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Company Registration No. SC601228 (Scotland)
P & L Fraser Limited Unaudited accounts for the year ended 31 July 2023
P & L Fraser Limited Unaudited accounts Contents
Page
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P & L Fraser Limited Company Information for the year ended 31 July 2023
Directors
Lisa Fraser Paul Fraser
Company Number
SC601228 (Scotland)
Registered Office
12 Woodlands Drive Brightons Falkirk FK2 0TF
Accountants
Armet Accounting Ltd Room 31 Haypark Business Centre Polmont FK2 0NZ
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P & L Fraser Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
35,716 
39,287 
Tangible assets
2,144 
2,250 
37,860 
41,537 
Current assets
Inventories
7,381 
6,143 
Debtors
6,462 
88 
Cash at bank and in hand
23,440 
25,621 
37,283 
31,852 
Creditors: amounts falling due within one year
(47,302)
(55,256)
Net current liabilities
(10,019)
(23,404)
Total assets less current liabilities
27,841 
18,133 
Provisions for liabilities
Deferred tax
(408)
(428)
Net assets
27,433 
17,705 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
27,333 
17,605 
Shareholders' funds
27,433 
17,705 
For the year ending 31 July 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 26 February 2024 and were signed on its behalf by
Lisa Fraser Director Company Registration No. SC601228
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P & L Fraser Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
P & L Fraser Limited is a private company, limited by shares, registered in Scotland, registration number SC601228. The registered office is 12 Woodlands Drive, Brightons, Falkirk, FK2 0TF.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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
3 Years Straight Line
Computer equipment
3 Years Straight Line
Stocks
Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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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P & L Fraser Limited Notes to the Accounts for the year ended 31 July 2023
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 August 2022
50,000 
At 31 July 2023
50,000 
Amortisation
At 1 August 2022
10,713 
Charge for the year
3,571 
At 31 July 2023
14,284 
Net book value
At 31 July 2023
35,716 
At 31 July 2022
39,287 
A lease premium was paid at the start of the lease of £50,000 and is being amortised over the remaining lease term.
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
3,318 
2,010 
5,328 
Additions
167 
563 
730 
At 31 July 2023
3,485 
2,573 
6,058 
Depreciation
At 1 August 2022
2,541 
537 
3,078 
Charge for the year
566 
270 
836 
At 31 July 2023
3,107 
807 
3,914 
Net book value
At 31 July 2023
378 
1,766 
2,144 
At 31 July 2022
777 
1,473 
2,250 
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P & L Fraser Limited Notes to the Accounts for the year ended 31 July 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
6,170 
- 
Accrued income and prepayments
292 
88 
6,462 
88 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
7,210 
4,510 
Trade creditors
6,415 
8,214 
Taxes and social security
9,970 
12,376 
Other creditors
168 
452 
Loans from directors
19,988 
27,945 
Accruals
3,551 
1,759 
47,302 
55,256 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
72,000 
72,000 
Later than one year and not later than five years
288,000 
- 
360,000 
72,000 
10
Average number of employees
During the year the average number of employees was 7 (2022: 6).
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