FRAME MAKER (MK) LIMITED 05994627 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the retail and wholesale of mirrors Digita Accounts Production Advanced 6.30.9574.0 true true 05994627 2023-01-01 2023-12-31 05994627 2023-12-31 05994627 bus:Director1 1 2023-12-31 05994627 bus:Director2 1 2023-12-31 05994627 bus:OrdinaryShareClass1 2023-12-31 05994627 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-12-31 05994627 core:CurrentFinancialInstruments 2023-12-31 05994627 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05994627 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05994627 core:FurnitureFittingsToolsEquipment 2023-12-31 05994627 core:LandBuildings 2023-12-31 05994627 core:MotorVehicles 2023-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 05994627 core:OtherRelatedParties 2023-12-31 05994627 bus:SmallEntities 2023-01-01 2023-12-31 05994627 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05994627 bus:FilletedAccounts 2023-01-01 2023-12-31 05994627 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05994627 bus:RegisteredOffice 2023-01-01 2023-12-31 05994627 bus:Director1 2023-01-01 2023-12-31 05994627 bus:Director1 1 2023-01-01 2023-12-31 05994627 bus:Director2 2023-01-01 2023-12-31 05994627 bus:Director2 1 2023-01-01 2023-12-31 05994627 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05994627 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05994627 core:Goodwill 2023-01-01 2023-12-31 05994627 core:FurnitureFittings 2023-01-01 2023-12-31 05994627 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05994627 core:LandBuildings 2023-01-01 2023-12-31 05994627 core:MotorVehicles 2023-01-01 2023-12-31 05994627 core:OfficeEquipment 2023-01-01 2023-12-31 05994627 core:PlantMachinery 2023-01-01 2023-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 05994627 core:OtherRelatedParties 2023-01-01 2023-12-31 05994627 countries:England 2023-01-01 2023-12-31 05994627 2022-12-31 05994627 bus:Director1 1 2022-12-31 05994627 bus:Director2 1 2022-12-31 05994627 core:FurnitureFittingsToolsEquipment 2022-12-31 05994627 core:LandBuildings 2022-12-31 05994627 core:MotorVehicles 2022-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 05994627 core:OtherRelatedParties 2022-12-31 05994627 2022-01-01 2022-12-31 05994627 2022-12-31 05994627 bus:Director1 1 2022-12-31 05994627 bus:Director2 1 2022-12-31 05994627 bus:OrdinaryShareClass1 2022-12-31 05994627 core:CurrentFinancialInstruments 2022-12-31 05994627 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05994627 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05994627 core:FurnitureFittingsToolsEquipment 2022-12-31 05994627 core:LandBuildings 2022-12-31 05994627 core:MotorVehicles 2022-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 05994627 core:OtherRelatedParties 2022-12-31 05994627 bus:Director1 1 2022-01-01 2022-12-31 05994627 bus:Director2 1 2022-01-01 2022-12-31 05994627 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-01 2022-12-31 05994627 core:OtherRelatedParties 2022-01-01 2022-12-31 05994627 2021-12-31 05994627 bus:Director1 1 2021-12-31 05994627 bus:Director2 1 2021-12-31 05994627 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-12-31 05994627 core:OtherRelatedParties 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05994627

FRAME MAKER (MK) LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

FRAME MAKER (MK) LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

FRAME MAKER (MK) 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

 

FRAME MAKER (MK) LIMITED

(Registration number: 05994627)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

56,118

29,222

Other financial assets

6

103

103

 

56,221

29,325

Current assets

 

Stocks

7

820,227

727,818

Debtors

8

1,013,970

430,696

Cash at bank and in hand

 

191,777

50,445

 

2,025,974

1,208,959

Prepayments and accrued income

 

37,238

26,146

Creditors: Amounts falling due within one year

(485,698)

(288,355)

Net current assets

 

1,577,514

946,750

Total assets less current liabilities

 

1,633,735

976,075

Creditors: Amounts falling due after more than one year

(800,000)

(500,000)

Provisions for liabilities

(13,168)

(4,897)

Accruals and deferred income

 

(33,548)

(27,840)

Net assets

 

787,019

443,338

Capital and reserves

 

Called up share capital

9

55

55

Capital redemption reserve

45

45

Retained earnings

786,919

443,238

Shareholders' funds

 

787,019

443,338

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.

 

FRAME MAKER (MK) LIMITED

(Registration number: 05994627)
Abridged Balance Sheet as at 31 December 2023

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 24 September 2024 and signed on its behalf by:
 

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

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

 

FRAME MAKER (MK) 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 current and 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.

 

FRAME MAKER (MK) 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

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Furniture and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

over 5 years

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.

 

FRAME MAKER (MK) LIMITED

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

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.

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.

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.

 

FRAME MAKER (MK) LIMITED

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

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 9 (2022 - 11).

 

FRAME MAKER (MK) LIMITED

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

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

9,507

At 31 December 2023

9,507

Amortisation

At 1 January 2023

9,507

At 31 December 2023

9,507

Carrying amount

At 31 December 2023

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

3,446

51,469

-

54,915

Additions

-

4,472

30,000

34,472

At 31 December 2023

3,446

55,941

30,000

89,387

Depreciation

At 1 January 2023

123

25,570

-

25,693

Charge for the year

492

7,084

-

7,576

At 31 December 2023

615

32,654

-

33,269

Carrying amount

At 31 December 2023

2,831

23,287

30,000

56,118

At 31 December 2022

3,323

25,899

-

29,222

Included within the net book value of land and buildings above is £2,830 (2022 - £3,323) in respect of short leasehold land and buildings.
 

 

FRAME MAKER (MK) LIMITED

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

103

103

At 31 December 2023

103

103

Impairment

Carrying amount

At 31 December 2023

103

103

7

Stocks

2023
£

2022
£

Other inventories

820,227

727,818

8

Debtors

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

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

5,500

55

5,500

55

       

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £34.18 (2022 - £20.36) per each Ordinary shares

188,000

112,000

 

 
 

FRAME MAKER (MK) LIMITED

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

11

Related party transactions

Fragilistics Limited
A company owned and controlled by the directors.

During the year goods and services to the value of £51,814 (2022 - £105,044) were sold to Fragilistics Limited. A balance of £3,989 (2022 - £6,623) at the year end is included in trade debtors.

Goods and services to the value of £852,165 (2022 - £777,051) were purchased from Fragilistics Limited, a balance of £86,805 (2022 - £69,047) was outstanding at the year end and is included in trade creditors.

In addition to the above there was also a loan account with Fragilistics Limited. At the year end there was an amount due from this company of £48,114 (2022 - £83,175 due to this company).

Memorabilia Outlet Limited
The company is a wholly owned subsidiary.

During the year sales of £198,714 (2022 - £189,172) were made to this company. As at the year end a balance of £21,489 (2022 - £16,193) was outstanding and included in trade debtors.

Services were purchased from this company during the year in the sum of £39,487 (2022 - £30,226)

In addition to the above there was also a loan account with Memorabilia Outlet Limited. At the year end there was an amount due to this company of £529 (2022 - £168)

Everything Mirror Limited
The company is a wholly owned subsidiary

During the year sales of £2,422 (2022 - £16,313) were made to this company.

Services were purchased from this company during the year in the sum of £18,835 (2022 - £63,941) As at the year end a balance of £nil (2022 - £8,100) was outstanding and included in trade creditors.

In addition to the above there was also a loan account with Everything Mirror Limited. At the year end there was an amount due to this company of £nil (2022 - £2,764).

Other Related Party
At the year end there was a loan oustanding to Nital Broekhuizen amounting to £500,000 (2022 - £500,000). This amount is included in other borrowings falling due after more than one year.

During the year a short term loan was made by Matthew Broekhuizen who is related to Mr R Broekhuizen. At the year end the amount due to this person was £300,000 (2022 - £nil) included in other borrowings falling due after more than one year.

Cranlux Limited
Mr R Broekhuizen and Mr R Dixon are directors of this company. Frame Maker (MK) Limited owns 100 ordinary shares being a 67% holding. The balance due from this company amounted to £505,015 (2022 £115,102).


 

FRAME MAKER (MK) LIMITED

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

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr Robert Mark Broekhuizen

Directors current account

(1,200)

(8,243)

(9,443)

Mr Robert Michael Dixon

Directors current account

3,271

(35,626)

(32,355)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Robert Mark Broekhuizen

Directors current account

(995)

-

(205)

(1,200)

Mr Robert Michael Dixon

Directors current account

(13,420)

16,691

-

3,271

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,570

Contributions paid to money purchase schemes

30,000

131,500

42,570

144,070

Dividends paid to directors

2023
£

2022
£

Mr Robert Mark Broekhuizen

Dividends paid

47,000

28,000

 

 

Mr Robert Michael Dixon

Dividends paid

47,000

28,000

 

 

Loans to related parties

 

FRAME MAKER (MK) LIMITED

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

2023

Entities with joint control or significant influence
£

Total
£

At start of period

115,102

115,102

Advanced

389,913

389,913

At end of period

505,015

505,015

2022

Entities with joint control or significant influence
£

Total
£

Advanced

115,102

115,102

At end of period

115,102

115,102

Loans from related parties

2023

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

(86,107)

(500,000)

(586,107)

Advanced

133,692

(300,000)

(166,308)

At end of period

47,585

(800,000)

(752,415)

2022

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

(98,603)

(500,000)

(598,603)

Repaid

12,496

-

12,496

At end of period

(86,107)

(500,000)

(586,107)