Company registration number 02534694 (England and Wales)
FRASER PORTRAITS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
FRASER PORTRAITS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FRASER PORTRAITS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs. S Fraser
Mr. R Fraser
Mr. J Fraser
Mr. M Fraser
Secretary
Miss M Fraser
Company number
02534694
Registered office
206 Lower Blandford Road
Broadstone
Dorset
England
BH18 8DP
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
FRASER PORTRAITS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
218,129
229,007
Current assets
Stocks
106,394
110,886
Debtors
5
39,067
34,471
Cash at bank and in hand
1,734,785
1,497,527
1,880,246
1,642,884
Creditors: amounts falling due within one year
6
(306,245)
(233,234)
Net current assets
1,574,001
1,409,650
Total assets less current liabilities
1,792,130
1,638,657
Provisions for liabilities
(47,840)
(49,923)
Net assets
1,744,290
1,588,734
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,744,190
1,588,634
Total equity
1,744,290
1,588,734
FRASER PORTRAITS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 May 2024 and are signed on its behalf by:
Mr. R Fraser
Director
Company Registration No. 02534694
The notes on pages 4 to 9 form part of these financial statements
FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
1
Accounting policies
Company information

Fraser Portraits Limited is a private company limited by shares incorporated in England and Wales. The registered office is 206 Lower Blandford Road, Broadstone, Dorset, England, BH18 8DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office improvements
15% reducing balance
Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance
FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
33
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
370,000
Amortisation and impairment
At 1 March 2024 and 28 February 2025
370,000
Carrying amount
At 28 February 2025
-
0
At 29 February 2024
-
0
FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
4
Tangible fixed assets
Office improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
11,883
364,366
113,062
489,311
Additions
-
0
22,425
12,713
35,138
Disposals
-
0
-
0
(8,125)
(8,125)
At 28 February 2025
11,883
386,791
117,650
516,324
Depreciation and impairment
At 1 March 2024
10,667
185,914
63,723
260,304
Depreciation charged in the year
182
29,119
14,826
44,127
Eliminated in respect of disposals
-
0
-
0
(6,236)
(6,236)
At 28 February 2025
10,849
215,033
72,313
298,195
Carrying amount
At 28 February 2025
1,034
171,758
45,337
218,129
At 29 February 2024
1,216
178,452
49,339
229,007
FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
870
1,199
Other debtors
38,197
33,272
39,067
34,471
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
8,067
8,816
Taxation and social security
270,398
195,393
Other creditors
27,780
29,025
306,245
233,234
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A ordinary shares of £1 each
60
60
60
60
Class B ordinary shares of £1 each
20
20
20
20
Class C ordinary shares of £1 each
5
5
5
5
Class D ordinary shares of £1 each
5
5
5
5
Class E ordinary shares of £1 each
5
5
5
5
Class F ordinary shares of £1 each
5
5
5
5
100
100
100
100
FRASER PORTRAITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
16,667
36,667
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