Company Registration No. 07367730 (England and Wales)
The Frame Factory Limited
Unaudited accounts
for the year ended 30 June 2018
The Frame Factory Limited
Unaudited accounts
Contents
The Frame Factory Limited
Company Information
for the year ended 30 June 2018
Company Number
07367730 (England and Wales)
Registered Office
3 Highbury Crescent
London
N5 1RN
Accountants
Sheelagh Williams
Chartered Certified Accountant
& Registered Auditor
2a Brodia Road
London
N16 0ES
The Frame Factory Limited
Statement of financial position
as at 30 June 2018
Intangible assets
21,091
62,726
Tangible assets
25,900
31,148
Cash at bank and in hand
18,052
5,059
Creditors: amounts falling due within one year
(56,216)
(45,827)
Net current assets
17,537
24,511
Total assets less current liabilities
64,528
118,385
Creditors: amounts falling due after more than one year
(237,286)
(161,418)
Net liabilities
(172,758)
(43,033)
Called up share capital
100
100
Profit and loss account
(172,858)
(43,133)
Shareholders' funds
(172,758)
(43,033)
For the year ending 30 June 2018 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 June 2019.
Daniel Lloyd
Director
Company Registration No. 07367730
The Frame Factory Limited
Notes to the Accounts
for the year ended 30 June 2018
The Frame Factory Limited is a private company, limited by shares, registered in England and Wales, registration number 07367730. The registered office is 3 Highbury Crescent, London, N5 1RN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The Frame Factory Limited
Notes to the Accounts
for the year ended 30 June 2018
4
Intangible fixed assets
Goodwill
Charge for the year
41,635
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 July 2017
20,590
20,310
40,900
At 30 June 2018
20,590
20,310
40,900
At 1 July 2017
7,721
2,031
9,752
Charge for the year
3,217
2,031
5,248
At 30 June 2018
10,938
4,062
15,000
At 30 June 2018
9,652
16,248
25,900
At 30 June 2017
12,869
18,279
31,148
Raw materials
12,281
4,445
Work in progress
4,390
6,372
Deferred tax asset
17,010
13,718
Accrued income and prepayments
21,889
22,401
The Frame Factory Limited
Notes to the Accounts
for the year ended 30 June 2018
8
Creditors: amounts falling due within one year
2018
2017
Trade creditors
21,254
4,632
Taxes and social security
11,694
11,509
Other creditors
17,096
27,500
Deferred income
4,335
1,133
9
Creditors: amounts falling due after more than one year
2018
2017
Other creditors
237,286
161,418
10
Operating lease commitments
2018
2017
At 30 June 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
77,069
77,069
Within two to five years
277,447
262,034
11
Average number of employees
During the year the average number of employees was 5 (2017: 3).
