The Readymade Picture Frame Company Ltd - Accounts

The Readymade Picture Frame Company Ltd - Accounts

THE READYMADE PICTURE FRAME COMPANY LTD - Company Information

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Reports Dated : 25/08/2021
Registered Number: 06598399
England and Wales

 

 

 

THE READYMADE PICTURE FRAME COMPANY LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2020

End date: 30 June 2021

The Readymade Picture Frame Company Ltd
Contents Page
For the year ended 30 June 2021
Accountants report


You consider that the company is exempt from an audit for the year ended 30 June 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

RHT Business Advisors Ltd
30 June 2021



....................................................

29 Cunliffe Road
Epsom
KT19 0RJ
25 August 2021
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Intangible fixed assets 42,983    0 
Tangible fixed assets 39,387    33,570 
82,370    33,570 
Current assets      
Stocks 385,943    320,094 
Debtors 241,532    116,954 
Cash at bank and in hand 296,824    147,358 
924,299    584,406 
Creditors: amount falling due within one year (570,062)   (419,699)
Net current assets 354,237    164,707 
 
Total assets less current liabilities 436,607    198,277 
Creditors: amount falling due after more than one year (89,394)   (100,000)
Provisions for liabilities (11,952)   (8,665)
Net assets 335,261    89,612 
 

Capital and reserves 		     
Called up share capital 20    20 
Profit and loss account 335,241    89,592 
Shareholders funds 335,261    89,612 
 


For the year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 August 2021 and were signed on its behalf by:


--------------------------------
Mr Owain Rhodri Davies
Director
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General Information
The Readymade Picture Frame Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 06598399, registration address Unit A Lutyens Industrial Estate, Bilton Road, Basingstoke, RG24 8LJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received in terms of Covid related support are reflected in the income statement when received.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 27 (2020 : 27).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 July 2020 -    - 
Additions 44,085    44,085 
Disposals -    - 
At 30 June 2021 44,085    44,085 
Amortisation
At 01 July 2020 -    - 
Charge for year 1,102    1,102 
On disposals -    - 
At 30 June 2021 1,102    1,102 
Net book values
At 30 June 2021 42,983    42,983 
At 30 June 2020 -    - 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 July 2020 219,082    19,738    2,890    14,713    256,423 
Additions 11,990    -    -    -    11,990 
Disposals -    -    -    -    - 
At 30 June 2021 231,072    19,738    2,890    14,713    268,413 
Depreciation
At 01 July 2020 191,432    19,738    2,890    8,793    222,853 
Charge for year 5,618    -    -    555    6,173 
On disposals -    -    -    -    - 
At 30 June 2021 197,050    19,738    2,890    9,348    229,026 
Net book values
Closing balance as at 30 June 2021 34,022    -    -    5,365    39,387 
Opening balance as at 01 July 2020 27,650    -    -    5,920    33,570 


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