14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 05319352 2023-04-01 2024-03-31 05319352 2024-03-31 05319352 2023-03-31 05319352 2022-04-01 2023-03-31 05319352 2023-03-31 05319352 2022-03-31 05319352 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 05319352 core:PlantMachinery 2023-04-01 2024-03-31 05319352 core:FurnitureFittings 2023-04-01 2024-03-31 05319352 core:MotorVehicles 2023-04-01 2024-03-31 05319352 bus:Director1 2023-04-01 2024-03-31 05319352 core:LandBuildings 2023-03-31 05319352 core:PlantMachinery 2023-03-31 05319352 core:FurnitureFittings 2023-03-31 05319352 core:MotorVehicles 2023-03-31 05319352 core:LandBuildings 2024-03-31 05319352 core:PlantMachinery 2024-03-31 05319352 core:FurnitureFittings 2024-03-31 05319352 core:MotorVehicles 2024-03-31 05319352 core:WithinOneYear 2024-03-31 05319352 core:WithinOneYear 2023-03-31 05319352 core:ShareCapital 2024-03-31 05319352 core:ShareCapital 2023-03-31 05319352 core:RetainedEarningsAccumulatedLosses 2024-03-31 05319352 core:RetainedEarningsAccumulatedLosses 2023-03-31 05319352 core:PlantMachinery 2023-03-31 05319352 core:FurnitureFittings 2023-03-31 05319352 core:MotorVehicles 2023-03-31 05319352 bus:SmallEntities 2023-04-01 2024-03-31 05319352 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05319352 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05319352 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05319352 bus:FullAccounts 2023-04-01 2024-03-31 05319352 core:ComputerEquipment 2023-04-01 2024-03-31 05319352 core:ComputerEquipment 2023-03-31 05319352 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 05319352
Graham Harrison Framing Ltd
Filleted Unaudited Financial Statements
31 March 2024
Graham Harrison Framing Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
41,447
33,017
Current assets
Stocks
6,474
7,496
Debtors
6
110,713
55,043
Cash at bank and in hand
180,146
268,338
---------
---------
297,333
330,877
Creditors: amounts falling due within one year
7
166,175
149,180
---------
---------
Net current assets
131,158
181,697
---------
---------
Total assets less current liabilities
172,605
214,714
Provisions
Taxation including deferred tax
7,875
8,046
---------
---------
Net assets
164,730
206,668
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
164,630
206,568
---------
---------
Shareholders funds
164,730
206,668
---------
---------
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 .
Graham Harrison Framing Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
G L Harrison
Director
Company registration number: 05319352
Graham Harrison Framing Ltd
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 304 Kensal Road, London, W10 5BE.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible 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:
Leasehold improvements
-
20% straight line
Plant and machinery
-
25% reducing balance
Furniture and equipment
-
25% reducing balance
Motor vans
-
25% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. 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. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vans
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
27,514
21,029
37,315
33,754
28,186
147,798
Additions
1,892
9,034
8,016
18,942
--------
--------
--------
--------
--------
---------
At 31 Mar 2024
27,514
22,921
46,349
33,754
36,202
166,740
--------
--------
--------
--------
--------
---------
Depreciation
At 1 Apr 2023
27,514
14,587
30,768
26,414
15,498
114,781
Charge for the year
1,603
1,943
3,670
3,296
10,512
--------
--------
--------
--------
--------
---------
At 31 Mar 2024
27,514
16,190
32,711
30,084
18,794
125,293
--------
--------
--------
--------
--------
---------
Carrying amount
At 31 Mar 2024
6,731
13,638
3,670
17,408
41,447
--------
--------
--------
--------
--------
---------
At 31 Mar 2023
6,442
6,547
7,340
12,688
33,017
--------
--------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
51,489
29,834
Other debtors
59,224
25,209
---------
--------
110,713
55,043
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,976
42,312
Corporation tax
3,876
Social security and other taxes
54,302
45,323
Other creditors
71,021
61,545
---------
---------
166,175
149,180
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
60,000
60,000
--------
--------
9. Directors' advances, credits and guarantees
There were no advances, credits or guarantees provided by the Directors.
10. Related party transactions
The company was under the control of Mr G L Harrison throughout the current and previous year. Mr G L Harrison is the managing director and sole shareholder. The company lets its entire business premises from JKO Properties Ltd, a company owned and controlled by Graham Harrison's spouse. The annual rental is now £60,000.