Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10694403 2022-04-01 2023-03-31 10694403 2021-04-01 2022-03-31 10694403 2023-03-31 10694403 2022-03-31 10694403 2021-04-01 10694403 c:Director1 2022-04-01 2023-03-31 10694403 d:PlantMachinery 2022-04-01 2023-03-31 10694403 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 10694403 d:OtherPropertyPlantEquipment 2023-03-31 10694403 d:OtherPropertyPlantEquipment 2022-03-31 10694403 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10694403 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 10694403 d:CurrentFinancialInstruments 2023-03-31 10694403 d:CurrentFinancialInstruments 2022-03-31 10694403 d:Non-currentFinancialInstruments 2023-03-31 10694403 d:Non-currentFinancialInstruments 2022-03-31 10694403 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10694403 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10694403 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10694403 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10694403 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10694403 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10694403 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10694403 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 10694403 d:ShareCapital 2023-03-31 10694403 d:ShareCapital 2022-03-31 10694403 d:RetainedEarningsAccumulatedLosses 2023-03-31 10694403 d:RetainedEarningsAccumulatedLosses 2022-03-31 10694403 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10694403 c:OrdinaryShareClass1 2023-03-31 10694403 c:FRS102 2022-04-01 2023-03-31 10694403 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10694403 c:FullAccounts 2022-04-01 2023-03-31 10694403 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10694403 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 10694403 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 10694403 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 10694403 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 10694403 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10694403 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10694403 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 10694403 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10694403









FRIEDEN LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FRIEDEN LIMITED
REGISTERED NUMBER: 10694403

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,744,142
1,701,537

Current assets
  

Debtors: amounts falling due within one year
 5 
1,761,954
733,266

Cash at bank
  
640,074
457,562

  
2,402,028
1,190,828

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(1,012,077)
(394,966)

Net current assets
  
 
 
1,389,951
 
 
795,862

Total assets less current liabilities
  
3,134,093
2,497,399

Creditors: amounts falling due after more than one year
 7 
(256,723)
(402,599)

Provisions for liabilities
  

Deferred tax
 10 
(436,035)
(338,787)

Net assets
  
2,441,335
1,756,013


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
2,441,333
1,756,011

  
2,441,335
1,756,013


Page 1

 
FRIEDEN LIMITED
REGISTERED NUMBER: 10694403

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 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 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 by: 






Mr J M Willis
Director

Date: 1 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Frieden Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Redgate Farm House, Thorney Road, Guyhirn, Wisbech, Cambridgeshire, PE13 4AD. This Company is not part of a group. 

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.

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.

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 6

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 April 2022
1,888,857


Additions
395,214


Disposals
(185,405)



At 31 March 2023

2,098,666



Depreciation


At 1 April 2022
187,320


Charge for the year on owned assets
106,391


Charge for the year on financed assets
87,403


Disposals
(26,590)



At 31 March 2023

354,524



Net book value



At 31 March 2023
1,744,142



At 31 March 2022
1,701,537

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
786,627
767,753

Page 7

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
168,565

Other debtors
1,761,954
564,701

1,761,954
733,266



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,208
8,981

Corporation tax
168,633
60,392

Other taxation and social security
386,884
10,400

Obligations under finance lease and hire purchase contracts
202,770
190,183

Other creditors
23,949
423

Accruals
220,633
124,587

1,012,077
394,966



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,675
35,883

Net obligations under finance leases and hire purchase contracts
230,048
366,716

256,723
402,599


Included within creditors are secured debts amounting to £432,818 (2022 - £556,898) which are secured on the fixed assets to which they relate. 

Page 8

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,208
8,981

Amounts falling due 1-2 years

Bank loans
9,441
9,208

Amounts falling due 2-5 years

Bank loans
17,234
26,675


35,883
44,864



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
202,770
190,183

Between 1-5 years
230,048
366,715

432,818
556,898

Page 9

 
FRIEDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(338,787)
(142,927)


Charged to profit or loss
(97,248)
(195,860)



At end of year
(436,035)
(338,787)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(436,035)
(338,787)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary A shares of £1 each
2
2



12.


Related party transactions

During the year the Company operated a loan with the director of the Company. The amount payable to the director of the Company at the year end was £23,949 (2022 - £423). This loan is interest free and is repayable on demand.
During the year the Company operated a loan account with a Company under common control. The amout due from that Company at the year end was £638,204 (2022 - £546,603). This loan is interest free and repayable on demand. 


Page 10