REGISTERED NUMBER: 02644065 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

F. FRITH & COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

M Lockwood

REGISTERED OFFICE:

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

REGISTERED NUMBER:

02644065 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BANKERS:

The Royal Bank of Scotland

14 Minster Street

Salisbury

Wiltshire

SP1 1TP

FIXED ASSETS

Intangible assets

4

5,398

8,997

Tangible assets

5

278,553

296,416

283,951

305,413

CURRENT ASSETS

Stocks

8,875

8,550

Debtors

6

8,272

1,499

Cash at bank

153,989

181,138

171,136

191,187

CREDITORS

Amounts falling due within one year

7

27,598

42,722

NET CURRENT ASSETS

143,538

148,465

TOTAL ASSETS LESS CURRENT LIABILITIES

427,489

453,878

PROVISIONS FOR LIABILITIES

14,927

20,102

NET ASSETS

412,562

433,776

CAPITAL AND RESERVES

Called up share capital

3,228

3,228

Share premium

8

102,028

102,028

Retained earnings

8

307,306

328,520

SHAREHOLDERS' FUNDS

412,562

433,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

M Lockwood - Director

1.	STATUTORY INFORMATION

F. Frith & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for the manufacture and sale of picture frames and mouldings.

Revenue from the sale of goods is recognised when the ordered is placed by the customer at which time the risks and rewards associated with the sale are transferred to the customer.

Intangible assets

Goodwill is initially measured at cost and is being amortised evenly over its useful life of 5 years.

The assets' residual value, useful life and amortisation methods are reviewed, and adjusted prospectively if appropriate, or of there is an indication of a significant change since the last reporting date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

50% on cost, 33% on cost and 15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are stated at cost, being purchase price together with any incidental costs of acquisition, less accumulated depreciation.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Freehold property and plant and machinery are held at fair value and any changes in value are recognised within other comprehensive income. Deferred tax is charged on any fair value uplift and is also recognised within other comprehensive income.

Freehold property was uplifted to a fair value in 2016. The valuation was made by the directors of the company who have an extensive knowledge of local commercial property values. In the opinion of the directors there has been no change in the fair value of freehold property since that date.

Freehold property has not been depreciated as a depreciation charge would not be material due to the property having a high residual value and a long economic life.

Stocks

The company holds stocks of materials and consumables required in its manufacturing processes. As none of these stocks are subject to either technological or physical obsolescence they are valued at cost.

Stocks are issued to production on a first in first out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors do not carry and interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are stated at their nominal value.

Cash and cash equivalents

These comprise cash at bank and other short term highly liquid deposits.

Reserves

The movement in the fair value of assets to an open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to shareholders.

Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

17,995

AMORTISATION

At 1 January 2024

8,998

Charge for year

3,599

At 31 December 2024

12,597

NET BOOK VALUE

At 31 December 2024

5,398

At 31 December 2023

8,997

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

205,000

284,010

31,181

6,917

527,108

DEPRECIATION

At 1 January 2024

-

205,235

22,690

2,767

230,692

Charge for year

-

11,415

5,065

1,383

17,863

At 31 December 2024

-

216,650

27,755

4,150

248,555

NET BOOK VALUE

At 31 December 2024

205,000

67,360

3,426

2,767

278,553

At 31 December 2023

205,000

78,775

8,491

4,150

296,416

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2015

134,779

110,000

-

-

244,779

Cost

70,221

174,010

31,181

6,917

282,329

205,000

284,010

31,181

6,917

527,108

If plant and machinery had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

212,108

212,108

Aggregate depreciation

200,055

187,692

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

239,392

DEPRECIATION

At 1 January 2024

177,072

Charge for year

5,500

At 31 December 2024

182,572

NET BOOK VALUE

At 31 December 2024

56,820

At 31 December 2023

62,320

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

6,476

1,032

Other debtors

1,796

467

8,272

1,499

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,329

4,101

Taxation and social security

19,859

33,598

Other creditors

4,410

5,023

27,598

42,722

8.

RESERVES

31.12.24

31.12.23

£

£

Distributable

147,684

167,992

Non - distributable

159,622

160,528

307,306

328,520

Movement in Non-distributable reserve

31.12.24

31.12.23

£

£

Balance brought forward at the start of the year

160,528

158,460

Fair value uplift

-

-

Movement in depreciation

(5,500

)

(5,500

)

Movement in deferred tax

4,594

7,568

Balance carried forward at the end of the year

159,622

160,528

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and

31 December 2023:

31.12.24

31.12.23

£

£

DIRECTORS

Balance outstanding at the start of the year

-

-

Amounts advanced

12,067

5,631

Amount repaid

(12,067

)

(5,631

)

Balance outstanding at the end of the year

-

-

The loans are repayable on demand and liable to interest charged at commercial rates.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F. Frith & Company Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of F. Frith & Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of F. Frith & Company Limited and state those matters that we have agreed to state to the director of F. Frith & Company Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F. Frith & Company Limited and its director for our work or for this report.

It is your duty to ensure that F. Frith & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of F. Frith & Company Limited. You consider that F. Frith & Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of F. Frith & Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

24 September 2025