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REGISTERED NUMBER: 08577040 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 June 2023

for

The Fireplace (Framlingham) Limited

The Fireplace (Framlingham) Limited (Registered number: 08577040)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Fireplace (Framlingham) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr R S Willett
Miss D Kime





SECRETARY: Miss D Kime





REGISTERED OFFICE: Crown and Anchor Lane
Framlingham
Woodbridge
Suffolk
IP13 8BL





REGISTERED NUMBER: 08577040 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

The Fireplace (Framlingham) Limited (Registered number: 08577040)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 24,799 30,671
24,799 30,671

CURRENT ASSETS
Stocks 18,900 20,200
Debtors 6 31,808 55,166
Cash at bank and in hand 96,359 26,568
147,067 101,934
CREDITORS
Amounts falling due within one year 7 104,480 88,135
NET CURRENT ASSETS 42,587 13,799
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,386

44,470

CREDITORS
Amounts falling due after more than one
year

8

(15,434

)

(25,789

)

PROVISIONS FOR LIABILITIES 10 (6,099 ) (7,177 )
NET ASSETS 45,853 11,504

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 45,851 11,502
SHAREHOLDERS' FUNDS 45,853 11,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Fireplace (Framlingham) Limited (Registered number: 08577040)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





Miss D Kime - Director


The Fireplace (Framlingham) Limited (Registered number: 08577040)

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

1. STATUTORY INFORMATION

The Fireplace (Framlingham) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Fireplace (Framlingham) Limited (Registered number: 08577040)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 30,000
AMORTISATION
At 1 July 2022
and 30 June 2023 30,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

The Fireplace (Framlingham) Limited (Registered number: 08577040)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 800 1,493 50,572 52,865
Additions - 360 - 360
At 30 June 2023 800 1,853 50,572 53,225
DEPRECIATION
At 1 July 2022 748 1,381 20,065 22,194
Charge for year 13 118 6,101 6,232
At 30 June 2023 761 1,499 26,166 28,426
NET BOOK VALUE
At 30 June 2023 39 354 24,406 24,799
At 30 June 2022 52 112 30,507 30,671

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 50,572
Transfer to ownership (24,600 )
At 30 June 2023 25,972
DEPRECIATION
At 1 July 2022 20,065
Charge for year 4,086
Transfer to ownership (14,524 )
At 30 June 2023 9,627
NET BOOK VALUE
At 30 June 2023 16,345
At 30 June 2022 30,507

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,614 4,432
S455 Tax recoverable 6,957 6,957
Directors' current accounts 21,237 43,777
31,808 55,166

The Fireplace (Framlingham) Limited (Registered number: 08577040)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 5,000
Hire purchase contracts (see note 9) 5,471 5,471
Trade creditors 48,993 45,719
Tax 32,468 21,790
Social security and other taxes 1,137 1,453
VAT 8,811 6,214
Other creditors 270 228
Accrued expenses 2,330 2,260
104,480 88,135

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,000 5,000
Bank loans - 2-5 years 4,963 9,846
Hire purchase contracts (see note 9) 5,471 10,943
15,434 25,789

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 5,471 5,471
Between one and five years 5,471 10,943
10,942 16,414

Assets acquired under Hire Purchase contracts are secured against the asset to which they relate.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,099 7,177

Deferred
tax
£   
Balance at 1 July 2022 7,177
Movement in year (1,078 )
Balance at 30 June 2023 6,099

The Fireplace (Framlingham) Limited (Registered number: 08577040)

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

11. DIRECTORS LOAN

The following overdrawn loan account in respect of directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
Mr R S Willett and Miss D Kime
Balance outstanding at start of year 43,777 15,566
Amounts advanced - 89,542
Amounts repaid (22,540 ) (61,331 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,237 43,777