Company registration number 11084078 (England and Wales)
FRISBY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FRISBY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FRISBY HOLDINGS LIMITED
BALANCE SHEET
AS AT
29 NOVEMBER 2023
29 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,315
20,370
Investment property
4
838,694
988,694
856,009
1,009,064
Current assets
Debtors
6
2,179
5,986
Investments
7
35,000
35,000
Cash at bank and in hand
151,767
22,527
188,946
63,513
Creditors: amounts falling due within one year
8
(199,914)
(192,368)
Net current liabilities
(10,968)
(128,855)
Total assets less current liabilities
845,041
880,209
Creditors: amounts falling due after more than one year
9
(457,722)
(518,546)
Provisions for liabilities
(88,079)
(88,842)
Net assets
299,240
272,821
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
270,389
270,389
Profit and loss reserves
27,851
1,432
Total equity
299,240
272,821

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FRISBY HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 NOVEMBER 2023
29 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
Mr A Frisby
Director
Company registration number 11084078 (England and Wales)
FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Frisby Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Castle Court 2, Castle Gate Way, Dudley, West Midlands, DY1 4RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing Balance

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
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 current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost or valuation
At 30 November 2022 and 29 November 2023
25,321
Depreciation and impairment
At 30 November 2022
4,951
Depreciation charged in the year
3,055
At 29 November 2023
8,006
Carrying amount
At 29 November 2023
17,315
At 29 November 2022
20,370
4
Investment property
2023
£
Fair value
At 30 November 2022
988,694
Disposals
(150,000)
At 29 November 2023
838,694

Land and buildings with a carrying amount of £626,880 were revalued at 24 November 2022 by CVN, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
503,694
653,694
Accumulated depreciation
(39,461)
(39,888)
Carrying amount
464,233
613,806
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
35,000
35,000
FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,179
5,986
7
Current asset investments
2023
2022
£
£
Other investments
35,000
35,000
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,922
12,922
Taxation and social security
10,392
-
0
Other creditors
176,600
179,446
199,914
192,368
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
457,722
518,546

The loans are secured by way of a fixed charge on the properties, as well as a floating charge on the company's other assets in favour of Lloyds Bank Plc, Lendinvest Plc and Direct SSAS.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
191,284
193,209
Payable other than by instalments
266,438
266,438
457,722
459,647
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
11
Prior period adjustment
FRISBY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
1 December
29 November
2021
2022
£
£
Adjustments to prior year
Deferred tax movement on revaluation
-
(83,750)
Equity as previously reported
(20,605)
356,571
Equity as adjusted
(20,605)
272,821
Analysis of the effect upon equity
Revaluation reserve
-
(83,750)
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