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Registration number: 05154798

Frendspen Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Frendspen Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Frendspen Ltd

Company Information

Directors

Mr Ian Nicholas Scantlebury

Ms Clare Louise Scantlebury

Company secretary

Mr Ian Nicholas Scantlebury

Registered office

121 East Street
Bedminster
Bristol
Avon
BS3 4ER

Accountants

The Financial Management Centre The Meads Business Centre
19 Kingsmead
Farnborough
Hants
GU14 7SR

 

Frendspen Ltd

(Registration number: 05154798)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,000

10,000

Tangible assets

5

261,468

257,394

Other financial assets

6

113,795

-

 

385,263

267,394

Current assets

 

Stocks

7

169,920

141,540

Debtors

8

80,967

165,842

Cash at bank and in hand

 

86,548

111,569

 

337,435

418,951

Creditors: Amounts falling due within one year

9

(279,382)

(268,755)

Net current assets

 

58,053

150,196

Net assets

 

443,316

417,590

Capital and reserves

 

Called up share capital

10

4

4

Retained earnings

443,312

417,586

Shareholders' funds

 

443,316

417,590

For the financial 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.

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 and 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 20 March 2025 and signed on its behalf by:
 

.........................................
Mr Ian Nicholas Scantlebury
Company secretary and director

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
121 East Street
Bedminster
Bristol
Avon
BS3 4ER

These financial statements were authorised for issue by the Board on 20 March 2025.

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

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 current 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.

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 taxable income.

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Freehold Property

Not depreciated

Furniture Fittings and Equipment

Various rates on reducing balances

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

not depreciated

Franchise Fee

straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

10,000

10,000

At 30 June 2024

10,000

10,000

Amortisation

Carrying amount

At 30 June 2024

10,000

10,000

At 30 June 2023

10,000

10,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

257,065

127,392

384,457

Additions

-

9,386

9,386

At 30 June 2024

257,065

136,778

393,843

Depreciation

At 1 July 2023

2,000

125,063

127,063

Charge for the year

-

5,312

5,312

At 30 June 2024

2,000

130,375

132,375

Carrying amount

At 30 June 2024

255,065

6,403

261,468

At 30 June 2023

255,065

2,329

257,394

Included within the net book value of land and buildings above is £255,065 (2023 - £255,065) in respect of freehold land and buildings.
 

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

Impairment

Carrying amount

At 30 June 2024

-

-

Out of balance to Other non-current financial assets category in the current year

(113,795)

(113,795)

7

Stocks

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Debtors

Current

2024
£

2023
£

Prepayments

1,467

1,184

Other debtors

79,500

164,658

 

80,967

165,842

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

24,483

44,356

Other creditors

254,899

224,399

279,382

268,755

10

Share capital

11

Dividends

2024

2023

£

£

Interim dividend of £17,500.00 (2023 - £Nil) per ordinary share

70,000

-

 

 

12

Related party transactions

 

Frendspen Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

37,354

26,440