Company registration number 05870154 (England and Wales)
FIRMPRIDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
FIRMPRIDE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FIRMPRIDE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRMPRIDE LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firmpride Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Firmpride Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Firmpride Limited and state those matters that we have agreed to state to the board of directors of Firmpride Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firmpride Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Firmpride Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Firmpride Limited. You consider that Firmpride Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Firmpride Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
3 April 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FIRMPRIDE LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,113
145
Investments
4
77
76
1,190
221
Current assets
Stocks
3,898,569
3,079,328
Debtors
5
739,276
512,065
Cash at bank and in hand
5,864
3,609
4,643,709
3,595,002
Creditors: amounts falling due within one year
6
(2,694,271)
(1,926,346)
Net current assets
1,949,438
1,668,656
Total assets less current liabilities
1,950,628
1,668,877
Creditors: amounts falling due after more than one year
7
(951,044)
(770,941)
Provisions for liabilities
9
(278)
(28)
Net assets
999,306
897,908
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
998,306
896,908
Total equity
999,306
897,908
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FIRMPRIDE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 3 April 2024
Mr S J Williams
Director
Company registration number 05870154 (England and Wales)
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Firmpride Limited is a private company limited by shares incorporated in England and Wales. The registered office is 153 York Road, Hall Green, Birmingham, B28 8LF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
25% on reducing balance
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Income from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Office equipment
£
Cost
At 1 August 2022
457
Additions
1,340
At 31 July 2023
1,797
Depreciation and impairment
At 1 August 2022
312
Depreciation charged in the year
372
At 31 July 2023
684
Carrying amount
At 31 July 2023
1,113
At 31 July 2022
145
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
77
76
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 August 2022
76
Additions
1
At 31 July 2023
77
Carrying amount
At 31 July 2023
77
At 31 July 2022
76
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,368
3,771
Amounts owed by group undertakings and undertakings in which the company has a participating interest
716,543
507,424
Other debtors
16,365
870
739,276
512,065
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,917
7,818
Taxation and social security
26,014
14,011
Other creditors
2,657,340
1,904,517
2,694,271
1,926,346
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
770,930
770,941
Other creditors
180,114
951,044
770,941
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
770,930
770,941
Other loans
493,178
-
1,264,108
770,941
Bank loans and other loans are secured by way of fixed and floating charges over the properties to which they relate.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
278
28
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
FIRMPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Ultimate controlling party
The ultimate controlling party is Mr S J Williams.