IRIS Accounts Production v24.2.0.383 03916194 Board of Directors 1.1.23 31.12.23 31.12.23 specialist electroplating of all types. true false true true false false true false Ordinary 1.00000 Preference shares 1.00000 Preference A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039161942022-12-31039161942023-12-31039161942023-01-012023-12-31039161942021-12-31039161942022-01-012022-12-31039161942022-12-3103916194ns15:EnglandWales2023-01-012023-12-3103916194ns14:PoundSterling2023-01-012023-12-3103916194ns10:Director12023-01-012023-12-3103916194ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103916194ns10:SmallEntities2023-01-012023-12-3103916194ns10:Audited2023-01-012023-12-3103916194ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103916194ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103916194ns10:FullAccounts2023-01-012023-12-3103916194ns10:OrdinaryShareClass12023-01-012023-12-3103916194ns10:OrdinaryShareClass22023-01-012023-12-3103916194ns10:OrdinaryShareClass32023-01-012023-12-3103916194ns10:Director22023-01-012023-12-3103916194ns10:Director32023-01-012023-12-3103916194ns10:Director42023-01-012023-12-3103916194ns10:Director52023-01-012023-12-3103916194ns10:CompanySecretary12023-01-012023-12-3103916194ns10:RegisteredOffice2023-01-012023-12-3103916194ns5:RetainedEarningsAccumulatedLosses2022-12-3103916194ns5:RetainedEarningsAccumulatedLosses2021-12-3103916194ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103916194ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103916194ns5:RetainedEarningsAccumulatedLosses2023-12-3103916194ns5:RetainedEarningsAccumulatedLosses2022-12-3103916194ns5:CurrentFinancialInstruments2023-12-3103916194ns5:CurrentFinancialInstruments2022-12-3103916194ns5:Non-currentFinancialInstruments2023-12-3103916194ns5:Non-currentFinancialInstruments2022-12-3103916194ns5:ShareCapital2023-12-3103916194ns5:ShareCapital2022-12-3103916194ns5:SharePremium2023-12-3103916194ns5:SharePremium2022-12-3103916194ns5:RevaluationReserve2023-12-3103916194ns5:RevaluationReserve2022-12-3103916194ns5:CapitalRedemptionReserve2023-12-3103916194ns5:CapitalRedemptionReserve2022-12-3103916194ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3103916194ns5:LeaseholdImprovements2023-01-012023-12-3103916194ns5:PlantMachinery2023-01-012023-12-3103916194ns5:FurnitureFittings2023-01-012023-12-3103916194ns5:MotorVehicles2023-01-012023-12-3103916194ns5:OwnedAssets2023-01-012023-12-3103916194ns5:OwnedAssets2022-01-012022-12-3103916194ns5:LandBuildings2022-12-3103916194ns5:LeaseholdImprovements2022-12-3103916194ns5:PlantMachinery2022-12-3103916194ns5:LandBuildings2023-01-012023-12-3103916194ns5:LandBuildings2023-12-3103916194ns5:LeaseholdImprovements2023-12-3103916194ns5:PlantMachinery2023-12-3103916194ns5:LandBuildings2022-12-3103916194ns5:LeaseholdImprovements2022-12-3103916194ns5:PlantMachinery2022-12-3103916194ns5:FurnitureFittings2022-12-3103916194ns5:MotorVehicles2022-12-3103916194ns5:FurnitureFittings2023-12-3103916194ns5:MotorVehicles2023-12-3103916194ns5:FurnitureFittings2022-12-3103916194ns5:MotorVehicles2022-12-3103916194ns5:CostValuation2022-12-3103916194ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103916194ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103916194ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3103916194ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3103916194ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103916194ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3103916194ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103916194ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103916194ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3103916194ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3103916194ns5:HirePurchaseContracts2023-12-3103916194ns5:HirePurchaseContracts2022-12-3103916194ns5:WithinOneYear2023-12-3103916194ns5:WithinOneYear2022-12-3103916194ns5:BetweenOneFiveYears2023-12-3103916194ns5:BetweenOneFiveYears2022-12-3103916194ns5:AllPeriods2023-12-3103916194ns5:AllPeriods2022-12-3103916194ns5:Secured2023-12-3103916194ns5:Secured2022-12-3103916194ns10:OrdinaryShareClass12023-12-3103916194ns10:OrdinaryShareClass22023-12-3103916194ns10:OrdinaryShareClass32023-12-3103916194ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 03916194 (England and Wales)




REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FROST ELECTROPLATING LIMITED

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Income and Retained Earnings 7

Balance Sheet 8

Notes to the Financial Statements 9


FROST ELECTROPLATING LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: W J E Southall
M W Brown
K D Worthing
D M Griffiths
H G Ward





SECRETARY: E H Southall





REGISTERED OFFICE: Unit 200 Catesby Park
Eckersall Road
Kings Norton
Birmingham
West Midlands
B38 8SE





REGISTERED NUMBER: 03916194 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

W J E Southall
M W Brown
K D Worthing
D M Griffiths
H G Ward

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D M Griffiths - Director


20 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FROST ELECTROPLATING LIMITED

Opinion
We have audited the financial statements of Frost Electroplating Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FROST ELECTROPLATING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FROST ELECTROPLATING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management and employees, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

We obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company and sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, corporate taxes and VAT legislation, employment taxes, The Trade Effluents Regulations 1989, health and safety and the Bribery Act 2010.

We carried out discussions among the engagement team, who also undertook the audit testing, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of these discussions, we identified potential for fraud in the following areas:
- management override of control; and
- revenue recognition - specifically in respect of completeness and cut-off and manipulation of revenue through management override of journals.

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies.
- We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. We were able to identify and analyse the complete population of all journals in the year to identify and substantively test any which we considered were indicative of management override.
- We reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business.
- We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FROST ELECTROPLATING LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Spafford FCA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

11 September 2024

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4,527,052 4,150,557

Cost of sales 3,409,160 3,257,488
GROSS PROFIT 1,117,892 893,069

Administrative expenses 863,885 737,250
OPERATING PROFIT 5 254,007 155,819

Interest receivable and similar income (57 ) (131 )
253,950 155,688

Interest payable and similar expenses 13,602 12,308
PROFIT BEFORE TAXATION 240,348 143,380

Tax on profit (43,604 ) (17,651 )
PROFIT FOR THE FINANCIAL YEAR 283,952 161,031

Retained earnings at beginning of year 1,446,455 1,296,124

Dividends (54,574 ) (10,700 )

RETAINED EARNINGS AT END OF
YEAR

1,675,833

1,446,455

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 2,049,232 1,969,573
Investments 7 2 2
2,049,234 1,969,575

CURRENT ASSETS
Stocks 367,607 336,808
Debtors 8 1,136,422 867,325
Cash at bank and in hand 19,050 26,117
1,523,079 1,230,250
CREDITORS
Amounts falling due within one year 9 764,829 601,056
NET CURRENT ASSETS 758,250 629,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,807,484

2,598,769

CREDITORS
Amounts falling due after more than one
year

10

(159,092

)

(179,755

)

PROVISIONS FOR LIABILITIES (117,458 ) (117,458 )
NET ASSETS 2,530,934 2,301,556

CAPITAL AND RESERVES
Called up share capital 13 266,974 266,974
Share premium 13,645 13,645
Revaluation reserve 14 563,807 563,807
Capital redemption reserve 10,675 10,675
Retained earnings 1,675,833 1,446,455
SHAREHOLDERS' FUNDS 2,530,934 2,301,556

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by:





D M Griffiths - Director


FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Frost Electroplating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Frost Electroplating Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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 from the sale of electroplating is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Improvements to property - 10% on cost
Plant and machinery - 3 to 10 years straight line
Fixtures and fittings - 3 to 10 years straight line
Motor vehicles - 33% on cost

No depreciation is charged in the year of acquisition on all assets. The Freehold Property was revalued at 31/12/2020 to market value, any aggregate surplus or deficit arising from revaluation is recognised in the revaluation reserve.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Share-based payments
The cost and corresponding increase in equity in respect of equity-settled share based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 38 ) .

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 191,498 97,507

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 1,300,000 537,983 5,861,361
Additions - - 207,999
Disposals - - -
At 31 December 2023 1,300,000 537,983 6,069,360
DEPRECIATION
At 1 January 2023 - 482,477 5,328,040
Charge for year - 53,798 111,491
Eliminated on disposal - - -
At 31 December 2023 - 536,275 5,439,531
NET BOOK VALUE
At 31 December 2023 1,300,000 1,708 629,829
At 31 December 2022 1,300,000 55,506 533,321

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 381,253 94,597 8,175,194
Additions 23,435 39,723 271,157
Disposals - (24,051 ) (24,051 )
At 31 December 2023 404,688 110,269 8,422,300
DEPRECIATION
At 1 January 2023 361,221 33,883 6,205,621
Charge for year 3,026 23,183 191,498
Eliminated on disposal - (24,051 ) (24,051 )
At 31 December 2023 364,247 33,015 6,373,068
NET BOOK VALUE
At 31 December 2023 40,441 77,254 2,049,232
At 31 December 2022 20,032 60,714 1,969,573

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2020 563,382 - -
Cost 736,618 537,983 6,069,360
1,300,000 537,983 6,069,360

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2020 - - 563,382
Cost 404,688 110,269 7,858,918
404,688 110,269 8,422,300

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 736,618 736,618
Aggregate depreciation 132,619 132,619

Freehold land and buildings were valued on an open market basis on 31 December 2020 by Pennycuick Collins Chartered Surveyors .

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

Under the provisions of section 248 of the Companies Act 1985 the company has taken advantage of the exemption from preparing consolidated financial statements. These financial statements only refer to the company as an individual entity.

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 713,584 678,212
Other debtors 422,838 181,467
1,136,422 859,679

Amounts falling due after more than one year:
Tax - 7,646

Aggregate amounts 1,136,422 867,325

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 45,895 43,568
Hire purchase contracts (see note 11) 19,999 -
Trade creditors 458,000 356,041
Tax 379 379
Social security and other taxes 54,108 50,564
VAT 96,281 67,838
Other creditors 90,167 82,666
764,829 601,056

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 47,995 45,618
Bank loans - 2-5 years 86,593 134,135
Hire purchase contracts (see note 11) 24,502 -
Amounts owed to group undertakings 2 2
159,092 179,755

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 19,999 -
Between one and five years 24,502 -
44,501 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 34,569 29,631
Between one and five years 40,198 43,371
74,767 73,002

FROST ELECTROPLATING LIMITED (REGISTERED NUMBER: 03916194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 180,483 223,321

The bank loan facility and other loans are secured against the freehold property and other assets of the company by way of a fixed and floating charge.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
56,974 Ordinary £1 56,974 56,974
10,000 Preference shares £1 10,000 10,000
200,000 Preference A £1 200,000 200,000
266,974 266,974

14. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 563,807

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The nature of the advances are that of a director's loan account, interest is charged at 4% pa.

16. RELATED PARTY DISCLOSURES

During the year, total dividends of £54,574 (2022 - £10,700) were paid to connected parties of the directors.

During the year the company made a loan to a participator and connected party of £3,898 (2022: £3,898).

17. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs E H Southall.