Company Registration No. 11301900 (England and Wales)
Frahm Technical Limited
Unaudited accounts
for the year ended 31 March 2020
Frahm Technical Limited
Unaudited accounts
Contents
Frahm Technical Limited
Company Information
for the year ended 31 March 2020
Company Number
11301900 (England and Wales)
Registered Office
3.4 Glove Factory Studios 1 Brook Lane
Holt
Trowbridge
Wiltshire
BA14 6RL
England
Frahm Technical Limited
Statement of financial position
as at
31 March 2020
Inventories
10,985
13,479
Cash at bank and in hand
2,023
676
Creditors: amounts falling due within one year
(27,448)
(6,470)
Net current (liabilities)/assets
(13,766)
7,685
Net (liabilities)/assets
(13,766)
7,685
Called up share capital
13
13
Share premium
22,498
22,498
Profit and loss account
(36,277)
(14,826)
Shareholders' funds
(13,766)
7,685
For the year ending 31 March 2020 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.
The financial statements were approved by the Board and authorised for issue on 11 December 2020 and were signed on its behalf by
Mr N Hussey
Director
Company Registration No. 11301900
Frahm Technical Limited
Notes to the Accounts
for the year ended 31 March 2020
Frahm Technical Limited is a private company, limited by shares, registered in England and Wales, registration number 11301900. The registered office is 3.4 Glove Factory Studios 1 Brook Lane, Holt, Trowbridge, Wiltshire, BA14 6RL, England.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Frahm Technical Limited
Notes to the Accounts
for the year ended 31 March 2020
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Net liabilities exceed net assets at the balance sheet date. The directors consider, however, that the company has sufficient liquid assets to meet its liabilities as and when they fall due, and that the company has sufficient support from its creditors. In particular, the director, who is owed money from the company has agreed not to seek repayment in the short term. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.
Finished goods
10,985
13,479
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
11,403
3,111
Loans from directors
172
208
7
Average number of employees
During the year the average number of employees was 1 (2019: 1).