Registered number
05954931
Frontline Tools Ltd
Report and Accounts
31 December 2023
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Frontline Tools Ltd
Registered number: 05954931
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 82,609 75,437
Current assets
Stocks 24,347 23,638
Debtors 4 250,447 305,742
Cash at bank and in hand 125,060 138,312
399,854 467,692
Creditors: amounts falling due within one year 5 (125,180) (193,993)
Net current assets 274,674 273,699
Total assets less current liabilities 357,283 349,136
Creditors: amounts falling due after more than one year 6 - (2,700)
Provisions for liabilities (15,394) (13,965)
Net assets 341,889 332,471
Capital and reserves
Called up share capital 2,002 2,002
Profit and loss account 339,887 330,469
Shareholders' funds 341,889 332,471
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Edward Hale
Director
Approved by the board on 11 March 2024
Frontline Tools Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reduding balance
Motor vehicles 25% reducing balance
Land and Building
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 46,406 149,317 195,723
Additions 10,204 27,000 37,204
Disposals - (14,700) (14,700)
At 31 December 2023 56,610 161,617 218,227
Depreciation
At 1 January 2023 27,748 92,539 120,287
Charge for the year 2,886 18,877 21,763
On disposals - (6,431) (6,431)
At 31 December 2023 30,634 104,985 135,619
Net book value
At 31 December 2023 25,976 56,632 82,608
At 31 December 2022 18,658 56,778 75,437
4 Debtors 2023 2022
£ £
Trade debtors 250,447 305,742
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,700 2,700
Trade creditors 3,093 34,852
Amounts owed to group undertakings and undertakings in which the company has a participating interest 32,323 2,063
Corporation tax 32,057 67,542
Other taxes and social security costs 24,606 14,179
Other creditors 30,401 72,657
125,180 193,993
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 2,700
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