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Reports Dated : 18/09/2024 Registered Number: 06598399
England and Wales

 

 

 

THE READYMADE PICTURE FRAME COMPANY LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Accountants report


You consider that the company is exempt from an audit for the year ended 30 June 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

RHT Business Advisors Ltd
30 June 2024



....................................................

29 Cunliffe Road
Epsom
KT19 0RJ
18 September 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 23,144    29,757 
Tangible fixed assets 4 31,956    50,637 
55,100    80,394 
Current assets      
Stocks 455,224    466,966 
Debtors 408,142    334,617 
Cash at bank and in hand 145,640    285,048 
1,009,006    1,086,631 
Creditors: amount falling due within one year (676,842)   (724,770)
Net current assets 332,164    361,861 
 
Total assets less current liabilities 387,264    442,255 
Creditors: amount falling due after more than one year (40,643)   (66,474)
Provisions for liabilities (12,786)   (14,180)
Net assets 333,835    361,601 
 

Capital and reserves
     
Called up share capital 20    20 
Profit and loss account 333,815    361,581 
Shareholders' funds 333,835    361,601 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 September 2024 and were signed on its behalf by:


-------------------------------
Mr Owain Rhodri Davies
Director
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General Information
The Readymade Picture Frame Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 06598399, registration address Unit A Lutyens Industrial Estate, Bilton Road, Basingstoke, RG24 8LJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
  • Plant and equipment - 20%
  • Office Equipment - 20%
  • Fittings - 15%
  • Motor vehicle - 25%

Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
2.

Average number of employees

Average number of employees during the year was 32 (2023 : 27).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 July 2023 44,085    44,085 
Additions  
Disposals  
At 30 June 2024 44,085    44,085 
Amortisation
At 01 July 2023 14,328    14,328 
Charge for year 6,613    6,613 
On disposals  
At 30 June 2024 20,941    20,941 
Net book values
At 30 June 2024 23,144    23,144 
At 30 June 2023 29,757    29,757 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 July 2023 244,572    24,985    2,890    18,334    290,781 
Additions        
Disposals (17,340)       (246)   (17,586)
At 30 June 2024 227,232    24,985    2,890    18,088    273,195 
Depreciation
At 01 July 2023 215,798    7,235    2,890    14,221    240,144 
Charge for year 10,089    6,246      2,345    18,680 
On disposals (17,340)       (245)   (17,585)
At 30 June 2024 208,547    13,481    2,890    16,321    241,239 
Net book values
Closing balance as at 30 June 2024 18,685    11,504      1,767    31,956 
Opening balance as at 01 July 2023 28,774    17,750      4,113    50,637 


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