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Registration number: 04608026

Fresha Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Fresha Limited
(Registration number: 04608026)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fresha Limited
(Registration number: 04608026)

Company Information

Director

P D J Banks

Company secretary

S Banks

Registered office

23 Bittern Road
Sowton
Exeter
Devon
EX2 7LP

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Fresha Limited
(Registration number: 04608026)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

228

276

Tangible assets

5

642,297

678,422

 

642,525

678,698

Current assets

 

Stocks

6

48,831

52,082

Debtors

7

201,629

203,664

Cash at bank and in hand

 

254,952

165,660

 

505,412

421,406

Creditors: Amounts falling due within one year

8

(468,876)

(430,619)

Net current assets/(liabilities)

 

36,536

(9,213)

Total assets less current liabilities

 

679,061

669,485

Creditors: Amounts falling due after more than one year

8

(200,781)

(252,428)

Provisions for liabilities

(56,231)

(63,842)

Net assets

 

422,049

353,215

Capital and reserves

 

Called up share capital

22,070

22,070

Share premium reserve

4,744

4,744

Capital redemption reserve

2,354

2,354

Profit and loss account

392,881

324,047

Total equity

 

422,049

353,215

For the financial year ending 31 December 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.

 

Fresha Limited
(Registration number: 04608026)

Balance Sheet as at 31 December 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 April 2024
 

.........................................
P D J Banks
Director

 

Fresha Limited
(Registration number: 04608026)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
23 Bittern Road
Sowton
Exeter
Devon
EX2 7LP

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.

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.

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.

 

Fresha Limited
(Registration number: 04608026)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

3 years straight line

Short leasehold

over the period of the lease

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patents

5% 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.

 

Fresha Limited
(Registration number: 04608026)

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

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fresha Limited
(Registration number: 04608026)

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 91 (2022 - 81).

 

Fresha Limited
(Registration number: 04608026)

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

960

960

At 31 December 2023

960

960

Amortisation

At 1 January 2023

684

684

Amortisation charge

48

48

At 31 December 2023

732

732

Carrying amount

At 31 December 2023

228

228

At 31 December 2022

276

276

 

Fresha Limited
(Registration number: 04608026)

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

567,792

57,733

148,488

302,828

1,076,841

Additions

-

4,129

-

8,856

12,985

Disposals

-

-

(35,500)

(5,445)

(40,945)

At 31 December 2023

567,792

61,862

112,988

306,239

1,048,881

Depreciation

At 1 January 2023

137,020

44,970

81,948

134,481

398,419

Charge for the year

10,328

3,377

10,847

10,599

35,151

Eliminated on disposal

-

-

(23,188)

(3,798)

(26,986)

At 31 December 2023

147,348

48,347

69,607

141,282

406,584

Carrying amount

At 31 December 2023

420,444

13,515

43,381

164,957

642,297

At 31 December 2022

430,772

12,763

66,540

168,347

678,422

6

Stocks

2023
£

2022
£

Other stocks

48,831

52,082

7

Debtors

2023
£

2022
£

Trade debtors

154,067

119,609

Other debtors

-

635

Prepayments and accrued income

47,562

83,420

Total current trade and other debtors

201,629

203,664

 

Fresha Limited
(Registration number: 04608026)

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

130,698

54,705

Trade creditors

 

94,141

120,446

Taxation and social security

 

196,529

178,914

Other creditors

 

39,636

18,725

Accrued expenses

 

7,872

57,829

 

468,876

430,619

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

200,781

252,428

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,943

37,468

Bank overdrafts

76,557

-

Hire purchase contracts

18,198

17,237

130,698

54,705

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

189,599

223,048

Hire purchase contracts

11,182

29,380

200,781

252,428

The bank loan is secured by way of fixed and floating charge.

Finance lease borrowings are secured on the relevant asset.