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Company No: 07339899 (England and Wales)

FRANK RYCROFT ASSOCIATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FRANK RYCROFT ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FRANK RYCROFT ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FRANK RYCROFT ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 241,279 240,000
Investments 4 250 250
241,529 240,250
Current assets
Debtors 5 98,108 57,538
Cash at bank and in hand 33,261 78,396
131,369 135,934
Creditors: amounts falling due within one year 6 ( 2,934) ( 3,048)
Net current assets 128,435 132,886
Total assets less current liabilities 369,964 373,136
Provision for liabilities 7 ( 5,453) ( 8,271)
Net assets 364,511 364,865
Capital and reserves
Called-up share capital 100 100
Profit and loss account 364,411 364,765
Total shareholder's funds 364,511 364,865

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Frank Rycroft Associates Limited (registered number: 07339899) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr Frank Rycroft
Director

09 July 2024

FRANK RYCROFT ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FRANK RYCROFT ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frank Rycroft Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, NR1 1RE, Norwich, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Computer equipment Total
£ £ £
Cost
At 01 April 2023 240,000 3,732 243,732
Additions 0 1,599 1,599
Disposals 0 ( 3,732) ( 3,732)
At 31 March 2024 240,000 1,599 241,599
Accumulated depreciation
At 01 April 2023 0 3,732 3,732
Charge for the financial year 0 320 320
Disposals 0 ( 3,732) ( 3,732)
At 31 March 2024 0 320 320
Net book value
At 31 March 2024 240,000 1,279 241,279
At 31 March 2023 240,000 0 240,000

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 250 250
At 31 March 2024 250 250
Carrying value at 31 March 2024 250 250
Carrying value at 31 March 2023 250 250

5. Debtors

2024 2023
£ £
Other debtors 98,108 57,538

6. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 343 0
Corporation tax 2,591 3,048
2,934 3,048

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 8,271) 0
Credited/(charged) to the Profit and Loss Account 2,818 ( 8,271)
At the end of financial year ( 5,453) ( 8,271)