Frank Green Limited SC488715 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the wholesale of household goods. Digita Accounts Production Advanced 6.30.9574.0 true true true SC488715 2022-07-01 2023-06-30 SC488715 2023-06-30 SC488715 core:CurrentFinancialInstruments 2023-06-30 SC488715 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC488715 core:FurnitureFittingsToolsEquipment 2023-06-30 SC488715 bus:SmallEntities 2022-07-01 2023-06-30 SC488715 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC488715 bus:FullAccounts 2022-07-01 2023-06-30 SC488715 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC488715 bus:RegisteredOffice 2022-07-01 2023-06-30 SC488715 bus:Director1 2022-07-01 2023-06-30 SC488715 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC488715 core:ComputerEquipment 2022-07-01 2023-06-30 SC488715 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 SC488715 1 2022-07-01 2023-06-30 SC488715 countries:AllCountries 2022-07-01 2023-06-30 SC488715 2022-06-30 SC488715 core:FurnitureFittingsToolsEquipment 2022-06-30 SC488715 2021-07-01 2022-06-30 SC488715 2022-06-30 SC488715 core:CurrentFinancialInstruments 2022-06-30 SC488715 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 SC488715 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: SC488715

Frank Green Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Frank Green Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Frank Green Limited

(Registration number: SC488715)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,553

2,045

Current assets

 

Stocks

5

1,119,758

373,722

Debtors

6

287,943

233,967

Cash at bank and in hand

 

144,263

142,668

 

1,551,964

750,357

Creditors: Amounts falling due within one year

7

(706,481)

(378,520)

Net current assets

 

845,483

371,837

Net assets

 

847,036

373,882

Capital and reserves

 

Called up share capital

1

1

Retained earnings

847,035

373,881

Shareholders' funds

 

847,036

373,882

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 April 2024
 

.........................................
Mr B Young
Director

   
     
 

Frank Green Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
73 Union Street
Greenock
PA16 8BG
Scotland

These financial statements were authorised for issue by the director on 2 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are included within the profit and loss account on the accruals basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Frank Green Limited

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

Tax

The tax expense for the period comprises current 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.

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

Computer Equipment

25% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 4).

 

Frank Green Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

4,922

4,922

Additions

932

932

At 30 June 2023

5,854

5,854

Depreciation

At 1 July 2022

2,877

2,877

Charge for the year

1,424

1,424

At 30 June 2023

4,301

4,301

Carrying amount

At 30 June 2023

1,553

1,553

At 30 June 2022

2,045

2,045

5

Stocks

2023
£

2022
£

Other inventories

1,119,758

373,722

6

Debtors

Current

2023
£

2022
£

Trade debtors

85,239

19,551

Prepayments

92,012

88,132

Other debtors

110,692

126,284

 

287,943

233,967

 

Frank Green Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

229,439

36,981

Amounts owed to group undertakings

292,691

-

Taxation and social security

 

158,279

236,403

Accruals and deferred income

 

4,000

67,696

Other creditors

 

22,072

37,440

 

706,481

378,520

8

Parent and ultimate parent undertaking

The company's immediate parent is Frank Green Enterprises Pty Ltd, company number 166 075 592, incorporated in Australia. The registered office is Unit 1, 68 Eastern Road, South Melbourne, VIC 3205.