Company registration number 09017789 (England and Wales)
BAINES&FRICKER LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BAINES&FRICKER LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BAINES&FRICKER LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,680
7,740
Current assets
Debtors
4
296
14,632
Cash at bank and in hand
9,164
5,617
9,460
20,249
Creditors: amounts falling due within one year
5
(11,798)
(27,236)
Net current liabilities
(2,338)
(6,987)
Total assets less current liabilities
2,342
753
Creditors: amounts falling due after more than one year
6
(76,390)
(76,884)
Net liabilities
(74,048)
(76,131)
Capital and reserves
Called up share capital
125
125
Profit and loss reserves
(74,173)
(76,256)
Total equity
(74,048)
(76,131)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 January 2024
Mr S J Baines-Holmes
Director
Company registration number 09017789 (England and Wales)
BAINES&FRICKER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Baines&Fricker Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Bell Tower Industrial Estate, Rodean, Brighton, BN2 5RU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the company having an adverse balance sheet at 30 April 2023, the accounts have been prepared on a going concern basis as the position is fully supported by directors loans. The directors will continue to support the company for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance.
Computers
3 year straight line.
Motor vehicles
4 year straight line.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BAINES&FRICKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
BAINES&FRICKER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
32,090
4,046
9,000
45,136
Depreciation and impairment
At 1 May 2022
28,850
4,046
4,500
37,396
Depreciation charged in the year
810
2,250
3,060
At 30 April 2023
29,660
4,046
6,750
40,456
Carrying amount
At 30 April 2023
2,430
2,250
4,680
At 30 April 2022
3,240
4,500
7,740
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
296
10,533
Other debtors
4,099
296
14,632
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,556
4,600
Taxation and social security
2,860
949
Other creditors
6,382
21,687
11,798
27,236
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,415
16,909
Other creditors
59,975
59,975
76,390
76,884