Acorah Software Products - Accounts Production 15.0.500 false true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 04677642 Mr Ian NEWCOMBE Mrs Joanne LYNES Mr Thomas SUNTER NRSL Holdings Ltd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04677642 2022-07-31 04677642 2023-07-31 04677642 2022-08-01 2023-07-31 04677642 frs-core:CurrentFinancialInstruments 2023-07-31 04677642 frs-core:Non-currentFinancialInstruments 2023-07-31 04677642 frs-core:BetweenOneFiveYears 2023-07-31 04677642 frs-core:FurnitureFittings 2023-07-31 04677642 frs-core:FurnitureFittings 2022-08-01 2023-07-31 04677642 frs-core:FurnitureFittings 2022-07-31 04677642 frs-core:MotorVehicles 2023-07-31 04677642 frs-core:MotorVehicles 2022-08-01 2023-07-31 04677642 frs-core:MotorVehicles 2022-07-31 04677642 frs-core:PlantMachinery 2023-07-31 04677642 frs-core:PlantMachinery 2022-08-01 2023-07-31 04677642 frs-core:PlantMachinery 2022-07-31 04677642 frs-core:WithinOneYear 2023-07-31 04677642 frs-core:ShareCapital 2023-07-31 04677642 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 04677642 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04677642 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 04677642 frs-bus:SmallEntities 2022-08-01 2023-07-31 04677642 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 04677642 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 04677642 1 2022-08-01 2023-07-31 04677642 frs-bus:Director1 2022-08-01 2023-07-31 04677642 frs-bus:Director2 2022-08-01 2023-07-31 04677642 frs-bus:Director3 2022-08-01 2023-07-31 04677642 frs-countries:EnglandWales 2022-08-01 2023-07-31 04677642 2021-07-31 04677642 2022-07-31 04677642 2021-08-01 2022-07-31 04677642 frs-core:CurrentFinancialInstruments 2022-07-31 04677642 frs-core:Non-currentFinancialInstruments 2022-07-31 04677642 frs-core:BetweenOneFiveYears 2022-07-31 04677642 frs-core:WithinOneYear 2022-07-31 04677642 frs-core:ShareCapital 2022-07-31 04677642 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 04677642
FRAME TRADE UK LTD
Unaudited Financial Statements
For The Year Ended 31 July 2023
JKL ACCOUNTS SERVICES
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04677642
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 100,821 131,612
100,821 131,612
CURRENT ASSETS
Stocks 5 202,317 221,990
Debtors 6 693,548 846,008
Cash at bank and in hand 42,003 73,755
937,868 1,141,753
Creditors: Amounts Falling Due Within One Year 7 (545,878 ) (510,387 )
NET CURRENT ASSETS (LIABILITIES) 391,990 631,366
TOTAL ASSETS LESS CURRENT LIABILITIES 492,811 762,978
Creditors: Amounts Falling Due After More Than One Year 8 (128,766 ) (205,288 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (26,322 ) (26,322 )
NET ASSETS 337,723 531,368
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 337,623 531,268
SHAREHOLDERS' FUNDS 337,723 531,368
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Joanne LYNES
Director
31 May 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
FRAME TRADE UK LTD Registered number 04677642 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 3 Joshua Business Park, 48a Cromford Road, Langley Mill, Nottinghamshire, NG16 4EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at the fair value. The capital element of the future payments is treated as a liabiity and the interest is charged to the profit and loss account on a straight line basis.
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
2.5. 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 9 9
Sales, marketing and distribution 11 12
Manufacturing 19 19
39 40
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2022 156,730 23,550 79,974 260,254
Additions - - 2,813 2,813
As at 31 July 2023 156,730 23,550 82,787 263,067
Depreciation
As at 1 August 2022 69,150 17,961 41,531 128,642
Provided during the period 21,892 1,398 10,314 33,604
As at 31 July 2023 91,042 19,359 51,845 162,246
Net Book Value
As at 31 July 2023 65,688 4,191 30,942 100,821
As at 1 August 2022 87,580 5,589 38,443 131,612
Hire Purchase Agreements
Included within the net book value of £100,821 is £20,308 (2022 - £32,666) relating to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amount to £6,769 (2022 - £10,889).
5. Stocks
2023 2022
£ £
Stock 202,317 221,990
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 324,463 472,407
Prepayments and accrued income 5,812 5,890
Other debtors 363,206 367,210
Directors' loan accounts 67 501
693,548 846,008
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,072 18,696
Trade creditors 392,162 345,476
Bank loans and overdrafts 70,000 72,794
Corporation tax (12,920 ) 4,080
Other taxes and social security 42,669 10,274
VAT 30,574 48,683
Other creditors 7,286 3,767
Accruals and deferred income 7,035 6,617
545,878 510,387
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 433 6,955
Bank loans 128,333 198,333
128,766 205,288
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,072 18,696
Later than one year and not later than five years 433 6,955
9,505 25,651
9,505 25,651
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10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 26,322 26,322
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme for Employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £2,022 (2022 - £1,982) were due to the fund. They are included in Other Creditors.
13. Ultimate Controlling Party
The company's ultimate controlling party is NRSL Holdings Ltd by virtue of it's ownership of 100% of the issued share capital in the company.
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