Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13372677 2022-06-01 2023-05-31 13372677 2021-05-04 2022-05-31 13372677 2023-05-31 13372677 2022-05-31 13372677 c:Director1 2022-06-01 2023-05-31 13372677 d:FreeholdInvestmentProperty 2023-05-31 13372677 d:FreeholdInvestmentProperty 2022-05-31 13372677 d:CurrentFinancialInstruments 2023-05-31 13372677 d:CurrentFinancialInstruments 2022-05-31 13372677 d:Non-currentFinancialInstruments 2023-05-31 13372677 d:Non-currentFinancialInstruments 2022-05-31 13372677 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13372677 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 13372677 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 13372677 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 13372677 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 13372677 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 13372677 d:ShareCapital 2023-05-31 13372677 d:ShareCapital 2022-05-31 13372677 d:RetainedEarningsAccumulatedLosses 2023-05-31 13372677 d:RetainedEarningsAccumulatedLosses 2022-05-31 13372677 c:OrdinaryShareClass1 2022-06-01 2023-05-31 13372677 c:OrdinaryShareClass1 2023-05-31 13372677 c:OrdinaryShareClass1 2022-05-31 13372677 c:FRS102 2022-06-01 2023-05-31 13372677 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 13372677 c:FullAccounts 2022-06-01 2023-05-31 13372677 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13372677









FRICATEEN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
FRICATEEN LIMITED
REGISTERED NUMBER: 13372677

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
355,051
355,051

  
355,051
355,051

Current assets
  

Debtors: amounts falling due within one year
 5 
55
47

Cash at bank and in hand
  
1,591
1,703

  
1,646
1,750

Creditors: amounts falling due within one year
 6 
(167,530)
(168,941)

Net current liabilities
  
 
 
(165,884)
 
 
(167,191)

Total assets less current liabilities
  
189,167
187,860

Creditors: amounts falling due after more than one year
 7 
(202,979)
(202,980)

  

Net liabilities
  
(13,812)
(15,120)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(13,912)
(15,220)

  
(13,812)
(15,120)


Page 1

 
FRICATEEN LIMITED
REGISTERED NUMBER: 13372677
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2024.




Dr F Colacino
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 13372677.  The Company's registered office is Rock House, Castle Lane, Bewdley, England, DY12 1BX.
The company was incorporated on 4 May 2021 and the comparative figures cover the period from incorporation to 31 May 2022.  These accounts cover the year ended 31 May 2023.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company incurred initial start up costs and as a result has made a loss in the initial year.  The main creditor of the company is the directors who intend to continue to support the company.  Furthermore the company is expected to be come profit making in the future so on this basis the directors have considered it appropriate to prepare the accounts on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental of property
Turnover from the rental of property is recognised when all the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive consideration due for the rental of properties;
- the period of rent can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Page 4

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 5

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
355,051



At 31 May 2023
355,051

The 2023 valuations were made by the directors, on an open market value for existing use basis.







5.


Debtors

2023
2022
£
£


Prepayments and accrued income
55
47

55
47


Page 6

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
166,390
166,600

Accruals and deferred income
1,140
2,341

167,530
168,941



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
202,979
202,980

202,979
202,980


The following liabilities were secured:

2023
2022
£
£



Bank loans
202,979
202,980

202,979
202,980

Details of security provided:

Bank loans of £202,979 (2022 - £202,980) are secured by fixed charges held by Shawbrook Bank Limited over the freehold property known as 78 Christopher Road, Brimingham, West Midlands, B29 6QJ..

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
202,979
202,980

202,979
202,980

The loan was advanced on 31 August 2021 and is for a period of 30 years. The loan is an interest only loan with a fixed interest rate until 30 August 2026 of 4.44% per annum.

Page 7

 
FRICATEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
202,979
202,981

202,979
202,981

202,979
202,981



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Transactions with directors

As at the balance sheet date £166,390 (2022 - £166,600) was due to the directors. The loan is interest free and repayable on demand.

 
Page 8