REGISTERED NUMBER: |
F.w. Frost (Engineers) Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
F.w. Frost (Engineers) Limited |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
F.w. Frost (Engineers) Limited |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
5 Queen Street |
Great Yarmouth |
Norfolk |
NR30 2QP |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Statement of Financial Position |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | ( |
) | ( |
) |
Accruals and deferred income | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their 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. |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Statement of Financial Position - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
F.w. Frost (Engineers) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents sales at invoice value excluding value added tax. |
Sales income represents revenue earned under a variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company earns the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses but excluding value added tax. |
Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual for the right to consideration by reference to the value of work performed. Revenue not billed to customers in included in other debtors. |
Sales income that is contingent on events outside the control of the company are recognised when the contingent event occurs. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation, with the exception of the company's freehold land and property which has not been depreciated on the grounds that it is maintained to such a standard that the residual value of the property when compared to cost would mean that any depreciation to be charged over the useful economic life of the asset would not be material. |
Depreciation is calculated on other fixed assets so as to write off the cost or valuation of the asset, less its estimated residual value, over the useful economic life as follows:- |
Plant and machinery - 15% reducing balance |
Motor vehicles - 25% reducing balance |
Office and computer equipment - 15% and 30% reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Rental income |
Rental income is recognised in the period in which it is earned in accordance with the terms of the lease. It is stated net of insurance and repair costs incurred by the company. |
Grants receivable |
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
3. | Employees and directors |
The average number of employees during the year was |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | Tangible fixed assets |
Office |
and |
Freehold | Plant and | Motor | computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 1982 | 174,923 |
Valuation in 2017 | 525,077 |
700,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31/12/23 | 31/12/22 |
£ | £ |
Cost | 174,923 | 174,923 |
The investment property was valued on an open market basis on 24 January 2018 by W J Walker Chartered Surveyors . |
In the opinion of the directors' there has been no change in the valuation of the properties during the year. |
F.w. Frost (Engineers) Limited (Registered number: 00442489) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
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 |
Revaluation |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 |