Registered number
04545209
Fred Corner Limited
Unaudited Filleted Accounts
30 September 2024
Fred Corner Limited
Registered number: 04545209
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 18,031 22,535
Current assets
Stocks 850 850
Debtors 5 12,086 44,780
Cash at bank and in hand 109,944 77,772
122,880 123,402
Creditors: amounts falling due within one year 6 (31,108) (30,042)
Net current assets 91,772 93,360
Total assets less current liabilities 109,803 115,895
Creditors: amounts falling due after more than one year 7 (2,933) (6,133)
Provisions for liabilities (3,426) (4,282)
Net assets 103,444 105,480
Capital and reserves
Called up share capital 2 2
Profit and loss account 103,442 105,478
Shareholders' funds 103,444 105,480
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
F Corner
Director
Approved by the board on 17 April 2025
Fred Corner Limited
Notes to the Accounts
for the year ended 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 20% reducing balance basis
Motor vehicles 20% reducing balance basis
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 5,000
At 30 September 2024 5,000
Amortisation
At 1 October 2023 5,000
At 30 September 2024 5,000
Net book value
At 30 September 2024 -
Goodwill is being written off in equal annual instalments over its estimated remaining economic life.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 9,816 26,195 36,011
At 30 September 2024 9,816 26,195 36,011
Depreciation
At 1 October 2023 8,237 5,239 13,476
Charge for the year 313 4,191 4,504
At 30 September 2024 8,550 9,430 17,980
Net book value
At 30 September 2024 1,266 16,765 18,031
At 30 September 2023 1,579 20,956 22,535
5 Debtors 2024 2023
£ £
Trade debtors 7,300 24,420
Other debtors 4,786 20,360
12,086 44,780
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,200 3,200
Trade creditors 11,269 9,613
Taxation and social security costs 1,540 2,752
Other creditors 15,099 14,477
31,108 30,042
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,933 6,133
8 Other information
Fred Corner Limited is a private company limited by shares and incorporated in England. Its registered office is:
86 Broadmayne Avenue
High Barnes
Sunderland
Tyne & Wear
SR4 8LU
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