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Registered number: 03756276
Frisby Couriers Limited
Financial Statements
For The Year Ended 31 December 2023
33/34 High Street
Bridgnorth
Shropshire
WV16 4DB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03756276
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 157,205 129,013
Investments 5 28,345 28,345
185,550 157,358
CURRENT ASSETS
Debtors 6 76,686 111,985
Cash at bank and in hand 429,172 332,277
505,858 444,262
Creditors: Amounts Falling Due Within One Year 7 (115,898 ) (115,689 )
NET CURRENT ASSETS (LIABILITIES) 389,960 328,573
TOTAL ASSETS LESS CURRENT LIABILITIES 575,510 485,931
Creditors: Amounts Falling Due After More Than One Year 8 (85,782 ) (60,583 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (39,302 ) -
NET ASSETS 450,426 425,348
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 450,326 425,248
SHAREHOLDERS' FUNDS 450,426 425,348
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Frisby
Director
29th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Frisby Couriers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03756276 . The registered office is 11 Northgate, Bridgnorth, Shropshire, WV16 4ER.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 43,359 232,343 21,515 297,217
Additions - 73,026 325 73,351
Disposals - (14,300 ) - (14,300 )
As at 31 December 2023 43,359 291,069 21,840 356,268
Depreciation
As at 1 January 2023 39,579 109,140 19,485 168,204
Provided during the period 756 38,075 471 39,302
Disposals - (8,443 ) - (8,443 )
As at 31 December 2023 40,335 138,772 19,956 199,063
Net Book Value
As at 31 December 2023 3,024 152,297 1,884 157,205
As at 1 January 2023 3,780 123,203 2,030 129,013
5. Investments
Unlisted
£
Cost
As at 1 January 2023 28,345
As at 31 December 2023 28,345
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 28,345
As at 1 January 2023 28,345
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 57,953 95,721
Other debtors 18,733 16,264
76,686 111,985
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,958 22,768
Other creditors 17,821 8,622
Taxation and social security 78,119 84,299
115,898 115,689
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Vehicle Loans & Finance Balances 85,782 60,583
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5