Freed Fencing Limited
Registered number: 06271202
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 151,124 139,549
Tangible assets 4 27,887 37,183
179,011 176,732
Current assets
Stocks 24,450 56,941
Debtors 5 6,056 17,017
Cash at bank and in hand 278,382 305,983
308,888 379,941
Creditors: amounts falling due within one year 6 (156,413) (210,087)
Net current assets 152,475 169,854
Total assets less current liabilities 331,486 346,586
Provisions for liabilities (5,577) (7,065)
Net assets 325,909 339,521
Capital and reserves
Called up share capital 100 100
Profit and loss account 325,809 339,421
Shareholders' funds 325,909 339,521
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Freed
Director
Approved by the board on 4 April 2024
Freed Fencing Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Investments:
Cost
At 1 February 2023 139,549
At 31 January 2024 151,124
Amortisation
At 31 January 2024 -
Net book value
At 31 January 2024 151,124
At 31 January 2023 139,549
4 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 3,124 13,457 100,738 117,319
At 31 January 2024 3,124 13,457 100,738 117,319
Depreciation
At 1 February 2023 2,295 13,333 64,508 80,136
Charge for the year 207 31 9,058 9,296
At 31 January 2024 2,502 13,364 73,566 89,432
Net book value
At 31 January 2024 622 93 27,172 27,887
At 31 January 2023 829 124 36,230 37,183
5 Debtors 2024 2023
£ £
Trade debtors 6,056 17,017
6 Creditors: amounts falling due within one year 2024 2023
£ £
Prepayments 18,500 26,756
Trade creditors 691 29,730
Corporation tax 12,465 27,845
Other taxes and social security costs 16,601 12,975
Other creditors 108,156 112,781
156,413 210,087
7 Other information
Freed Fencing Limited is a private company limited by shares and incorporated in England. Its registered office is:
57 Mill Road
Lode
Cambridge
CB25 9EN
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