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Company registration number: 04724704
Verity Frearson Ltd
Unaudited filleted financial statements
31 May 2024
Verity Frearson Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Verity Frearson Ltd
Directors and other information
Directors M Stamford
J Verity
Company number 04724704
Registered office Tudor House
26 Albert Street
Harrogate
HG1 4JT
Accountants The Barker Partnership
24 High Street
Pateley Bridge
Harrogate
HG3 5JU
Bankers Barclays Bank plc
25 James Street
Harrogate
N. Yorkshire
Verity Frearson Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Verity Frearson Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Verity Frearson Ltd for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Verity Frearson Ltd, as a body, in accordance with the terms of our engagement letter dated 22 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Verity Frearson Ltd and state those matters that we have agreed to state to the board of directors of Verity Frearson Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Verity Frearson Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Verity Frearson Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Verity Frearson Ltd. You consider that Verity Frearson Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Verity Frearson Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
24 High Street
Pateley Bridge
Harrogate
HG3 5JU
22 October 2024
Verity Frearson Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 109,022 121,647
_______ _______
109,022 121,647
Current assets
Stocks 26,920 18,680
Debtors 7 246,743 228,917
Cash at bank and in hand 1,198,769 1,032,820
_______ _______
1,472,432 1,280,417
Creditors: amounts falling due
within one year 8 ( 615,415) ( 645,077)
_______ _______
Net current assets 857,017 635,340
_______ _______
Total assets less current liabilities 966,039 756,987
Provisions for liabilities ( 5,755) ( 4,192)
_______ _______
Net assets 960,284 752,795
_______ _______
Capital and reserves
Called up share capital 375 375
Profit and loss account 959,909 752,420
_______ _______
Shareholders funds 960,284 752,795
_______ _______
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
M Stamford
Director
Company registration number: 04724704
Verity Frearson Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tudor House, 26 Albert Street, Harrogate, HG1 4JT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 7 years straight line from 1st June 2016
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Any Tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 30 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 472,715 472,715
_______ _______
Amortisation
At 1 June 2023 and 31 May 2024 472,715 472,715
_______ _______
Carrying amount
At 31 May 2024 - -
_______ _______
At 31 May 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2023 171,660 124,000 295,660
Additions 20,248 - 20,248
_______ _______ _______
At 31 May 2024 191,908 124,000 315,908
_______ _______ _______
Depreciation
At 1 June 2023 143,013 31,000 174,013
Charge for the year 9,623 23,250 32,873
_______ _______ _______
At 31 May 2024 152,636 54,250 206,886
_______ _______ _______
Carrying amount
At 31 May 2024 39,272 69,750 109,022
_______ _______ _______
At 31 May 2023 28,647 93,000 121,647
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 231,122 215,149
Other debtors 15,621 13,768
_______ _______
246,743 228,917
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 26,615 19,143
Corporation tax 164,683 124,945
Social security and other taxes 81,510 61,142
Other creditors 342,607 439,847
_______ _______
615,415 645,077
_______ _______