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REGISTERED NUMBER: 02644065 (England and Wales)















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: M Lockwood



SECRETARY: E Lockwood



REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 02644065 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: The Royal Bank of Scotland
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 8,997 12,596
Tangible assets 5 296,416 295,245
305,413 307,841

CURRENT ASSETS
Stocks 8,550 8,320
Debtors 6 1,499 2,314
Cash at bank 181,138 158,231
191,187 168,865
CREDITORS
Amounts falling due within one year 7 42,722 34,901
NET CURRENT ASSETS 148,465 133,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

453,878

441,805

PROVISIONS FOR LIABILITIES 20,102 17,146
NET ASSETS 433,776 424,659

CAPITAL AND RESERVES
Called up share capital 3,228 220
Share premium 8 102,028 102,028
Retained earnings 8 328,520 322,411
SHAREHOLDERS' FUNDS 433,776 424,659

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 20 August 2024 and were signed by:





M Lockwood - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 50% on cost, 33% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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 3 (2022 - 3 ) .

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 17,995
AMORTISATION
At 1 January 2023 5,399
Charge for year 3,599
At 31 December 2023 8,998
NET BOOK VALUE
At 31 December 2023 8,997
At 31 December 2022 12,596

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 205,000 268,501 31,181 6,917 511,599
Additions - 15,509 - - 15,509
At 31 December 2023 205,000 284,010 31,181 6,917 527,108
DEPRECIATION
At 1 January 2023 - 197,450 17,521 1,383 216,354
Charge for year - 7,785 5,169 1,384 14,338
At 31 December 2023 - 205,235 22,690 2,767 230,692
NET BOOK VALUE
At 31 December 2023 205,000 78,775 8,491 4,150 296,416
At 31 December 2022 205,000 71,051 13,660 5,534 295,245

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 239,392
DEPRECIATION
At 1 January 2023 171,572
Charge for year 5,500
At 31 December 2023 177,072
NET BOOK VALUE
At 31 December 2023 62,320
At 31 December 2022 67,820

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,032 976
Other debtors 467 1,338
1,499 2,314

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 4,101 1,521
Taxation and social security 33,598 29,527
Other creditors 5,023 3,853
42,722 34,901

8. RESERVES

31.12.23 31.12.22
£ £

Distributable167,992 163,951
Non - distributable160,528 158,460
328,520 322,411
Movement in Non-distributable reserve 31.12.23 31.12.22
£ £

Balance brought forward at the start of the year158,460 175,591
Fair value uplift- -
Movement in depreciation(5,500 )(5,500)
Movement in deferred tax7,568 (11,632)
Balance carried forward at the end of the year160,528 158,460


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:
31.12.2331.12.22
£ £
DIRECTORS
Balance outstanding at the start of the year- -
Amounts advanced5,6318,606
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.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


30 August 2024