REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
F. FRITH & COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
F. FRITH & COMPANY LIMITED |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
F. FRITH & COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
BANKERS: |
14 Minster Street |
Salisbury |
Wiltshire |
SP1 1TP |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
F. Frith & Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable for the manufacture and sale of picture frames and mouldings. |
Revenue from the sale of goods is recognised when the ordered is placed by the customer at which time the risks and rewards associated with the sale are transferred to the customer. |
Intangible assets |
Goodwill is initially measured at cost and is being amortised evenly over its useful life of 5 years. |
The assets' residual value, useful life and amortisation methods are reviewed, and adjusted prospectively if appropriate, or of there is an indication of a significant change since the last reporting date. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible fixed assets are stated at cost, being purchase price together with any incidental costs of acquisition, less accumulated depreciation. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Freehold property and plant and machinery are held at fair value and any changes in value are recognised within other comprehensive income. Deferred tax is charged on any fair value uplift and is also recognised within other comprehensive income. |
Freehold property was uplifted to a fair value in 2016. The valuation was made by the directors of the company who have an extensive knowledge of local commercial property values. In the opinion of the directors there has been no change in the fair value of freehold property since that date. |
Freehold property has not been depreciated as a depreciation charge would not be material due to the property having a high residual value and a long economic life. |
Fixed asset investments |
Fixed asset investments are held at cost at the balance sheet date. |
Stocks |
The company holds stocks of materials and consumables required in its manufacturing processes. As none of these stocks are subject to either technological or physical obsolescence they are valued at cost. |
Stocks are issued to production on a first in first out basis. |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Debtors do not carry and interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
Creditors |
Creditors are not interest bearing and are stated at their nominal value. |
Cash and cash equivalents |
These comprise cash at bank and other short term highly liquid deposits. |
Reserves |
The movement in the fair value of assets to an open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to shareholders. |
Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2015 | 134,779 | 110,000 | - | - | 244,779 |
Cost | 70,221 | 174,010 | 31,181 | 6,917 | 282,329 |
205,000 | 284,010 | 31,181 | 6,917 | 527,108 |
If plant and machinery had not been revalued it would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 212,108 | 196,599 |
Aggregate depreciation | 187,692 | 178,854 |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
31.12.23 | 31.12.22 |
£ | £ |
Distributable | 167,992 | 163,951 |
Non - distributable | 160,528 | 158,460 |
328,520 | 322,411 |
Movement in Non-distributable reserve | 31.12.23 | 31.12.22 |
£ | £ |
Balance brought forward at the start of the year | 158,460 | 175,591 |
Fair value uplift | - | - |
Movement in depreciation | (5,500 | ) | (5,500 | ) |
Movement in deferred tax | 7,568 | (11,632 | ) |
Balance carried forward at the end of the year | 160,528 | 158,460 |
F. FRITH & COMPANY LIMITED (REGISTERED NUMBER: 02644065) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and |
31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
DIRECTORS |
Balance outstanding at the start of the year | - | - |
Amounts advanced | 5,631 | 8,606 |
Amount repaid | (5,631 | ) | (8,606 | ) |
Balance outstanding at the end of the year | - | - |
The loans are repayable on demand and liable to interest charged at commercial rates. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
F. FRITH & COMPANY LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F. Frith & Company Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of F. Frith & Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of F. Frith & Company Limited and state those matters that we have agreed to state to the director of F. Frith & Company Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F. Frith & Company Limited and its director for our work or for this report. |
It is your duty to ensure that F. Frith & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F. Frith & Company Limited. You consider that F. Frith & Company Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of F. Frith & Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |