Frameclad Limited - Period Ending 2017-11-30

Registration number: 07084030

Frameclad Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

Frameclad Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Frameclad Limited

Company Information

Directors

M Munns PJ Dufty C D MacBride

Registered office

Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Frameclad Limited
for the Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Frameclad Limited for the year ended 30 November 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Frameclad Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Frameclad Limited and state those matters that we have agreed to state to the Board of Directors of Frameclad Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frameclad Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Frameclad Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Frameclad Limited. You consider that Frameclad Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Frameclad Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

15 May 2018

Page 2

Frameclad Limited

(Registration number: 07084030)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	391,523	423,615
Current assets
Stocks	5	50,000	31,000
Debtors	6	697,005	636,100
Cash at bank and in hand		14,290	36,278
		761,295	703,378
Creditors: Amounts falling due within one year	7	(811,830)	(897,993)
Net current liabilities		(50,535)	(194,615)
Total assets less current liabilities		340,988	229,000
Creditors: Amounts falling due after more than one year	7	(196,375)	(79,418)
Provisions for liabilities		(65,898)	(68,930)
Net assets		78,715	80,652
Capital and reserves
Called up share capital		100	100
Profit and loss account		78,615	80,552
Total equity		78,715	80,652

For the financial year ending 30 November 2017 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 accounts for the year in question in accordance with section 476; and
•	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 and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Frameclad Limited

(Registration number: 07084030)
Balance Sheet as at 30 November 2017

Approved and authorised by the Board on 15 May 2018 and signed on its behalf by:



 

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

M Munns

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Frameclad Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP
England

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Page 5

Frameclad Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2016 - 11).

Page 6

Frameclad Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2016	26,431	-	517,126	543,557
Additions	15,036	16,750	1,930	33,716
Disposals	-	-	(3,312)	(3,312)
At 30 November 2017	41,467	16,750	515,744	573,961
Depreciation
At 1 December 2016	20,793	-	99,149	119,942
Charge for the year	7,065	4,188	51,243	62,496
At 30 November 2017	27,858	4,188	150,392	182,438
Carrying amount
At 30 November 2017	13,609	12,562	365,352	391,523
At 30 November 2016	5,638	-	417,977	423,615

5

Stocks

	2017 £	2016 £
Finished goods and goods for resale	50,000	31,000

6

Debtors

	Note	2017 £	2016 £
Trade debtors		609,790	571,123
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	66,985	51,986
Other debtors		20,230	12,991
Total current trade and other debtors		697,005	636,100

7

Creditors

Page 7

Frameclad Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts		82,200	26,957
Trade creditors		401,863	379,382
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	193,298	70,349
Taxation and social security		10,082	30,233
Other creditors		124,387	391,072
		811,830	897,993
Due after one year
Loans and borrowings		196,375	79,418

8	Related party transactions

Summary of transactions with parent

Dimar (Holdings) Limited

Dimar (Holdings) Limited is the parent company of Frameclad Limited, at the year end a loan amounting to £193,298 (2016 - £4,651) was due to Dimar (Holdings) Limited.
 

Summary of transactions with entities with joint control or significant interest

Frameclad Structures Limited

Frameclad Structures Limited is a fellow subsidiary of Dimar (Holdings) Limited and under common control. During the year good were supplied at market value to Frameclad Structures Limited amounting to £77,906 (2016 £71,678). At the year end Frameclad Structures Limited owed Frameclad Limited £112,428 (2016 - £51,985).
 

9	Parent and ultimate parent undertaking

The company's immediate parent is Dimar (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party is M Munns.

Page 8