6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10699298 2022-04-01 2023-03-31 10699298 2023-03-31 10699298 2022-03-31 10699298 2021-04-01 2022-03-31 10699298 2022-03-31 10699298 2021-03-31 10699298 core:FurnitureFittings 2022-04-01 2023-03-31 10699298 core:MotorVehicles 2022-04-01 2023-03-31 10699298 bus:Director1 2022-04-01 2023-03-31 10699298 core:FurnitureFittings 2022-03-31 10699298 core:MotorVehicles 2022-03-31 10699298 core:MotorVehicles 2023-03-31 10699298 core:WithinOneYear 2023-03-31 10699298 core:WithinOneYear 2022-03-31 10699298 core:AfterOneYear 2023-03-31 10699298 core:AfterOneYear 2022-03-31 10699298 core:ShareCapital 2023-03-31 10699298 core:ShareCapital 2022-03-31 10699298 core:RetainedEarningsAccumulatedLosses 2023-03-31 10699298 core:RetainedEarningsAccumulatedLosses 2022-03-31 10699298 core:FurnitureFittings 2022-03-31 10699298 core:MotorVehicles 2022-03-31 10699298 bus:SmallEntities 2022-04-01 2023-03-31 10699298 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10699298 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10699298 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10699298 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 10699298
Freemont Building Limited
Filleted Unaudited Financial Statements
31 March 2023
Freemont Building Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Freemont Building Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
21,094
29,336
Current assets
Stocks
230,000
Debtors
6
310,958
695,546
Cash at bank and in hand
115,181
231,959
---------
---------
656,139
927,505
Creditors: amounts falling due within one year
7
579,865
768,647
---------
---------
Net current assets
76,274
158,858
--------
---------
Total assets less current liabilities
97,368
188,194
Creditors: amounts falling due after more than one year
8
22,435
112,466
--------
---------
Net assets
74,933
75,728
--------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
74,932
75,727
--------
--------
Shareholders funds
74,933
75,728
--------
--------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Freemont Building Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr C C Roland
Director
Company registration number: 10699298
Freemont Building Limited
Notes to the Financial Statements
Year ended 31 March 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 Freemont Building Ltd, Jactin House, 24 Hood Street, Manchester, M4 6WX.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
1,500
37,500
39,000
Disposals
( 1,500)
( 1,500)
-------
--------
--------
At 31 March 2023
37,500
37,500
-------
--------
--------
Depreciation
At 1 April 2022
289
9,375
9,664
Charge for the year
7,031
7,031
Disposals
( 289)
( 289)
-------
--------
--------
At 31 March 2023
16,406
16,406
-------
--------
--------
Carrying amount
At 31 March 2023
21,094
21,094
-------
--------
--------
At 31 March 2022
1,211
28,125
29,336
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
209,779
601,945
Other debtors
101,179
93,601
---------
---------
310,958
695,546
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,952
Trade creditors
254,964
397,671
Corporation tax
23,391
21,203
Social security and other taxes
287,721
270,622
Other creditors
3,837
79,151
---------
---------
579,865
768,647
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,435
41,789
Other creditors
70,677
--------
---------
22,435
112,466
--------
---------
9. Related party transactions
The company was under the control of the Director, Mr C C Roland during the period. Dividends of £69,285 (2022 £52,036) were paid to the director.