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Registration number: 12521168

Fripper Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Fripper Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Fripper Limited

Company Information

Directors

Mr S B Fitch

Mr F Clenahan

Registered office

Mayfield
Blind Lane
Barton St David
Somerton
Somerset
TA11 6BW

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Fripper Limited

(Registration number: 12521168)
Balance Sheet as at 30 June 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

68,120

 

-

Investments

5

 

1,500,000

 

1,900,000

   

1,568,120

 

1,900,000

Current assets

   

 

Debtors

6

804,036

 

753,712

 

Cash at bank and in hand

 

5,315

 

10

 

 

809,351

 

753,722

 

Creditors: Amounts falling due within one year

7

(13,682)

 

(750)

 

Net current assets

   

795,669

 

752,972

Total assets less current liabilities

   

2,363,789

 

2,652,972

Creditors: Amounts falling due after more than one year

7

 

(40,524)

 

-

Provisions for liabilities

 

(1,323)

 

-

Net assets

   

2,321,942

 

2,652,972

Capital and reserves

   

 

Called up share capital

100

 

100

 

Merger relief reserve

1,599,910

 

1,599,910

 

Profit and loss account

721,932

 

1,052,962

 

Total equity

   

2,321,942

 

2,652,972

 

Fripper Limited

(Registration number: 12521168)
Balance Sheet as at 30 June 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr S B Fitch
Director

 

Fripper Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mayfield
Blind Lane
Barton St David
Somerton
Somerset
TA11 6BW
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fripper Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5% straight line

Motor vehicles

20% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Fripper Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance and hire purchase leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on the same basis as fixed assets. The corresponding liability is included in the balance sheet as a finance lease or hire purchase obligation.

Payments are apportioned between finance costs in the profit and loss account and reduction of the lease or hire purchase obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Fripper Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

-

-

-

Additions

8,159

60,990

69,149

At 30 June 2023

8,159

60,990

69,149

Depreciation

At 1 July 2022

-

-

-

Charge for the year

12

1,017

1,029

At 30 June 2023

12

1,017

1,029

Carrying amount

At 30 June 2023

8,147

59,973

68,120

At 30 June 2022

-

-

-

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,500,000

1,900,000

Subsidiaries

£

Valuation

At 1 July 2022

1,900,000

Fair value adjustments

(400,000)

At 30 June 2023

1,500,000

Carrying amount

At 30 June 2023

1,500,000

At 30 June 2022

1,900,000

 

Fripper Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

791,977

753,712

Prepayments and accrued income

10,000

-

Other debtors

2,059

-

804,036

753,712

Details of non-current trade and other debtors

£600,000 (2022 -£600,000) of amounts owed by group undertakings is classified as non current.

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

11,557

-

Other payables

 

225

-

Accruals

 

1,900

750

 

13,682

750

Due after one year

 

Loans and borrowings

8

40,524

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

40,524

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

11,557

-