Freeman Mills Partnership Ltd 30/04/2023 iXBRL

Freeman Mills Partnership Ltd 30/04/2023 iXBRL

FREEMAN MILLS PARTNERSHIP LTD - Company Information

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Company registration number: 03524300
Freeman Mills Partnership Ltd
Unaudited filleted financial statements
30 April 2023
Freeman Mills Partnership Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Freeman Mills Partnership Ltd
Directors and other information
Directors Mr Ben Rose
Mr David Blackband
Company number 03524300
Registered office Unit 7, Stonebroom Industrial Estate
Stonebroom
Alfreton
Derbyshire
DE55 6LQ
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers HSBC
1 St Peters Street
Derby
DE1 2AE
Freeman Mills Partnership Ltd
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 81,195 36,843
_______ _______
81,195 36,843
Current assets
Stocks 6,500 6,850
Debtors 6 426,192 825,305
Cash at bank and in hand 207,940 170,134
_______ _______
640,632 1,002,289
Creditors: amounts falling due
within one year 7 ( 233,028) ( 675,356)
_______ _______
Net current assets 407,604 326,933
_______ _______
Total assets less current liabilities 488,799 363,776
Creditors: amounts falling due
after more than one year 8 ( 39,709) ( 17,133)
Provisions for liabilities ( 19,877) ( 6,494)
_______ _______
Net assets 429,213 340,149
_______ _______
Capital and reserves
Called up share capital 2 2
Other reserves 60,006 60,006
Profit and loss account 369,205 280,141
_______ _______
Shareholders funds 429,213 340,149
_______ _______
For the year ending 30 April 2023 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 June 2023 , and are signed on behalf of the board by:
Mr David Blackband
Director
Company registration number: 03524300
Freeman Mills Partnership Ltd
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 7, Stonebroom Industrial Estate, Stonebroom, Alfreton, Derbyshire, DE55 6LQ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 10 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 May 2022 8,389 237,832 8,359 254,580
Additions - 72,830 2,422 75,252
Disposals - ( 59,730) - ( 59,730)
_______ _______ _______ _______
At 30 April 2023 8,389 250,932 10,781 270,102
_______ _______ _______ _______
Depreciation
At 1 May 2022 8,389 201,229 8,119 217,737
Charge for the year - 11,672 209 11,881
Disposals - ( 40,711) - ( 40,711)
_______ _______ _______ _______
At 30 April 2023 8,389 172,190 8,328 188,907
_______ _______ _______ _______
Carrying amount
At 30 April 2023 - 78,742 2,453 81,195
_______ _______ _______ _______
At 30 April 2022 - 36,603 240 36,843
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 214,496 600,887
Other debtors 211,696 224,418
_______ _______
426,192 825,305
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 37,572 43,385
Trade creditors 72,476 587,634
Corporation tax 46,064 9,615
Social security and other taxes 4,386 4,478
Other creditors 72,530 30,244
_______ _______
233,028 675,356
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 39,709 17,133
_______ _______
Obligations under hire purchase agreements are secured on the assets to which they relate.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ben Rose ( 15,040) 5,900 ( 9,140)
Mr David Blackband ( 38) ( 9,100) ( 9,138)
_______ _______ _______
( 15,078) ( 3,200) ( 18,278)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ben Rose ( 40) ( 15,000) ( 15,040)
Mr David Blackband ( 38) - ( 38)
_______ _______ _______
( 78) ( 15,000) ( 15,078)
_______ _______ _______
10. Controlling party
The company is controlled by David Blackband and Ben Rose, directors of the company.