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
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
P & L Fraser Limited
Statement of financial position
as at 31 July 2023
Intangible assets
35,716
39,287
Tangible assets
2,144
2,250
Cash at bank and in hand
23,440
25,621
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
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
P & L Fraser Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
P & L Fraser Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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
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
At 31 July 2023
3,485
2,573
6,058
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
At 31 July 2023
378
1,766
2,144
At 31 July 2022
777
1,473
2,250
P & L Fraser Limited
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Accrued income and prepayments
292
88
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
6,415
8,214
Taxes and social security
9,970
12,376
Loans from directors
19,988
27,945
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
-
10
Average number of employees
During the year the average number of employees was 7 (2022: 6).