Fruan Limited 31/01/2022 iXBRL

Fruan Limited 31/01/2022 iXBRL

FRUAN LIMITED - Company Information

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Company registration number: SC553553
Fruan Limited
Unaudited filleted abridged financial statements
31 January 2022
Fruan Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Fruan Limited
Directors and other information
Directors Alistair Berwick
Louise Berwick
Secretary Alistair Berwick
Company number SC553553
Registered office 1 Seafield Place
Dalgety Bay
Fife
KY11 9YW
Accountants Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Bank of Scotland
Dunfermline East Port
PO Box 17235
EH11 1YH
Fruan Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Fruan Limited
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fruan Limited for the year ended 31 January 2022 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Fruan Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fruan Limited and state those matters that we have agreed to state to the board of directors of Fruan Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fruan Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fruan 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 loss of Fruan Limited. You consider that Fruan 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 Fruan 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.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
5 October 2022
Fruan Limited
Abridged statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Current assets
Cash at bank and in hand 143 366
_______ _______
143 366
Creditors: amounts falling due
within one year ( 1,761) ( 1,669)
_______ _______
Net current liabilities ( 1,618) ( 1,303)
_______ _______
Total assets less current liabilities ( 1,618) ( 1,303)
_______ _______
Net liabilities ( 1,618) ( 1,303)
_______ _______
Capital and reserves
Called up share capital 5 2 2
Profit and loss account ( 1,620) ( 1,305)
_______ _______
Shareholders deficit ( 1,618) ( 1,303)
_______ _______
For the year ending 31 January 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 05 October 2022 , and are signed on behalf of the board by:
Alistair Berwick
Director
Company registration number: SC553553
Fruan Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Seafield Place, Dalgety Bay, Fife, KY11 9YW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - 33.33% and 50% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
£
Cost
At 1 February 2021 and 31 January 2022 2,168
_______
Depreciation
At 1 February 2021 and 31 January 2022 2,168
_______
Carrying amount
At 31 January 2022 -
_______
At 31 January 2021 -
_______
5. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Alistair Berwick ( 1,549) ( 80) ( 1,629)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Alistair Berwick ( 1,469) ( 80) ( 1,549)
_______ _______ _______