Friendly Integrated Solutions Limited Filleted accounts for Companies House (small and micro)

Friendly Integrated Solutions Limited Filleted accounts for Companies House (small and micro)

FRIENDLY INTEGRATED SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07588123
FRIENDLY INTEGRATED SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
FRIENDLY INTEGRATED SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
34,904
48,391
CURRENT ASSETS
Stocks
8,100
2,360
Debtors
6
46,037
38,506
Cash at bank and in hand
18,448
21,432
--------
--------
72,585
62,298
CREDITORS: amounts falling due within one year
7
41,907
23,701
--------
--------
NET CURRENT ASSETS
30,678
38,597
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
65,582
86,988
CREDITORS: amounts falling due after more than one year
8
113,550
127,119
---------
---------
NET LIABILITIES
( 47,968)
( 40,131)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 48,068)
( 40,231)
--------
--------
SHAREHOLDERS DEFICIT
( 47,968)
( 40,131)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FRIENDLY INTEGRATED SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 18 November 2022 , and are signed on behalf of the board by:
A. Tahid
Director
Company registration number: 07588123
FRIENDLY INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 195a Bury Road, Rawtenstall, Lancashire, BB4 6DJ, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) 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.
(b) Government grants
Government grants or assistance of a revenue nature are recognised in the same period as the related expenditure. Where the grant is for the purpose of giving immediate financial support with no future related costs the income is recognised in the period in which it becomes receivable.
(c) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.
(d) Taxation
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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:
Motor Vehicles
-
25% per annum reducing balance
Equipment
-
25% per annum reducing balance
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(i) Financial instruments
Basic financial instruments are recognised at amortised cost.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2021: 5 ).
5. TANGIBLE ASSETS
Motor Vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2021
54,017
6,661
60,678
Additions
6,082
–
6,082
Disposals
( 9,682)
–
( 9,682)
--------
-------
--------
At 31 March 2022
50,417
6,661
57,078
--------
-------
--------
Depreciation
At 1 April 2021
7,747
4,540
12,287
Charge for the year
10,583
530
11,113
Disposals
( 1,226)
–
( 1,226)
--------
-------
--------
At 31 March 2022
17,104
5,070
22,174
--------
-------
--------
Carrying amount
At 31 March 2022
33,313
1,591
34,904
--------
-------
--------
At 31 March 2021
46,270
2,121
48,391
--------
-------
--------
6. DEBTORS
2022
2021
£
£
Trade debtors
46,037
38,506
--------
--------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
6,502
4,889
Trade creditors
9,775
1,399
Accruals and deferred income
1,550
1,550
Social security and other taxes
16,075
7,858
Obligations under finance leases and hire purchase contracts
8,005
8,005
--------
--------
41,907
23,701
--------
--------
Obligations held under finance leases and hire purchase contracts are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
23,372
27,111
Obligations under finance leases and hire purchase contracts
29,036
37,041
Other loans
61,142
62,967
---------
---------
113,550
127,119
---------
---------
Obligations held under finance leases and hire purchase contracts are secured by the company.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102 Section 1A.
10. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.