Frameclad Limited - Period Ending 2023-11-30
Frameclad Limited - Period Ending 2023-11-30
Registration number:
Frameclad Limited
for the Year Ended 30 November 2023
Frameclad Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Frameclad Limited
Company Information
Directors |
M Munns NJ Teagle M Jamieson |
Registered office |
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Accountants |
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Frameclad Limited
(Registration number: 07084030)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
73,068 |
178,096 |
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Retained earnings |
807,807 |
319,902 |
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Shareholders' funds |
880,975 |
498,098 |
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Frameclad Limited
(Registration number: 07084030)
Balance Sheet as at 30 November 2023
Approved and authorised by the
.........................................
M Munns
Director
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Manufacturing equipment is included at fair value. Gains are recognised in the Statement of Comprehensive Income. Deferred taxation is provided on these gains less depreciation at the current tax rates.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% Straight line |
Fixtures and fittings |
20% Straight line |
Motor vehicles |
25% Reducing balance |
Office equipment |
33% Straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Included within the net book value of land and buildings above is £7,007 (2022 - £8,759) in respect of short leasehold land and buildings.
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Revaluation
The fair value of the company's Machinery was revalued on
Market value as know by the manifacturer along with their assessment of wear and tear on the equipment to date
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
305,000 |
251,000 |
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Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Expenditure incurred during the year paid to Design & Consultancy Limited £Nil (2022 - £222,135)
Frameclad Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Loans to related parties
2023 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
( |
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Repaid |
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( |
( |
At end of period |
( |
- |
( |
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2022 |
Parent |
Entities with joint control or significant influence |
Total |
At start of period |
( |
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Repaid |
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- |
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At end of period |
( |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is