FRAGILISTICS LIMITED 08696803 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is warehousing and distribution Digita Accounts Production Advanced 6.30.9574.0 true true 08696803 2023-01-01 2023-12-31 08696803 2023-12-31 08696803 bus:Director1 1 2023-12-31 08696803 bus:Director2 1 2023-12-31 08696803 bus:OrdinaryShareClass1 2023-12-31 08696803 bus:OrdinaryShareClass3 2023-12-31 08696803 core:CurrentFinancialInstruments 2023-12-31 08696803 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08696803 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08696803 core:FurnitureFittingsToolsEquipment 2023-12-31 08696803 core:LandBuildings 2023-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 08696803 core:OtherRelatedParties 2023-12-31 08696803 bus:SmallEntities 2023-01-01 2023-12-31 08696803 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08696803 bus:FilletedAccounts 2023-01-01 2023-12-31 08696803 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08696803 bus:RegisteredOffice 2023-01-01 2023-12-31 08696803 bus:Director1 2023-01-01 2023-12-31 08696803 bus:Director1 1 2023-01-01 2023-12-31 08696803 bus:Director2 2023-01-01 2023-12-31 08696803 bus:Director2 1 2023-01-01 2023-12-31 08696803 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08696803 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 08696803 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08696803 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08696803 core:LandBuildings 2023-01-01 2023-12-31 08696803 core:LeaseholdImprovements 2023-01-01 2023-12-31 08696803 core:OfficeEquipment 2023-01-01 2023-12-31 08696803 core:PlantMachinery 2023-01-01 2023-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 08696803 core:OtherRelatedParties 2023-01-01 2023-12-31 08696803 countries:England 2023-01-01 2023-12-31 08696803 2022-12-31 08696803 bus:Director1 1 2022-12-31 08696803 bus:Director2 1 2022-12-31 08696803 core:FurnitureFittingsToolsEquipment 2022-12-31 08696803 core:LandBuildings 2022-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 08696803 core:OtherRelatedParties 2022-12-31 08696803 2022-01-01 2022-12-31 08696803 2022-12-31 08696803 bus:Director1 1 2022-12-31 08696803 bus:Director2 1 2022-12-31 08696803 bus:OrdinaryShareClass1 2022-12-31 08696803 bus:OrdinaryShareClass3 2022-12-31 08696803 core:CurrentFinancialInstruments 2022-12-31 08696803 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08696803 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08696803 core:FurnitureFittingsToolsEquipment 2022-12-31 08696803 core:LandBuildings 2022-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 08696803 core:OtherRelatedParties 2022-12-31 08696803 bus:Director1 1 2022-01-01 2022-12-31 08696803 bus:Director2 1 2022-01-01 2022-12-31 08696803 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08696803 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-01 2022-12-31 08696803 core:OtherRelatedParties 2022-01-01 2022-12-31 08696803 2021-12-31 08696803 bus:Director1 1 2021-12-31 08696803 bus:Director2 1 2021-12-31 08696803 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-12-31 08696803 core:OtherRelatedParties 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08696803

FRAGILISTICS LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

FRAGILISTICS LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

FRAGILISTICS LIMITED

Company Information

Directors

Mr Robert Mark Broekhuizen

Mr Robert Michael Dixon

Registered office

Unit 2a
Lancaster Business Park
Main Road
East Kirkby
Spilsby
PE23 4BH

Accountants

Minney & Company
249 Silbury Boulevard
Milton Keynes
Bucks
MK9 1NA

 

FRAGILISTICS LIMITED

(Registration number: 08696803)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

413,116

343,265

Current assets

 

Stocks

5

21,397

25,131

Debtors

6

244,852

311,119

Cash at bank and in hand

 

183,840

189,178

 

450,089

525,428

Prepayments and accrued income

 

26,957

18,643

Creditors: Amounts falling due within one year

7.1

(278,778)

(224,380)

Net current assets

 

198,268

319,691

Total assets less current liabilities

 

611,384

662,956

Creditors: Amounts falling due after more than one year

7.2

(438,119)

(455,076)

Provisions for liabilities

(50,494)

(38,949)

Accruals and deferred income

 

(5,029)

(11,136)

Net assets

 

117,742

157,795

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

1

1

Retained earnings

117,739

157,792

Shareholders' funds

 

117,742

157,795

For the financial year ending 31 December 2023 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

FRAGILISTICS LIMITED

(Registration number: 08696803)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr Robert Mark Broekhuizen
Director

.........................................
Mr Robert Michael Dixon
Director

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 2a
Lancaster Business Park
Main Road
East Kirkby
Spilsby
PE23 4BH
England

These financial statements were authorised for issue by the Board on 24 September 2024.

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 abridged 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 abridged 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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Freehold property

2% straight line

Leasehold improvements

6 years straight line

Plant and machinery

20% - 25% straight line

Office equipment

20% - 25% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

593,554

593,554

Additions

10,900

263,646

274,546

Disposals

-

(195,610)

(195,610)

At 31 December 2023

10,900

661,590

672,490

Depreciation

At 1 January 2023

-

250,289

250,289

Charge for the year

1,211

126,568

127,779

Eliminated on disposal

-

(118,694)

(118,694)

At 31 December 2023

1,211

258,163

259,374

Carrying amount

At 31 December 2023

9,689

403,427

413,116

At 31 December 2022

-

343,265

343,265

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £9,689 (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

21,397

25,131

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £126,152 (2022 - £120,522).

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £138,119 (2022 - £55,076).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary share of £0.01 each

100

1

100

1

C Ordinary share of £0.01 each

100

1

100

1

200

2

200

2

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £420.00 (2022 - £610.00) per each A Ordinary share

42,000

61,000

Interim dividend of £420.00 (2022 - £610.00) per each C Ordinary share

42,000

61,000

84,000

122,000

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Frame Maker (MK) Limited

A company owned and controlled by the directors.

Included in turnover are sales of £852,165 (2022 - £777,051) to Frame Maker (MK) Limited. A balance of £86,805 (2022 - £69,047) was owed by Frame Maker (MK) Limited at the year end and is included in trade debtors.

During the year the company also purchased goods and services from Frame Maker (MK) Limited to the value of £51,814 (2022 - £105,044). A balance of £3,989 (2022 - £6,623) was owed to Frame Maker (MK) Limited..

The nominal loan account balance with this company is shown as an associated company loan in creditors/debtors amounting to £(48,114) (2022 - £83,175)


Everything Mirror Limited

The company is a wholly owned subsidiary of Frame Maker (MK) Limited a company owned and controlled by the directors.

Included in turnover are sales of £nil (2022 - £14,957) A balance of £nil (2022 - £2,084) was owed by Everything Mirror Limited at the year end and is included in trade debtors.

During the year the company also purchased goods and services from Everything Mirror Limited to the value of £nil (2022 - £888)


Cranlux Limited

The company is controlled by Frame Maker (MK) Limited. The nominal loan account balance with this company is shown as an associated company loan in debtors amounting to £118,029 (2022 - £63,475)


Other Related Party

A loan of £500,000 was made by a company, the sole director and shareholder of which was connected to R M Broekhuizen. This loan has now been assigned to Nital Broekhuizen.The outstanding amount of £300,000 (2022 - £400,000) is included in other borrowings falling due after more than one year.




 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Other payments made to company by director
£

At 31 December 2023
£

Mr Robert Mark Broekhuizen

Directors current account

(52)

52

-

Mr Robert Michael Dixon

Directors current account

(40,752)

36,519

(4,233)

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Mr Robert Mark Broekhuizen

Directors current account

(50)

(2)

(52)

Mr Robert Michael Dixon

Directors current account

(14,899)

(25,853)

(40,752)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,570

Contributions paid to money purchase schemes

30,377

131,877

42,947

144,447

Dividends paid to directors

2023
£

2022
£

Mr Robert Mark Broekhuizen

Dividends paid

21,000

30,500

 

 

Mr Robert Michael Dixon

Dividends paid

21,000

30,500

 

 

 

FRAGILISTICS LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Summary of transactions with entities with joint control or significant interest

Frame Maker (MK) Limited and Cranlux Limited
 Short term funding. As at 31 December 2023 the amounts (owed) / due were Frame Maker (MK) Limited £(48,114) (2022 - £83,175) and Cranlux Limited £118,029 (2022 - £63,475)
 

Summary of transactions with other related parties

Nital Broekhuizen / Table 19 Limited
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

146,650

146,650

Repaid

(76,735)

(76,735)

At end of period

69,915

69,915

2022

Entities with joint control or significant influence
£

Total
£

At start of period

95,976

95,976

Advanced

50,674

50,674

At end of period

146,650

146,650

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

400,000

400,000

Repaid

(100,000)

(100,000)

At end of period

300,000

300,000

2022

Other related parties
£

Total
£

At start of period

500,000

500,000

Repaid

(100,000)

(100,000)

At end of period

400,000

400,000