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Registered number: 06110487
Frequency Design Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06110487
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,002 10,731
5,002 10,731
CURRENT ASSETS
Stocks 5 40,000 50,000
Debtors 6 101,650 75,084
Cash at bank and in hand 13,327 34,276
154,977 159,360
Creditors: Amounts Falling Due Within One Year 7 (46,335 ) (45,709 )
NET CURRENT ASSETS (LIABILITIES) 108,642 113,651
TOTAL ASSETS LESS CURRENT LIABILITIES 113,644 124,382
PROVISIONS FOR LIABILITIES
Deferred Taxation (950 ) (2,039 )
NET ASSETS 112,694 122,343
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 112,594 122,243
SHAREHOLDERS' FUNDS 112,694 122,343
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Kelly Cooper
Director
21/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Frequency Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06110487 . The registered office is 1st Floor 7 Tanners Yard, London Road, Bagshot, Surrey, GU19 5HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 1,991 7,191 20,436 29,618
Additions - - 374 374
As at 29 February 2024 1,991 7,191 20,810 29,992
Depreciation
As at 1 March 2023 1,302 4,216 13,369 18,887
Provided during the period 218 1,781 4,104 6,103
As at 29 February 2024 1,520 5,997 17,473 24,990
Net Book Value
As at 29 February 2024 471 1,194 3,337 5,002
As at 1 March 2023 689 2,975 7,067 10,731
5. Stocks
2024 2023
£ £
Work in progress 40,000 50,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 73,026 58,593
Prepayments and accrued income 17,069 13,915
Other debtors 2,576 2,576
Corporation tax recoverable assets 8,979 -
101,650 75,084
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,651 3,478
Bank loans and overdrafts - 2,037
Corporation tax 16,934 19,048
Other taxes and social security 3,807 2,586
VAT 22,218 18,086
Other creditors - (492 )
Accruals and deferred income 725 966
46,335 45,709
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5