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Logo On Report
Registered Number: 09992245
England and Wales

 

 

 

FRASERS (PENZANCE) LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 41,208    37,113 
41,208    37,113 
Current assets      
Stocks 27,103    30,417 
Debtors 141,666    165,961 
Cash at bank and in hand (3,774)   (18,994)
164,995    177,384 
Creditors: amount falling due within one year (149,975)   (79,261)
Net current assets 15,020    98,123 
 
Total assets less current liabilities 56,228    135,236 
Creditors: amount falling due after more than one year (19,768)   (104,568)
Provisions for liabilities (10,749)  
Net assets 25,711    30,668 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 25,611    30,568 
Shareholders' funds 25,711    30,668 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:


-------------------------------
Peter Timothy Fraser Fraser
Director
1
General Information
Frasers (Penzance) Limited is a private company, limited by shares, registered in England and Wales, registration number 09992245, registration address Harbour Lights Restaurant, Arweneck Street, Falmouth, Cornwall, TR11 3LH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 20 (2023 : 15).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 43,000    43,000 
Additions  
Disposals  
At 31 March 2024 43,000    43,000 
Amortisation
At 01 April 2023 43,000    43,000 
Charge for year  
On disposals  
At 31 March 2024 43,000    43,000 
Net book values
At 31 March 2024  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2023 141,260    128,328    12,358    281,946 
Additions     6,922    6,922 
Disposals      
At 31 March 2024 141,260    128,328    19,280    288,868 
Depreciation
At 01 April 2023 137,311    98,711    8,811    244,833 
Charge for year (3,716)   4,442    2,101    2,827 
On disposals      
At 31 March 2024 133,595    103,153    10,912    247,660 
Net book values
Closing balance as at 31 March 2024 7,665    25,175    8,368    41,208 
Opening balance as at 01 April 2023 3,949    29,617    3,547    37,113 


5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

2