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COMPANY REGISTRATION NUMBER: 559389
FREDSHAW & CO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
FREDSHAW & CO LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
FREDSHAW & CO LIMITED
BALANCE SHEET
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
588,407
451,971
Current assets
Stocks
234,125
192,086
Debtors
6
2,380,759
2,404,871
Cash at bank and in hand
1,137,617
1,103,192
------------
------------
3,752,501
3,700,149
Creditors: amounts falling due within one year
7
( 802,763)
( 1,039,902)
------------
------------
Net current assets
2,949,738
2,660,247
------------
------------
Total assets less current liabilities
3,538,145
3,112,218
Provisions
( 137,369)
( 94,341)
------------
------------
Net assets
3,400,776
3,017,877
------------
------------
Capital and reserves
Called up share capital
9
4,011
4,011
Share premium account
94,116
94,116
Profit and loss account
3,302,649
2,919,750
------------
------------
Shareholders funds
3,400,776
3,017,877
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 January 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 .
FREDSHAW & CO LIMITED
BALANCE SHEET (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
J H Rhodes
Director
Company registration number: 559389
FREDSHAW & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registration number 559389 and registered in England and Wales. The address of the registered office is Victoria Buildings, Albert Street, Lockwood, Huddersfield, HD1 3PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, the functional currency of the entity and are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax and in the case of an incomplete contract, the value is estimated based on the cost of work completed during the year compared to the total expected cost of the contract. Revenues are recognised when there are no significant obligations remaining by the vendor and collection of the resulting receivables is considered probable.
Tax
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leashold improvements
-
10% straight line
Plant and machinery
-
15% or 20% reducing balance
Fixtures and fittings
-
20% straight line or 15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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 stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its 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.
Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a number of defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs are the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 65 (2023: 67 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Software under construction
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
49,706
809,240
247,675
272,294
23,914
1,402,829
Additions
4,028
61,736
34,023
197,023
296,810
Disposals
( 117,181)
( 117,181)
Transfers
( 23,914)
( 23,914)
------------
------------
------------
------------
------------
------------
At 31 Jan 2024
53,734
870,976
281,698
352,136
1,558,544
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Feb 2023
31,354
576,957
200,424
142,123
950,858
Charge for the year
3,353
47,165
21,170
44,986
116,674
Disposals
( 97,395)
( 97,395)
------------
------------
------------
------------
------------
------------
At 31 Jan 2024
34,707
624,122
221,594
89,714
970,137
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Jan 2024
19,027
246,854
60,104
262,422
588,407
------------
------------
------------
------------
------------
------------
At 31 Jan 2023
18,352
232,283
47,251
130,171
23,914
451,971
------------
------------
------------
------------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
1,294,989
1,827,685
Amounts owed by group undertakings
38,568
Amounts owed by customers on construction contracts
573,763
345,970
Prepayments and accrued income
57,393
45,178
Corporation tax repayable
262,679
16,292
Directors' loan accounts
74,526
58,326
VAT
54,729
60,904
Other debtors
24,112
50,516
------------
------------
2,380,759
2,404,871
------------
------------
Other debtors include £23,632 which is recoverable after more than one year.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
562,001
602,582
Amounts owed to group undertakings
25,705
Accruals and deferred income
176,506
123,343
Social security and other taxes
64,256
89,269
Amounts owed to customers on construction contracts
199,003
------------
------------
802,763
1,039,902
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
137,369
94,341
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
139,224
95,877
Other timing differences
( 1,855)
( 1,536)
------------
------------
137,369
94,341
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3,601
3,601
3,601
3,601
'A' Ordinary shares of £ 1 each
410
410
410
410
------------
------------
------------
------------
4,011
4,011
4,011
4,011
------------
------------
------------
------------
The 'A' Ordinary shares issued rank parri passu in all respects with the existing Ordinary shares.
10. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
20,502
------------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
39,301
25,908
Later than 1 year and not later than 5 years
45,433
19,321
------------
------------
84,734
45,229
------------
------------
12. Directors' advances, credits and guarantees
Included in debtors is a loan to a director, D M Sutton £ Amount outstanding at end of year 37,263 Amount outstanding at beginning of the year 29,163 Maximum outstanding during the year 47,263 This qualifying loan is unsecured, repayable on demand and currently interest free. Included in debtors is a loan to a director, G Tingle £ Amount outstanding at end of year 37,263 Amount outstanding at beginning of the year 29,163 Maximum outstanding during the year 47,263 This qualifying loan is unsecured, repayable on demand and currently interest free.
13. Controlling party
Fredshaw & Co Limited is a 90% owned subsidiary of Rhodes Asset Holdings Limited. The ultimate controlling party is J H Rhodes .