12 12 Frithgate Limited 01707982 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is Other retail sale of new goods in specialised stores (not commercial art galleries and opticians) Digita Accounts Production Advanced 6.30.9574.0 true 01707982 2024-01-01 2024-12-31 01707982 2024-12-31 01707982 bus:Director1 1 2024-12-31 01707982 bus:OrdinaryShareClass1 2024-12-31 01707982 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 01707982 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 01707982 core:CurrentFinancialInstruments 2024-12-31 01707982 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01707982 core:Non-currentFinancialInstruments 2024-12-31 01707982 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 01707982 core:OtherResidualIntangibleAssets 2024-12-31 01707982 core:FurnitureFittings 2024-12-31 01707982 core:LandBuildings core:ShortLeaseholdAssets 2024-12-31 01707982 core:MotorVehicles 2024-12-31 01707982 core:PlantMachinery 2024-12-31 01707982 bus:SmallEntities 2024-01-01 2024-12-31 01707982 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01707982 bus:FullAccounts 2024-01-01 2024-12-31 01707982 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01707982 bus:Director1 2024-01-01 2024-12-31 01707982 bus:Director1 1 2024-01-01 2024-12-31 01707982 bus:Director2 2024-01-01 2024-12-31 01707982 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01707982 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01707982 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 01707982 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 01707982 core:FurnitureFittings 2024-01-01 2024-12-31 01707982 core:LandBuildings core:ShortLeaseholdAssets 2024-01-01 2024-12-31 01707982 core:MotorVehicles 2024-01-01 2024-12-31 01707982 core:OfficeEquipment 2024-01-01 2024-12-31 01707982 core:PlantMachinery 2024-01-01 2024-12-31 01707982 countries:EnglandWales 2024-01-01 2024-12-31 01707982 2023-12-31 01707982 bus:Director1 1 2023-12-31 01707982 core:OtherResidualIntangibleAssets 2023-12-31 01707982 core:FurnitureFittings 2023-12-31 01707982 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 01707982 core:MotorVehicles 2023-12-31 01707982 core:PlantMachinery 2023-12-31 01707982 2023-01-01 2023-12-31 01707982 2023-12-31 01707982 bus:OrdinaryShareClass1 2023-12-31 01707982 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 01707982 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 01707982 core:CurrentFinancialInstruments 2023-12-31 01707982 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01707982 core:Non-currentFinancialInstruments 2023-12-31 01707982 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01707982 core:FurnitureFittings 2023-12-31 01707982 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 01707982 core:MotorVehicles 2023-12-31 01707982 core:PlantMachinery 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01707982

Frithgate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Frithgate Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Frithgate Limited

(Registration number: 01707982)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

19,235

99,144

Current assets

 

Stocks

6

127,525

177,000

Debtors

7

63,366

44,522

Cash at bank and in hand

 

32,882

3,262

 

223,773

224,784

Creditors: Amounts falling due within one year

8

(215,155)

(216,460)

Net current assets

 

8,618

8,324

Total assets less current liabilities

 

27,853

107,468

Creditors: Amounts falling due after more than one year

8

(25,757)

(28,533)

Provisions for liabilities

(2,309)

(10,830)

Net (liabilities)/assets

 

(213)

68,105

Capital and reserves

 

Called up share capital

9

7,500

7,500

Retained earnings

(7,713)

60,605

Shareholders' (deficit)/funds

 

(213)

68,105

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 7 August 2025 and signed on its behalf by:
 

 

Frithgate Limited

(Registration number: 01707982)
Balance Sheet as at 31 December 2024

.........................................
Simon Jonathan Bellamy
Director

.........................................
Gareth Johnston
Director

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 16, Dunsby Road, Redmoor, Milton Keynes, MK6 4AD.

These financial statements were authorised for issue by the Board on 7 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ Sterling. The level of rounding used in presenting amounts in the financial statements is £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 asset reflects 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Plant & Machinery

12% straight line

Fixtures & Fittings

12% straight line

Motor Vehicles

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research and Development

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

39,393

39,393

Disposals

(39,393)

(39,393)

At 31 December 2024

-

-

Amortisation

At 1 January 2024

39,393

39,393

Amortisation eliminated on disposals

(39,393)

(39,393)

At 31 December 2024

-

-

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2024

6,010

267,387

30,824

-

Additions

-

-

-

16,500

Disposals

(6,010)

(267,387)

(25,975)

-

At 31 December 2024

-

-

4,849

16,500

Depreciation

At 1 January 2024

6,010

187,022

18,309

-

Charge for the year

-

14,116

1,188

1,375

Eliminated on disposal

(6,010)

(201,138)

(18,758)

-

At 31 December 2024

-

-

739

1,375

Carrying amount

At 31 December 2024

-

-

4,110

15,125

At 31 December 2023

-

86,629

12,515

-

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Total
£

Cost or valuation

At 1 January 2024

304,221

Additions

16,500

Disposals

(299,372)

At 31 December 2024

21,349

Depreciation

At 1 January 2024

211,341

Charge for the year

16,679

Eliminated on disposal

(225,906)

At 31 December 2024

2,114

Carrying amount

At 31 December 2024

19,235

At 31 December 2023

99,144

6

Stocks

2024
£

2023
£

Other inventories

127,525

177,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

52,518

31,506

Prepayments

-

8,963

Other debtors

10,848

4,053

 

63,366

44,522

 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

11,995

1,617

Trade creditors

 

196,246

129,524

Taxation and social security

 

1,914

86

Accruals and deferred income

 

5,000

29,007

Other creditors

 

-

56,226

 

215,155

216,460

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

25,757

28,533

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

7,500

7,500

7,500

7,500

       
 

Frithgate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,219

25,780

Hire purchase contracts

11,538

2,753

25,757

28,533

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,780

-

Hire purchase contracts

6,215

1,617

11,995

1,617

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Repayments by director
£

At 31 December 2024
£

Simon Jonathan Bellamy

42,053

(42,053)

-

The company has availed of the exemption under FRS102 in relation to transactions with group companies.