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Registered number: 04469182
Fr Systems Ltd
Financial Statements
For The Year Ended 30 June 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr Mark Hope
Mr Matthew Bladen
Company Number 04469182
Registered Office 1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Accountants The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 1
Page 2
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Fr Systems Ltd for the year ended 30 June 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Fr Systems Ltd which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Fr Systems Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Fr Systems Ltd and state those matters that we have agreed to state to the directors of Fr Systems Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fr Systems Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Fr Systems Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Fr Systems Ltd . You consider that Fr Systems Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fr Systems Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
18th October 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 2
Page 3
Statement of Financial Position
Registered number: 04469182
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 516,448 477,992
516,448 477,992
CURRENT ASSETS
Stocks 6 9,820 4,124
Debtors 7 83,841 143,791
Cash at bank and in hand 581,822 452,159
675,483 600,074
Creditors: Amounts Falling Due Within One Year 8 (440,848 ) (353,397 )
NET CURRENT ASSETS (LIABILITIES) 234,635 246,677
TOTAL ASSETS LESS CURRENT LIABILITIES 751,083 724,669
Creditors: Amounts Falling Due After More Than One Year 9 (239,250 ) (238,583 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (28,792 ) (19,977 )
NET ASSETS 483,041 466,109
CAPITAL AND RESERVES
Called up share capital 12 2 2
Capital redemption reserve 1 1
Income Statement 483,038 466,106
SHAREHOLDERS' FUNDS 483,041 466,109
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Mark Hope
Director
Mr Matthew Bladen
Director
18th October 2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Fr Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04469182 . The registered office is 1 Tape Street, Cheadle, Stoke On Trent, Staffordshire, ST10 1BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 15 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line basis
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 60,000
As at 30 June 2024 60,000
Amortisation
As at 1 July 2023 60,000
As at 30 June 2024 60,000
...CONTINUED
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Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 July 2023 439,019 205,349 45,210 689,578
Additions - 9,753 79,195 88,948
As at 30 June 2024 439,019 215,102 124,405 778,526
Depreciation
As at 1 July 2023 42,181 144,403 25,002 211,586
Provided during the period 7,937 17,703 24,852 50,492
As at 30 June 2024 50,118 162,106 49,854 262,078
Net Book Value
As at 30 June 2024 388,901 52,996 74,551 516,448
As at 1 July 2023 396,838 60,946 20,208 477,992
6. Stocks
2024 2023
£ £
Stock 9,820 4,124
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,324 118,199
Prepayments and accrued income 24,517 25,592
83,841 143,791
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,541 69,453
Bank loans and overdrafts 24,839 24,839
Other loans 38,039 24,829
Corporation tax 25,662 29,081
Other taxes and social security 2,315 1,928
VAT 46,617 26,950
Other creditors 235,677 167,930
Accruals and deferred income 9,158 8,387
440,848 353,397
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 239,250 238,583
239,250 238,583
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 28,792 19,977
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 19,977 19,977
Deferred taxation 8,815 8,815
Balance at 30 June 2024 28,792 28,792
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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