Company Registration No. 07367730 (England and Wales)
The Frame Factory Limited
Unaudited accounts
for the period from 1 January 2016 to 30 June 2017
The Frame Factory Limited
Unaudited accounts
Contents
The Frame Factory Limited
Company Information
for the period from 1 January 2016 to 30 June 2017
Company Number
07367730 (England and Wales)
Registered Office
3 Highbury Crescent
London
N5 1RN
Accountants
Sheelagh Williams
Chartered Certified Accountants
& Registered Auditors
2a Brodia Road
London
N16 0ES
The Frame Factory Limited
Statement of financial position
as at 30 June 2017
Intangible assets
62,726
289,822
Cash at bank and in hand
5,059
98,042
Creditors: amounts falling due within one year
(207,245)
(323,780)
Net current liabilities
(136,907)
(181,439)
Net (liabilities)/assets
(43,033)
108,383
Called up share capital
100
100
Profit and loss account
(43,133)
108,283
Shareholders' funds
(43,033)
108,383
For the period ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 12 March 2018.
Daniel Lloyd
Director
Company Registration No. 07367730
The Frame Factory Limited
Notes to the Accounts
for the period from 1 January 2016 to 30 June 2017
The Frame Factory Limited is a private company, limited by shares, registered in England and Wales, registration number 07367730. The registered office is 3 Highbury Crescent, London, N5 1RN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 1 January 2016 to 30 June 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The Frame Factory Limited
Notes to the Accounts
for the period from 1 January 2016 to 30 June 2017
4
Intangible fixed assets
Goodwill
Charge for the period
59,286
Other increase/(decrease)
187,810
At 31 December 2015
289,822
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
Additions
20,590
20,310
40,900
At 30 June 2017
20,590
20,310
40,900
Charge for the period
7,721
2,031
9,752
At 30 June 2017
7,721
2,031
9,752
At 30 June 2017
12,869
18,279
31,148
Deferred tax asset
13,718
2,902
Accrued income and prepayments
22,401
496
The Frame Factory Limited
Notes to the Accounts
for the period from 1 January 2016 to 30 June 2017
8
Creditors: amounts falling due within one year
2017
2015
Taxes and social security
11,509
(499)
Loans from directors
161,418
324,279
9
Operating lease commitments
2017
2015
At 30 June 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
262,034
-
10
Average number of employees
During the period the average number of employees was 3 (2015: 2).
