Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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7,603,888 | 8,068,965 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | ||||
- due within one year | 6 |
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- due after more than one year | 6 |
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Cash at bank and in hand |
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4,432,788 | 4,184,669 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 2,398,549 | 2,136,062 | ||
Total assets less current liabilities | 10,002,437 | 10,205,027 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fast Freeze International Limited (registered number:
R J Dickinson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Fast Freeze International (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Longley, Holmfirth,, West Yorkshire, HD9 2JD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Fast Freeze International is considered to be Australian dollar because that is the currency of the primary economic environment in which the Company operates. The presentational currency of Fast Freeze International is pound sterling.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Income Statement in the period in which they arise on monetary items.
Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
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.
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Land and buildings |
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Plant and machinery | 1.5 -
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Vehicles |
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Fixtures and fittings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost/Valuation | |||||||||
At 01 July 2023 |
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Disposals | (
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Foreign exchange movements |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 July 2023 |
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Charge for the financial year |
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Disposals | (
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Foreign exchange movements |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 June 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 July 2023 |
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Fair value adjustments | (40,940) |
Foreign exchange movements | 6,245 |
At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Deferred tax asset |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Other creditors |
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Included within other debtors is £1,375,000 (2023: £1,375,000) in respect of a loan to a company under common control.
During the year, advances of £nil (2023: £nil) were made to the the director. Repayments by the director of £nil (2023: £166,923) were made in the year. At the year-end, an amount of £nil (2023: £nil) was outstanding.
During the year, repayments of a loan owed by a related party were £nil (2023: £nil). At the year-end, an amount of £220,437 (£220,437) was outstanding.
Parent Company:
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22 Longley, Holmfirth, West Yorkshire, HD9 2JD |