Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs E Brown 20/11/2005 Mr D Herring 20/11/2005 Mr P Herring 20/11/2005 14 November 2024 The principle activity of the Company during the financial year was operating an arts and crafts shop. 05629170 2024-03-31 05629170 bus:Director1 2024-03-31 05629170 bus:Director2 2024-03-31 05629170 bus:Director3 2024-03-31 05629170 2023-03-31 05629170 core:CurrentFinancialInstruments 2024-03-31 05629170 core:CurrentFinancialInstruments 2023-03-31 05629170 core:ShareCapital 2024-03-31 05629170 core:ShareCapital 2023-03-31 05629170 core:RetainedEarningsAccumulatedLosses 2024-03-31 05629170 core:RetainedEarningsAccumulatedLosses 2023-03-31 05629170 core:FurnitureFittings 2023-03-31 05629170 core:FurnitureFittings 2024-03-31 05629170 2022-03-31 05629170 2023-04-01 2024-03-31 05629170 bus:FilletedAccounts 2023-04-01 2024-03-31 05629170 bus:SmallEntities 2023-04-01 2024-03-31 05629170 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05629170 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05629170 bus:Director1 2023-04-01 2024-03-31 05629170 bus:Director2 2023-04-01 2024-03-31 05629170 bus:Director3 2023-04-01 2024-03-31 05629170 core:FurnitureFittings 2023-04-01 2024-03-31 05629170 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 05629170 (England and Wales)

FRANK HERRING & SONS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FRANK HERRING & SONS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FRANK HERRING & SONS LTD

BALANCE SHEET

As at 31 March 2024
FRANK HERRING & SONS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,244 14,055
11,244 14,055
Current assets
Stocks 685,730 608,969
Debtors 4 149,705 90,235
Cash at bank and in hand 5 154,352 221,650
989,787 920,854
Creditors: amounts falling due within one year 6 ( 765,250) ( 740,630)
Net current assets 224,537 180,224
Total assets less current liabilities 235,781 194,279
Provision for liabilities 7 ( 2,811) 0
Accruals and deferred income ( 2,615) ( 3,426)
Net assets 230,355 190,853
Capital and reserves
Called-up share capital 3 3
Profit and loss account 230,352 190,850
Total shareholders' funds 230,355 190,853

For the financial 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 financial statements of Frank Herring & Sons Ltd (registered number: 05629170) were approved and authorised for issue by the Board of Directors on 14 November 2024. They were signed on its behalf by:

Mrs E Brown
Director
Mr D Herring
Director
Mr P Herring
Director
FRANK HERRING & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FRANK HERRING & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frank Herring & Sons Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 16

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 57,857 57,857
At 31 March 2024 57,857 57,857
Accumulated depreciation
At 01 April 2023 43,802 43,802
Charge for the financial year 2,811 2,811
At 31 March 2024 46,613 46,613
Net book value
At 31 March 2024 11,244 11,244
At 31 March 2023 14,055 14,055

4. Debtors

2024 2023
£ £
Trade debtors 126,420 81,027
Other debtors 23,285 9,208
149,705 90,235

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 154,352 221,650

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 11,256 10,452
Taxation and social security 68,634 63,028
Other creditors 685,360 667,150
765,250 740,630

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 2,811) 0
At the end of financial year ( 2,811) 0

8. Related party transactions

The directors maintained an interest free loan with the company which is repayable on demand. At the balance sheet date the amount owing to the directors was £684,521 (2023 - £663,999).