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REGISTERED NUMBER: 08269296 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 November 2023

for

FRM Automotive Limited

FRM Automotive Limited (Registered number: 08269296)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


FRM Automotive Limited

Company Information
for the Year Ended 30 November 2023







Director: Mr F Richards





Secretary: S Fraser





Registered office: Unit 11, Lionsquare Business Park
Saville Road
Westwood
Peterborough
Cambridgeshire
PE3 7PR





Registered number: 08269296 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
FRM Automotive Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FRM Automotive Limited for the year ended 30 November 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of FRM Automotive Limited in accordance with the terms of our engagement letter dated 10 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of FRM Automotive Limited and state those matters that we have agreed to state to the director of FRM Automotive Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FRM Automotive Limited and its director for our work or for this report.

It is your duty to ensure that FRM Automotive Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FRM Automotive Limited. You consider that FRM Automotive Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of FRM Automotive Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


18 November 2024

FRM Automotive Limited (Registered number: 08269296)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 46,571 50,750

Current assets
Stocks 5,000 4,000
Debtors 6 255,276 258,067
Cash at bank 13,799 35,916
274,075 297,983
Creditors
Amounts falling due within one year 7 191,096 206,931
Net current assets 82,979 91,052
Total assets less current liabilities 129,550 141,802

Creditors
Amounts falling due after more than one
year

8

(15,659

)

(25,967

)

Provisions for liabilities (3,366 ) (5,198 )
Net assets 110,525 110,637

Capital and reserves
Called up share capital 10 100 100
Retained earnings 110,425 110,537
Shareholders' funds 110,525 110,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

FRM Automotive Limited (Registered number: 08269296)

Statement of Financial Position - continued
30 November 2023


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2024 and were signed by:





Mr F Richards - Director


FRM Automotive Limited (Registered number: 08269296)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. Statutory information

FRM Automotive 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
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.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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
Motor vehicles- 25% reducing balance
Office equipment- 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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

FRM Automotive Limited (Registered number: 08269296)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. Accounting policies - continued

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.

Taxation
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.

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
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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

FRM Automotive Limited (Registered number: 08269296)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


5. Tangible fixed assets
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 December 2022 90,639 61,547 7,072 159,258
Additions 5,155 7,500 1,091 13,746
Disposals (541 ) (3,100 ) (1,016 ) (4,657 )
At 30 November 2023 95,253 65,947 7,147 168,347
Depreciation
At 1 December 2022 58,918 44,761 4,829 108,508
Charge for year 9,162 5,636 726 15,524
Eliminated on disposal (313 ) (1,356 ) (587 ) (2,256 )
At 30 November 2023 67,767 49,041 4,968 121,776
Net book value
At 30 November 2023 27,486 16,906 2,179 46,571
At 30 November 2022 31,721 16,786 2,243 50,750

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 113,664 161,985
Amounts owed by related company 19,090 876
Other debtors - 7,500
Directors' loan accounts 113,190 80,005
Prepayments 9,332 7,701
255,276 258,067

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 9,978 9,540
Trade creditors 100,126 97,685
Corporation tax 35,669 58,255
Social security and other taxes 4,161 2,836
VAT 31,670 26,853
Other creditors 2,023 718
Accruals and deferred income 7,469 11,044
191,096 206,931

Bank loans relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 15,659 25,967

FRM Automotive Limited (Registered number: 08269296)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


8. Creditors: amounts falling due after more than one year - continued

Bank loans relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 2,106

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

11. Director's advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

20232022
Director£   £   
Balance outstanding at start of year(80,005)(85,958)
Amounts advanced(244,827)(199,644)
Amounts repaid211,642205,597
Balance outstanding at end of year(113,190)(80,005)

Interest has been charged on the loan at 2% and 2.25% (2022 - 2%) being the HMRC official interest rate.