Charles Frodsham & Co Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00039315 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

CHARLES FRODSHAM & CO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P W T Whyte

R Stenning

S H W Frodsham

A Kingsley

REGISTERED OFFICE:

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

00039315 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

418,004

451,615

418,004

451,615

CURRENT ASSETS

Stocks

6

2,745,024

2,874,754

Debtors

7

22,748

64,787

Cash at bank

1,727,657

1,445,548

4,495,429

4,385,089

CREDITORS

Amounts falling due within one year

8

2,287,849

2,311,414

NET CURRENT ASSETS

2,207,580

2,073,675

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,625,584

2,525,290

CREDITORS

Amounts falling due after more than one
year

9

(340,000

)

(340,000

)

PROVISIONS FOR LIABILITIES

10

(15,803

)

(22,470

)

NET ASSETS

2,269,781

2,162,820

CAPITAL AND RESERVES

Called up share capital

28,575

Share premium

1,806,835

Capital reserve

6,150

Retained earnings

428,221

321,260

SHAREHOLDERS' FUNDS

2,269,781

2,162,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th February 2025 and were signed on its behalf by:

R Stenning - Director

1.	STATUTORY INFORMATION

Charles Frodsham & Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenues from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic costs will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measure reliably.

Research and development

Expenditure on pure and applied research and development is charged to the profit and loss account in the year in which it is incurred. Development costs are amortised over 10 years on the straight line basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% on cost

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

Land and buildings

Land and buildings include a freehold workshop occupied by the company. Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers or the Directors with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings.

Land and buildings were revalued for the first time during the current financial year, whilst they were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy of revaluation provides more relevant and reliable information about the value of the property owned by the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Research

and

development

£

COST

At 1st April 2023

and 31st March 2024

12,454

AMORTISATION

At 1st April 2023

and 31st March 2024

12,454

NET BOOK VALUE

At 31st March 2024

-

At 31st March 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

machinery

fittings

Totals

£

COST

At 1st April 2023

323,172

-

1,160,344

68,425

1,551,941

Additions

-

20,730

-

10,285

31,015

At 31st March 2024

323,172

20,730

1,160,344

78,710

1,582,956

DEPRECIATION

At 1st April 2023

1,346

-

1,037,938

61,042

1,100,326

Charge for year

16,158

1,037

41,990

5,441

64,626

At 31st March 2024

17,504

1,037

1,079,928

66,483

1,164,952

NET BOOK VALUE

At 31st March 2024

305,668

19,693

80,416

12,227

418,004

At 31st March 2023

321,826

-

122,406

7,383

451,615

6.

STOCKS

2024

2023

£

Stocks

1,863,024

2,002,754

Work-in-progress

882,000

872,000

2,745,024

2,874,754

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

22,748

64,787

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

11,000

Taxation and social security

28,032

-

Other creditors

2,248,817

2,300,414

2,287,849

2,311,414

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Other creditors

340,000

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

15,803

22,470

Deferred

tax

£

Balance at 1st April 2023

22,470

Credit to Income Statement during year

(6,667

)

Balance at 31st March 2024

15,803

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the year end the company owes directors £340,000 (2023: £340,000). No interest has been charged on the director's loan to the Company.