Registered number
03715534
Holman Fraser Limited
Filleted Accounts
31 March 2024
Holman Fraser Limited
Registered number: 03715534
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 3,850
Tangible assets 4 676,289 634,402
676,289 638,252
Current assets
Stocks 11,500 14,300
Debtors 5 257,860 333,756
Cash at bank and in hand - 5,300
269,360 353,356
Creditors: amounts falling due within one year 6 (620,133) (392,860)
Net current liabilities (350,773) (39,504)
Total assets less current liabilities 325,516 598,748
Creditors: amounts falling due after more than one year 7 (404,466) (317,696)
Provisions for liabilities (77,696) (145,693)
Net (liabilities)/assets (156,646) 135,359
Capital and reserves
Called up share capital 187,240 187,240
Profit and loss account (343,886) (51,881)
Shareholders' funds (156,646) 135,359
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Richard Aaron
Director
Approved by the board on 27 December 2024
Holman Fraser Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing balance
Motor vehicles 20% Reducing balance
Office equipment 20% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 38,500
At 31 March 2024 38,500
Amortisation
At 1 April 2023 34,650
Provided during the year 3,850
At 31 March 2024 38,500
Net book value
At 31 March 2024 -
At 31 March 2023 3,850
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant & machinery Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 April 2023 515,232 1,001,287 4,794 1,521,313
Additions 1,115 257,121 - 258,236
At 31 March 2024 516,347 1,258,408 4,794 1,779,549
Depreciation
At 1 April 2023 384,716 499,380 2,815 886,911
Charge for the year 26,196 189,757 396 216,349
At 31 March 2024 410,912 689,137 3,211 1,103,260
Net book value
At 31 March 2024 105,435 569,271 1,583 676,289
At 31 March 2023 130,516 501,907 1,979 634,402
5 Debtors 2024 2023
£ £
Trade debtors 230,028 279,134
Other debtors 27,832 54,622
257,860 333,756
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 33,308 25,824
Obligations under finance lease and hire purchase contracts 97,990 110,684
Trade creditors 89,386 42,728
Taxation and social security costs 179,680 111,053
Other creditors 219,769 102,571
620,133 392,860
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 55,556 80,889
Obligations under finance lease and hire purchase contracts 348,910 236,807
404,466 317,696
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 11,945 10,692
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Richard James Aaron
Interest-free and unsecured 35,133 27,833 (35,133) 27,833
Mrs Pippa Aaron
Interest-free and unsecured 19,489 - (19,489) -
54,622 27,833 (54,622) 27,833
10 Other information
Holman Fraser Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
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