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Registered number: 13431523









FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 13431523

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
162,857
23,631

Cash at bank and in hand
 6 
235,336
231,518

  
398,193
255,149

Creditors: amounts falling due within one year
 7 
(295,011)
(137,241)

Net current assets
  
 
 
103,182
 
 
117,908

Total assets less current liabilities
  
103,182
117,908

  

Net assets
  
103,182
117,908


Capital and reserves
  

Called up share capital 
 8 
3
3

Profit and loss account
  
103,179
117,905

  
103,182
117,908


Page 1

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 13431523
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 January 2025.




G L Arnel
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Frednel Commercial Management Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, England, UB8 2FX.
The company specialises in project and commercial management activities primarily in the telecommunication and infrastructure sector.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The director notes that the company is trading adequately and if this continues, they will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the Statement of financial position date. As such the director believes that there are no significant uncertainties in his assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 3

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
100%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 5

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 July 2023
29,469


Additions
15,708


Disposals
(3,694)



At 30 June 2024

41,483



Depreciation


At 1 July 2023
29,469


Charge for the year 
15,708


Disposals
(3,694)



At 30 June 2024

41,483



Net book value



At 30 June 2024
-



At 30 June 2023
-

Page 6

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
72,317
23,400

Other debtors
-
231

Prepayments and accrued income
90,540
-

162,857
23,631



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
235,336
231,518

235,336
231,518



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
20,819
28,798

Corporation tax
100,397
60,278

Other taxation and social security
26,085
28,952

Other creditors
146,535
16,221

Accruals and deferred income
1,175
2,992

295,011
137,241



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 Ordinary shares of £1 each
3
3


Page 7

 
FREDNEL COMMERCIAL MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £44,018 (2023 - £9,097). Total contribution payable at the year end was £31,729 (2023 - £1,173).


10.


Related party transactions

Included within other creditors is an amount of £62,830 owed to (2023 - £231 owed by) the director. During the year, the company made loans to the director of £223,427 (2023 - £132,283) and the director repaid £284,408 (2023 - £131,858) to the company.  There is no interest accruing or payable on the loan.


11.


Controlling party

The ultimate controlling party of the company is the director, due to his majority shareholding.

 
Page 8