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COMPANY REGISTRATION NUMBER: 10830454
The Falcon Bridgnorth Limited
Filleted Unaudited Financial Statements
30 June 2023
The Falcon Bridgnorth Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
217,900
269,957
Current assets
Stocks
6,230
8,157
Debtors
6
4,232
6,459
Cash at bank and in hand
121,284
124,731
---------
---------
131,746
139,347
Creditors: amounts falling due within one year
7
521,252
611,444
---------
---------
Net current liabilities
389,506
472,097
---------
---------
Total assets less current liabilities
( 171,606)
( 202,140)
Creditors: amounts falling due after more than one year
8
25,705
35,645
---------
---------
Net liabilities
( 197,311)
( 237,785)
---------
---------
Capital and reserves
Called up share capital
90
90
Profit and loss account
( 197,401)
( 237,875)
---------
---------
Members deficit
( 197,311)
( 237,785)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 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 .
The Falcon Bridgnorth Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Mr MA Owen
Director
Company registration number: 10830454
The Falcon Bridgnorth Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, WV1 4DJ, UK.
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.
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 Value Added Tax.
Deferred tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Leasehold property
-
15% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Website
-
10% straight line
Equipment
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 7 (2022: 9 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Website
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022 and 30 Jun 2023
127,567
8,600
180,125
4,450
134,958
455,700
---------
---------
---------
---------
---------
---------
Depreciation
At 1 Jul 2022
66,225
3,440
60,289
1,988
53,801
185,743
Charge for the year
19,135
860
18,121
445
13,496
52,057
---------
---------
---------
---------
---------
---------
At 30 Jun 2023
85,360
4,300
78,410
2,433
67,297
237,800
---------
---------
---------
---------
---------
---------
Carrying amount
At 30 Jun 2023
42,207
4,300
101,715
2,017
67,661
217,900
---------
---------
---------
---------
---------
---------
At 30 Jun 2022
61,342
5,160
119,836
2,462
81,157
269,957
---------
---------
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Other debtors
4,232
6,459
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,898
9,581
Trade creditors
21,493
33,943
Social security and other taxes
21,397
22,948
Amounts owed to related parties
105,683
166,031
Other creditors
362,781
378,941
---------
---------
521,252
611,444
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,705
35,645
---------
---------
9. Directors' advances, credits and guarantees
At the balance sheet date the following amounts were due to the directors, Mr M Owen £199,970 (2022: £199,970) and Mr K A Owen £100,452 (2022: £100,452).
10. Related party transactions
There were no transactions during the year which require disclosure under FRS102.