FRD Designers & Makers Limited 06972995 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is bespoke metal work. Digita Accounts Production Advanced 6.30.9574.0 true true 06972995 2023-04-01 2024-03-31 06972995 2024-03-31 06972995 bus:Director1 1 2024-03-31 06972995 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-31 06972995 core:RetainedEarningsAccumulatedLosses 2024-03-31 06972995 core:ShareCapital 2024-03-31 06972995 core:CurrentFinancialInstruments 2024-03-31 06972995 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06972995 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06972995 core:OtherResidualIntangibleAssets 2024-03-31 06972995 core:FurnitureFittings 2024-03-31 06972995 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 06972995 core:MotorVehicles 2024-03-31 06972995 core:PlantMachinery 2024-03-31 06972995 bus:SmallEntities 2023-04-01 2024-03-31 06972995 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06972995 bus:FilletedAccounts 2023-04-01 2024-03-31 06972995 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06972995 bus:RegisteredOffice 2023-04-01 2024-03-31 06972995 bus:Director1 2023-04-01 2024-03-31 06972995 bus:Director1 1 2023-04-01 2024-03-31 06972995 bus:Director2 2023-04-01 2024-03-31 06972995 bus:OrdinaryShareClass1 bus:OtherShareType 2023-04-01 2024-03-31 06972995 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06972995 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 06972995 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 06972995 core:FurnitureFittings 2023-04-01 2024-03-31 06972995 core:LandBuildings 2023-04-01 2024-03-31 06972995 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 06972995 core:MotorVehicles 2023-04-01 2024-03-31 06972995 core:PlantMachinery 2023-04-01 2024-03-31 06972995 countries:England 2023-04-01 2024-03-31 06972995 2023-03-31 06972995 bus:Director1 1 2023-03-31 06972995 core:OtherResidualIntangibleAssets 2023-03-31 06972995 core:FurnitureFittings 2023-03-31 06972995 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06972995 core:MotorVehicles 2023-03-31 06972995 core:PlantMachinery 2023-03-31 06972995 2022-04-01 2023-03-31 06972995 2023-03-31 06972995 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 06972995 core:RetainedEarningsAccumulatedLosses 2023-03-31 06972995 core:ShareCapital 2023-03-31 06972995 core:CurrentFinancialInstruments 2023-03-31 06972995 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06972995 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06972995 core:OtherResidualIntangibleAssets 2023-03-31 06972995 core:FurnitureFittings 2023-03-31 06972995 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06972995 core:MotorVehicles 2023-03-31 06972995 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06972995

FRD Designers & Makers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

FRD Designers & Makers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

FRD Designers & Makers Limited

Company Information

Directors

Mr F Russell

Mr D C Prockter

Registered office

4 St Giles Workshops, Baileys Hill
Wimborne St Giles
Wimborne
Dorset
BH21 5NE

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

FRD Designers & Makers Limited

(Registration number: 06972995)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,654

14,669

Tangible assets

5

269,695

302,145

 

277,349

316,814

Current assets

 

Stocks

6

189,250

234,872

Debtors

7

52,495

45,516

Cash at bank and in hand

 

4

1

 

241,749

280,389

Creditors: Amounts falling due within one year

8

(549,081)

(516,831)

Net current liabilities

 

(307,332)

(236,442)

Total assets less current liabilities

 

(29,983)

80,372

Creditors: Amounts falling due after more than one year

8

(97,337)

(78,822)

Net (liabilities)/assets

 

(127,320)

1,550

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(127,322)

1,548

Shareholders' (deficit)/funds

 

(127,320)

1,550

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

FRD Designers & Makers Limited

(Registration number: 06972995)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Mr F Russell
Director

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 St Giles Workshops, Baileys Hill
Wimborne St Giles
Wimborne
Dorset
BH21 5NE

These financial statements were authorised for issue by the Board on 27 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has negative reserves of -£127,322 at the balance sheet date. Since that date changes have been made internally and trading has improved. The director Mr F Russell has made a loan to the company which stood at £62585, £48000 of which has been deferred for a period of 12 months from the date of approval of the financial statements. The directors believe that this together with other available funding will enable the company to meet its financial obligations as they fall due. Therefore the directors see no reason to disapply the going concern basis.

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

10 years Straight Line

Plant and Machinery

10% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Development costs

Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over 5 years during which the company is expected to benefit.

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research and Development

5 Years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 28).

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

35,072

35,072

At 31 March 2024

35,072

35,072

Amortisation

At 1 April 2023

20,403

20,403

Amortisation charge

7,015

7,015

At 31 March 2024

27,418

27,418

Carrying amount

At 31 March 2024

7,654

7,654

At 31 March 2023

14,669

14,669

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

42,943

1,288

512,991

20,315

577,537

Additions

-

-

935

-

935

Disposals

-

-

(350)

-

(350)

At 31 March 2024

42,943

1,288

513,576

20,315

578,122

Depreciation

At 1 April 2023

17,177

1,051

243,277

13,887

275,392

Charge for the year

4,295

59

27,288

1,607

33,249

Eliminated on disposal

-

-

(214)

-

(214)

At 31 March 2024

21,472

1,110

270,351

15,494

308,427

Carrying amount

At 31 March 2024

21,471

178

243,225

4,821

269,695

At 31 March 2023

25,766

237

269,714

6,428

302,145

The net book value of Plant and Machinery, Motor Vehicles includes £16,737 (2023 - £19,668) in respect of assets leased under finance leases or hire purchase contracts.

6

Stocks

2024
£

2023
£

Other inventories

189,250

234,872

 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

41,689

27,909

Prepayments

5,096

5,357

Other debtors

5,710

12,250

 

52,495

45,516

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

77,047

75,110

Trade creditors

 

93,962

67,870

Taxation and social security

 

190,408

112,354

Accruals and deferred income

 

162,524

179,495

Other creditors

 

25,140

82,002

 

549,081

516,831

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

97,337

78,822

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

FRD Designers & Makers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr F Russell

The loan is interest free with no fixed date of repayment. £48,000 of this loan is to be deferred for a period of 12 months from the date of approval of the financial statements.

(91,453)

107,007

(78,139)

(62,585)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

49,352

48,473

Contributions paid to money purchase schemes

4,000

6,000

53,352

54,473