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COMPANY REGISTRATION NUMBER: 01961917
Slater & Frith Limited
Unaudited financial statements
31 December 2024
Slater & Frith Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
137,299
139,562
Current assets
Stocks
1,576
30,786
Debtors
6
1,425
123,313
Cash at bank and in hand
262,922
218,319
---------
---------
265,923
372,418
Creditors: Amounts falling due within one year
7
( 978)
( 43,714)
---------
---------
Net current assets
264,945
328,704
---------
---------
Total assets less current liabilities
402,244
468,266
Provisions
Taxation including deferred tax
( 352)
Accruals and deferred income
( 8,226)
( 6,250)
---------
---------
Net assets
394,018
461,664
---------
---------
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
84,782
84,782
Profit and loss account
309,136
376,782
---------
---------
Shareholders funds
394,018
461,664
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Slater & Frith Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr A W Slater
Director
Company registration number: 01961917
Slater & Frith Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 01961917 . The address of the registered office is Seaton House, Brumstead Road, Stalham, Norwich, NR12 9DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
10% - 20% reducing balance
Motor vehicle
-
25% reducing balance
Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge in the profit and loss account represents the contributions payable by the company to the fund for the year. The company also contributes to personal pension plans on behalf of staff.
4. Employee numbers
The average number of employees during the year was 2 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
£
Cost
At 1 January 2024
10,328
15,039
9,403
130,000
164,770
Disposals
( 15,039)
( 9,403)
( 24,442)
-------
-------
------
---------
---------
At 31 December 2024
10,328
130,000
140,328
-------
-------
------
---------
---------
Depreciation
At 1 January 2024
2,616
14,524
8,068
25,208
Charge for the year
413
413
Disposals
( 14,524)
( 8,068)
( 22,592)
-------
-------
------
---------
---------
At 31 December 2024
3,029
3,029
-------
-------
------
---------
---------
Carrying amount
At 31 December 2024
7,299
130,000
137,299
-------
-------
------
---------
---------
At 31 December 2023
7,712
515
1,335
130,000
139,562
-------
-------
------
---------
---------
The directors have valued the investment property at an open market value at the end of the year.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2024
Aggregate cost
45,218
Aggregate depreciation
(32,356)
-------
Carrying value
12,862
-------
At 31 December 2023
Aggregate cost
45,218
Aggregate depreciation
(30,547)
-------
Carrying value
14,671
-------
6. Debtors
2024
2023
£
£
Trade debtors
644
117,408
Other debtors
781
5,905
------
---------
1,425
123,313
------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
57
38,478
Social security and other taxes
92
4,719
Other creditors
829
517
----
-------
978
43,714
----
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
£1 Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----