Company registration number SC414344 (Scotland)
JON FRULLANI ARCHITECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
JON FRULLANI ARCHITECT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JON FRULLANI ARCHITECT LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF JON FRULLANI ARCHITECT LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jon Frullani Architect Limited for the year ended 31 January 2024 set out on pages 2 to 8 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 of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Jon Frullani Architect Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jon Frullani Architect Limited and state those matters that we have agreed to state to the Board of Directors of Jon Frullani Architect Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jon Frullani Architect Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Jon Frullani Architect 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 Jon Frullani Architect Limited. You consider that Jon Frullani Architect 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 Jon Frullani Architect 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.
MMG Chartered Accountants
5 September 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
JON FRULLANI ARCHITECT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
652,301
668,844
Current assets
Stocks
148,144
185,769
Debtors
5
291,327
282,239
Cash at bank and in hand
160,522
108,613
599,993
576,621
Creditors: amounts falling due within one year
6
(210,297)
(245,477)
Net current assets
389,696
331,144
Total assets less current liabilities
1,041,997
999,988
Creditors: amounts falling due after more than one year
7
(187,871)
(202,140)
Provisions for liabilities
9
(57,547)
(58,848)
Net assets
796,579
739,000
Capital and reserves
Called up share capital
10
10
10
Profit and loss reserves
796,569
738,990
Total equity
796,579
739,000
JON FRULLANI ARCHITECT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
For the financial year ended 31 January 2024 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
Mr J G Frullani
Director
Company registration number SC414344 (Scotland)
JON FRULLANI ARCHITECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Jon Frullani Architect Limited is a private company limited by shares incorporated in Scotland. The registered office is 140 Perth Road, Dundee, ANGUS, Scotland, DD1 4JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
33% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Improvements Property
5% on cost
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
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.
JON FRULLANI ARCHITECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
17
JON FRULLANI ARCHITECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 February 2023 and 31 January 2024
2,210
Amortisation and impairment
At 1 February 2023 and 31 January 2024
2,210
Carrying amount
At 31 January 2024
At 31 January 2023
4
Tangible fixed assets
Freehold land and buildings
Improvements Property
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 February 2023
449,175
271,029
30,630
31,273
782,107
Additions
15,590
15,590
Disposals
(200)
(200)
At 31 January 2024
449,175
271,029
30,630
46,663
797,497
Depreciation and impairment
At 1 February 2023
35,934
37,641
19,013
20,675
113,263
Depreciation charged in the year
8,984
13,551
2,904
6,494
31,933
At 31 January 2024
44,918
51,192
21,917
27,169
145,196
Carrying amount
At 31 January 2024
404,257
219,837
8,713
19,494
652,301
At 31 January 2023
413,241
233,388
11,617
10,598
668,844
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
185,656
196,321
Corporation tax recoverable
23,410
Other debtors
69,361
36,403
Prepayments and accrued income
12,900
49,515
291,327
282,239
JON FRULLANI ARCHITECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
13,000
47,833
Trade creditors
21,101
15,598
Corporation tax
43,638
80,617
Other taxation and social security
91,204
87,183
Other creditors
31,449
13,621
Accruals and deferred income
9,905
625
210,297
245,477
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
187,871
202,140
Amounts included above which fall due after five years are as follows:
Payable by instalments
135,871
148,871
8
Loans and overdrafts
2024
2023
£
£
Bank loans
200,871
249,973
Payable within one year
13,000
47,833
Payable after one year
187,871
202,140
The long-term loans are secured by fixed charges over the company's office at 140 Perth Road, Dundee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
57,547
58,848
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10
10
10
10
JON FRULLANI ARCHITECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
11
Directors' transactions
The following advances and credits to a director subsisted during the year ended 31 January 2024:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
J Frullani
-
36,403
156,105
(192,041)
467
B Smith
-
-
34,447
-
34,447
D Sturrock
-
-
34,447
-
34,447
36,403
224,999
(192,041)
69,361