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COMPANY REGISTRATION NUMBER: SC241063
Fraser Bros Limited
Filleted Unaudited Financial Statements
31 March 2023
Fraser Bros Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Fraser Bros Limited
1
Statement of financial position
2
Notes to the financial statements
4
Fraser Bros Limited
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fraser Bros Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fraser Bros Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Fraser Bros Limited, as a body, in accordance with the terms of our engagement letter dated 19 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Fraser Bros Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fraser Bros Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Fraser Bros Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fraser Bros Limited. You consider that Fraser Bros Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fraser Bros Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RITSONS Chartered Accountants
103 HIGH STREET FORRES MORAY IV36 1AA
28 November 2023
Fraser Bros Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
294,914
301,957
Current assets
Stocks
11,400
8,200
Debtors
6
104,462
101,118
Cash at bank and in hand
210,859
173,088
---------
---------
326,721
282,406
Creditors: amounts falling due within one year
7
270,213
301,227
---------
---------
Net current assets/(liabilities)
56,508
( 18,821)
---------
---------
Total assets less current liabilities
351,422
283,136
Provisions
Taxation including deferred tax
32,048
32,887
---------
---------
Net assets
319,374
250,249
---------
---------
Fraser Bros Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
1
Capital redemption reserve
1
1
Profit and loss account
319,371
250,247
---------
---------
Shareholders funds
319,374
250,249
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 March 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 .
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 Malcolm MacLeman
Mr B Macleman
Director
Director
Mrs A J Macleman
Director
Company registration number: SC241063
Fraser Bros Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 72 High Street, Forres, Moray, IV36 1PQ.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Land & Buildings
-
2% straight line
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 31 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
131,500
247,738
93,863
7,764
480,865
Additions
28,549
1,039
29,588
---------
---------
--------
-------
---------
At 31 March 2023
131,500
276,287
93,863
8,803
510,453
---------
---------
--------
-------
---------
Depreciation
At 1 April 2022
2,630
113,148
61,383
1,747
178,908
Charge for the year
2,630
24,469
8,121
1,411
36,631
---------
---------
--------
-------
---------
At 31 March 2023
5,260
137,617
69,504
3,158
215,539
---------
---------
--------
-------
---------
Carrying amount
At 31 March 2023
126,240
138,670
24,359
5,645
294,914
---------
---------
--------
-------
---------
At 31 March 2022
128,870
134,590
32,480
6,017
301,957
---------
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
98,574
93,201
Other debtors
5,888
7,917
---------
---------
104,462
101,118
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,219
82,940
Corporation tax
21,420
9,420
Other creditors
208,574
208,867
---------
---------
270,213
301,227
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr Graeme Duffus
Mr Malcolm MacLeman
( 65,124)
( 65,124)
Mr B Macleman
( 20,662)
293
( 20,369)
Mrs A J Macleman
( 121,481)
( 121,481)
---------
----
----
---------
( 207,267)
293
( 206,974)
---------
----
----
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr Graeme Duffus
( 1,205)
1,205
Mr Malcolm MacLeman
( 124)
( 65,000)
( 65,124)
Mr B Macleman
( 20,662)
( 20,662)
Mrs A J Macleman
( 121,481)
( 121,481)
-------
-------
---------
---------
( 1,329)
1,205
( 207,143)
( 207,267)
-------
-------
---------
---------