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REGISTERED NUMBER: 03952585 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Frain & Harley Limited

Frain & Harley Limited (Registered number: 03952585)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Frain & Harley Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: D G Harley





SECRETARY: Mrs R A Harley-Rodgers





REGISTERED OFFICE: 14 Halegrove Court Cygnet Drive
Bowesfield Park
Stockton-On-Tees
Cleveland
TS18 3DB





REGISTERED NUMBER: 03952585 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Frain & Harley Limited (Registered number: 03952585)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 193,964 177,456
193,964 177,456

CURRENT ASSETS
Stocks 1,248,034 1,328,749
Debtors 6 78,436 195,770
Cash at bank 147,647 26,356
1,474,117 1,550,875
CREDITORS
Amounts falling due within one year 7 617,914 667,927
NET CURRENT ASSETS 856,203 882,948
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,050,167

1,060,404

CAPITAL AND RESERVES
Called up share capital 8 20,000 20,000
Retained earnings 1,030,167 1,040,404
SHAREHOLDERS' FUNDS 1,050,167 1,060,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:



D G Harley - Director


Frain & Harley Limited (Registered number: 03952585)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Frain & Harley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Frain & Harley Limited (Registered number: 03952585)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 240,000
AMORTISATION
At 1 April 2022
and 31 March 2023 240,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Frain & Harley Limited (Registered number: 03952585)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 168,000 45,330 14,343
Additions - - -
Disposals - (9,017 ) -
At 31 March 2023 168,000 36,313 14,343
DEPRECIATION
At 1 April 2022 1,680 39,137 13,411
Charge for year 1,680 1,548 140
Eliminated on disposal - (7,005 ) -
At 31 March 2023 3,360 33,680 13,551
NET BOOK VALUE
At 31 March 2023 164,640 2,633 792
At 31 March 2022 166,320 6,193 932

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 9,850 19,364 256,887
Additions 25,263 - 25,263
Disposals (833 ) - (9,850 )
At 31 March 2023 34,280 19,364 272,300
DEPRECIATION
At 1 April 2022 6,057 19,146 79,431
Charge for year 2,470 72 5,910
Eliminated on disposal - - (7,005 )
At 31 March 2023 8,527 19,218 78,336
NET BOOK VALUE
At 31 March 2023 25,753 146 193,964
At 31 March 2022 3,793 218 177,456

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135 41,964
Other debtors 78,301 153,806
78,436 195,770

Frain & Harley Limited (Registered number: 03952585)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,271 171,460
Taxation and social security 36,031 3,500
Other creditors 570,612 492,967
617,914 667,927

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 20,000