivable from the sale of goods, net of VAT and any trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its useful expected life, which is twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold property
2% on cost
Plant and machinery
20% and 25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on cost
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss (if any).
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date an assessment is made for impairment.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
22
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
23,300
29,200
Adjustments in respect of prior periods
(31)
68
Total current tax
23,269
29,268
Deferred tax
Origination and reversal of timing differences
6,082
21,703
Total tax charge
29,351
50,971
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
372,607
Amortisation and impairment
At 1 April 2022
319,918
Amortisation charged for the year
18,636
At 31 March 2023
338,554
Carrying amount
At 31 March 2023
34,053
At 31 March 2022
52,689
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
174,364
521,504
22,864
174,730
893,462
Additions
88,524
88,524
Disposals
(33,867)
(33,867)
At 31 March 2023
174,364
576,161
22,864
174,730
948,119
Depreciation and impairment
At 1 April 2022
34,047
393,125
20,252
75,002
522,426
Depreciation charged in the year
3,492
30,326
1,080
30,060
64,958
Eliminated in respect of disposals
(33,622)
(33,622)
At 31 March 2023
37,539
389,829
21,332
105,062
553,762
Carrying amount
At 31 March 2023
136,825
186,332
1,532
69,668
394,357
At 31 March 2022
140,317
128,379
2,612
99,728
371,036
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
65,048
49,336
Other debtors
24,930
26,779
89,978
76,115
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,166
Trade creditors
130,763
88,992
Corporation tax
23,300
29,200
Other taxation and social security
39,604
20,527
Other creditors
53,902
63,683
247,569
205,568
FRONTLINE CABINET DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Creditors: amounts falling due within one year
(Continued)
- 8 -
Included within creditors falling due within one year were secured creditors totalling £35,276 (2022: £53,760).
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
86,344
49,050
Included within creditors falling due after one year were secured creditors totalling £86,344 (2022: £49,050).
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
54,000
78,000
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