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Registered number: 05225910
Friendly Inn Residential Home Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Phillips Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05225910
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 100,000 125,000
Tangible Assets 5 54,385 65,015
154,385 190,015
CURRENT ASSETS
Stocks 6 500 500
Debtors 7 576,210 653,464
Cash at bank and in hand 145,545 86,836
722,255 740,800
Creditors: Amounts Falling Due Within One Year 8 (145,160 ) (153,988 )
NET CURRENT ASSETS (LIABILITIES) 577,095 586,812
TOTAL ASSETS LESS CURRENT LIABILITIES 731,480 776,827
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,961 ) (15,961 )
NET ASSETS 715,519 760,866
CAPITAL AND RESERVES
Called up share capital 9 175 175
Capital redemption reserve 25 25
Profit and Loss Account 715,319 760,666
SHAREHOLDERS' FUNDS 715,519 760,866
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Goss
Director
30/05/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Friendly Inn Residential Home Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05225910 . The registered office is 82b Wrottesley Road, Tettenhall, Wolverhampton West Mids, WV6 8SH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 10% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on cost
Page 3
Page 4
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 37 (2023: 37)
37 37
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 500,000
As at 30 September 2024 500,000
Amortisation
As at 1 October 2023 375,000
Provided during the period 25,000
As at 30 September 2024 400,000
Net Book Value
As at 30 September 2024 100,000
As at 1 October 2023 125,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 October 2023 27,711 109,068 1,180 129,971
As at 30 September 2024 27,711 109,068 1,180 129,971
Depreciation
As at 1 October 2023 22,117 91,900 1,180 87,718
Provided during the period - 4,292 - 6,338
As at 30 September 2024 22,117 96,192 1,180 94,056
Net Book Value
As at 30 September 2024 5,594 12,876 - 35,915
As at 1 October 2023 5,594 17,168 - 42,253
Page 5
Page 6
Computer Equipment Total
£ £
Cost
As at 1 October 2023 23,927 291,857
As at 30 September 2024 23,927 291,857
Depreciation
As at 1 October 2023 23,927 226,842
Provided during the period - 10,630
As at 30 September 2024 23,927 237,472
Net Book Value
As at 30 September 2024 - 54,385
As at 1 October 2023 - 65,015
6. Stocks
2024 2023
£ £
Finished goods 500 500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,210 57,324
Amounts owned by related companies 552,000 596,140
576,210 653,464
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 89,544 95,193
Other taxes and social security 9,067 9,220
Other creditors 2,107 7,703
Accruals and deferred income 44,442 41,872
145,160 153,988
Page 6
Page 7
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 175 175
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 278,683 278,683
Page 7