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Registration number: 03921921

Fraser Residential Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Fraser Residential Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Fraser Residential Limited

Company Information

Directors

Mrs E Burton

Mr RA Fraser

Registered office

St Heliers Residential Home
25-26 Clifton Gardens
Folkestone
Kent
CT20 2EF

 

Fraser Residential Limited

(Registration number: 03921921)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

541,729

544,685

Current assets

 

Debtors

6

16,780

19,198

Cash at bank and in hand

 

13,773

36,425

 

30,553

55,623

Creditors: Amounts falling due within one year

7

(47,661)

(56,999)

Net current liabilities

 

(17,108)

(1,376)

Net assets

 

524,621

543,309

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

522,621

541,309

Shareholders' funds

 

524,621

543,309

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mrs E Burton
Director

.........................................
Mr RA Fraser
Director

 
     
 

Fraser Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St Heliers Residential Home
25-26 Clifton Gardens
Folkestone
Kent
CT20 2EF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Fraser Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

2% straight line

Plant and Machinery

25% reducing balance

Fixtures and Fittings

15% straight line

Office Equipment

33% straight line

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Fraser Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2023 - 45).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

120,000

120,000

At 29 February 2024

120,000

120,000

Amortisation

At 1 March 2023

120,000

120,000

At 29 February 2024

120,000

120,000

Carrying amount

At 29 February 2024

-

-

 

Fraser Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

884,895

288,843

2,642

10,837

1,187,217

Additions

-

24,330

-

423

24,753

At 29 February 2024

884,895

313,173

2,642

11,260

1,211,970

Depreciation

At 1 March 2023

368,506

261,060

2,573

10,393

642,532

Charge for the year

17,698

8,245

1,181

585

27,709

At 29 February 2024

386,204

269,305

3,754

10,978

670,241

Carrying amount

At 29 February 2024

498,691

43,868

(1,112)

282

541,729

At 28 February 2023

516,389

27,783

69

444

544,685

Included within the net book value of land and buildings above is £498,691 (2023 - £516,389) in respect of long leasehold land and buildings.
 

 

Fraser Residential Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

4,520

2,561

Prepayments

5,111

11,070

Other debtors

7,149

5,567

16,780

19,198

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,264

5,408

Trade creditors

 

15,313

13,691

Taxation and social security

 

13,563

24,244

Accruals and deferred income

 

7,901

7,361

Other creditors

 

5,620

6,295

 

47,661

56,999

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

5,264

5,408

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

78,000

79,800

Contributions paid to money purchase schemes

15,527

5,636

93,527

85,436