Registration number:
Frampton Worldwide Limited
for the Year Ended 31 March 2023
Frampton Worldwide Limited
(Registration number: 08788809)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
|
|
|
Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
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|
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Total assets less current liabilities |
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|
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Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
70,852 |
102,489 |
|
Shareholders' funds |
70,952 |
102,589 |
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
......................................... |
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Units 6 - 8 Commercial Road
March
Cambs.
PE15 8QP
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.
Audit report
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.
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Government grants
In the prior year, the company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accrual model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants as a result of having furloughed staff members.
Foreign currency transactions and balances
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Tax
The tax expense for the period comprises current and deferred 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.
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:
Asset class |
Depreciation method and rate |
Demo ovens |
20% straight line |
Office equipment |
20% straight line |
Motor vehicles |
20% straight line |
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Intellectual property |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.
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.
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
- |
- |
Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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- |
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Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Frampton Worldwide Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is