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Registration number: 04026531

F.R.X. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

F.R.X. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

F.R.X. Limited

(Registration number: 04026531)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

373,607

439,898

Current assets

 

Stocks

5

40,000

60,000

Debtors

6

139,579

135,944

Cash at bank and in hand

 

82

21,145

 

179,661

217,089

Creditors: Amounts falling due within one year

7

(231,521)

(215,553)

Net current (liabilities)/assets

 

(51,860)

1,536

Total assets less current liabilities

 

321,747

441,434

Creditors: Amounts falling due after more than one year

7

(357,161)

(368,593)

Net (liabilities)/assets

 

(35,414)

72,841

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(36,414)

71,841

Shareholders' (deficit)/funds

 

(35,414)

72,841

 

F.R.X. Limited

(Registration number: 04026531)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 22 February 2024
 

.........................................
K M Jacobs
Director

 

F.R.X. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 The Cloisters
Frimley
Surrey
GU16 7JR
England

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 Director has a reasonable expectation that the company has sufficient resources to continue to trade for at least 12 months following the approval of the financial statements as consequently has adopted the going concern basis of accounting in the preparation of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of engineering products. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

 

F.R.X. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

15% reducing balance basis

Office equipment

15% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Debtors

Trade debtors are amounts due from customers for the sale of engineering products.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

 

F.R.X. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

5,620

1,093,647

11,463

13,650

1,124,380

At 31 May 2023

5,620

1,093,647

11,463

13,650

1,124,380

Depreciation

At 1 June 2022

3,611

661,448

8,844

10,579

684,482

Charge for the year

301

64,830

393

767

66,291

At 31 May 2023

3,912

726,278

9,237

11,346

750,773

Carrying amount

At 31 May 2023

1,708

367,369

2,226

2,304

373,607

At 31 May 2022

2,009

432,199

2,619

3,071

439,898

 

F.R.X. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Stocks

2023
£

2022
£

Work in progress

20,000

40,000

Other inventories

20,000

20,000

40,000

60,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

98,343

47,435

Prepayments

41,236

21,478

Other debtors

-

67,031

 

139,579

135,944

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

133,645

149,781

Trade creditors

78,143

28,628

Taxation and social security

7,178

2,766

Other creditors

12,555

34,378

231,521

215,553

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

264,998

326,880

Other non-current financial liabilities

 

92,163

41,713

 

357,161

368,593

 

F.R.X. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

14,642

7,117

Hire purchase contracts

48,503

106,581

Other borrowings

70,500

36,083

133,645

149,781

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,122

30,101

Hire purchase contracts

244,876

296,779

264,998

326,880

Hire purchase liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £486,336 (2022 - £33,751).

10

Related party transactions

Other transactions with the director

A director had an interest free loan with the company. At the balance sheet date the amount due to the director was £92,163 (2022: £41,713).