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COMPANY REGISTRATION NUMBER: 13943151
ON THE EDGE FRAMING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
ON THE EDGE FRAMING LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
95,005
104,505
Tangible assets
6
35,808
23,375
---------
---------
130,813
127,880
CURRENT ASSETS
Stocks
10,000
10,000
Debtors
7
18,260
12,277
Cash at bank and in hand
10,318
5,662
--------
--------
38,578
27,939
CREDITORS: amounts falling due within one year
8
142,542
124,338
---------
---------
NET CURRENT LIABILITIES
103,964
96,399
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
26,849
31,481
CREDITORS: amounts falling due after more than one year
9
10,780
15,767
PROVISIONS
12,994
6,041
--------
--------
NET ASSETS
3,075
9,673
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
2,975
9,573
-------
-------
SHAREHOLDERS FUNDS
3,075
9,673
-------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 .
ON THE EDGE FRAMING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr W Lunn
Director
Company registration number: 13943151
ON THE EDGE FRAMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
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 and are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
-
10% straight line
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 subsequently stated at cost less any accumulated depreciation and 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
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
10% straight line and 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 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 stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. INTANGIBLE ASSETS
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
95,000
19,005
114,005
--------
--------
---------
Amortisation
At 1 April 2023
9,500
9,500
Charge for the year
9,500
9,500
--------
--------
---------
At 31 March 2024
19,000
19,000
--------
--------
---------
Carrying amount
At 31 March 2024
76,000
19,005
95,005
--------
--------
---------
At 31 March 2023
85,500
19,005
104,505
--------
--------
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
19,710
790
5,700
4,966
31,166
Additions
1,350
19,240
20,590
--------
-------
-------
--------
--------
At 31 March 2024
19,710
2,140
5,700
24,206
51,756
--------
-------
-------
--------
--------
Depreciation
At 1 April 2023
4,927
198
1,425
1,241
7,791
Charge for the year
3,696
485
1,069
2,907
8,157
--------
-------
-------
--------
--------
At 31 March 2024
8,623
683
2,494
4,148
15,948
--------
-------
-------
--------
--------
Carrying amount
At 31 March 2024
11,087
1,457
3,206
20,058
35,808
--------
-------
-------
--------
--------
At 31 March 2023
14,783
592
4,275
3,725
23,375
--------
-------
-------
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
15,818
9,568
Other debtors
2,442
2,709
--------
--------
18,260
12,277
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,987
4,736
Trade creditors
30,431
11,477
Social security and other taxes
8,602
6,431
Other creditors
98,522
101,694
---------
---------
142,542
124,338
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,780
15,767
--------
--------
10. RELATED PARTY TRANSACTIONS
During the period the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 March 2024 the amount due from the company was £96,947 (2023 - £100,170).