Registered number
04795435
Ipswich Trade Frames Limited
Filleted Accounts
31 December 2024
Ipswich Trade Frames Limited
Registered number: 04795435
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 281,393 319,806
Current assets
Stocks 52,235 53,771
Debtors 4 1,147,593 1,210,664
Cash at bank and in hand 379,860 438,536
1,579,688 1,702,971
Creditors: amounts falling due within one year 5 (878,499) (1,022,503)
Net current assets 701,189 680,468
Total assets less current liabilities 982,582 1,000,274
Creditors: amounts falling due after more than one year 6 (166,814) (316,924)
Provisions for liabilities (29,948) -
Net assets 785,820 683,350
Capital and reserves
Called up share capital 100 100
Profit and loss account 785,720 683,250
Shareholder's funds 785,820 683,350
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
J L Sheppard
Director
Approved by the board on 6 February 2025
Ipswich Trade Frames Limited
Notes to the Accounts
for the year ended 31 December 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 115,011 143,967 252,610 511,588
Additions - 12,941 12,846 25,787
Disposals - (31,718) (700) (32,418)
At 31 December 2024 115,011 125,190 264,756 504,957
Depreciation
At 1 January 2024 - 109,762 82,020 191,782
Charge for the year - 16,931 47,269 64,200
On disposals - (31,718) (700) (32,418)
At 31 December 2024 - 94,975 128,589 223,564
Net book value
At 31 December 2024 115,011 30,215 136,167 281,393
At 31 December 2023 115,011 34,205 170,590 319,806
4 Debtors 2024 2023
£ £
Trade debtors 284,153 219,274
Amounts owed by group undertakings and undertakings in which the company has a participating interest 452,748 460,748
Prepayments 86,587 99,516
Staff Loans and Advances 9,686 9,686
Other debtors 314,419 421,440
1,147,593 1,210,664
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 124,643 124,643
Obligations under finance lease and hire purchase contracts 25,247 25,247
Trade creditors 565,402 726,945
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,000 10,000
Accruals 7,359 11,359
Taxation and social security costs 145,848 124,309
878,499 1,022,503
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 98,739 214,345
Obligations under finance lease and hire purchase contracts 68,075 75,901
Other creditors - 26,678
166,814 316,924
7 Other information
Ipswich Trade Frames Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
47, Knightsdale Road
Ipswich
Suffolk
IP1 4JJ
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