20 false false false false false false false false false true false false false false false false No description of principal activity 2020-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 129,602 103,682 6,480 110,162 19,440 25,920 xbrli:pure xbrli:shares iso4217:GBP 04729616 2020-12-01 2021-11-30 04729616 2021-11-30 04729616 2020-11-30 04729616 2019-12-01 2020-11-30 04729616 2020-11-30 04729616 core:NetGoodwill 2020-12-01 2021-11-30 04729616 core:PlantMachinery 2020-12-01 2021-11-30 04729616 core:FurnitureFittings 2020-12-01 2021-11-30 04729616 core:MotorVehicles 2020-12-01 2021-11-30 04729616 bus:Director3 2020-12-01 2021-11-30 04729616 bus:Director4 2020-12-01 2021-11-30 04729616 core:NetGoodwill 2020-11-30 04729616 core:NetGoodwill 2021-11-30 04729616 core:LandBuildings 2020-11-30 04729616 core:PlantMachinery 2020-11-30 04729616 core:FurnitureFittings 2020-11-30 04729616 core:MotorVehicles 2020-11-30 04729616 core:LandBuildings 2021-11-30 04729616 core:PlantMachinery 2021-11-30 04729616 core:FurnitureFittings 2021-11-30 04729616 core:MotorVehicles 2021-11-30 04729616 core:LandBuildings 2020-12-01 2021-11-30 04729616 core:WithinOneYear 2021-11-30 04729616 core:WithinOneYear 2020-11-30 04729616 core:AfterOneYear 2021-11-30 04729616 core:AfterOneYear 2020-11-30 04729616 core:ShareCapital 2021-11-30 04729616 core:ShareCapital 2020-11-30 04729616 core:CapitalRedemptionReserve 2021-11-30 04729616 core:CapitalRedemptionReserve 2020-11-30 04729616 core:RetainedEarningsAccumulatedLosses 2021-11-30 04729616 core:RetainedEarningsAccumulatedLosses 2020-11-30 04729616 core:NetGoodwill 2020-11-30 04729616 core:LandBuildings 2020-11-30 04729616 core:PlantMachinery 2020-11-30 04729616 core:FurnitureFittings 2020-11-30 04729616 core:MotorVehicles 2020-11-30 04729616 bus:SmallEntities 2020-12-01 2021-11-30 04729616 bus:AuditExemptWithAccountantsReport 2020-12-01 2021-11-30 04729616 bus:FullAccounts 2020-12-01 2021-11-30 04729616 bus:SmallCompaniesRegimeForAccounts 2020-12-01 2021-11-30 04729616 bus:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 04729616 core:LandBuildings core:LongLeaseholdAssets 2020-12-01 2021-11-30 04729616 core:OfficeEquipment 2020-12-01 2021-11-30 04729616 core:OfficeEquipment 2020-11-30 04729616 core:OfficeEquipment 2021-11-30
COMPANY REGISTRATION NUMBER: 04729616
Franco Ices Limited
Filleted Unaudited Financial Statements
30 November 2021
Franco Ices Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
19,440
25,920
Tangible assets
6
478,978
570,862
---------
---------
498,418
596,782
Current assets
Stocks
317,209
322,997
Debtors
7
1,272,524
257,321
Cash at bank and in hand
945,332
1,556,417
------------
------------
2,535,065
2,136,735
Creditors: amounts falling due within one year
8
483,853
441,924
------------
------------
Net current assets
2,051,212
1,694,811
------------
------------
Total assets less current liabilities
2,549,630
2,291,593
Creditors: amounts falling due after more than one year
9
7,606
21,733
Provisions
Taxation including deferred tax
66,507
78,342
------------
------------
Net assets
2,475,517
2,191,518
------------
------------
Franco Ices Limited
Statement of Financial Position (continued)
30 November 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
80
80
Capital redemption reserve
20
20
Profit and loss account
2,475,417
2,191,418
------------
------------
Shareholders funds
2,475,517
2,191,518
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 August 2022 , and are signed on behalf of the board by:
Mr N Tanzarella
Mr P Tanzarella
Director
Director
Company registration number: 04729616
Franco Ices Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Adams Close, Woburn Road Industrial Estate, Kempston, Bedford, MK42 7JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over life of lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2020: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2020 and 30 November 2021
129,602
---------
Amortisation
At 1 December 2020
103,682
Charge for the year
6,480
---------
At 30 November 2021
110,162
---------
Carrying amount
At 30 November 2021
19,440
---------
At 30 November 2020
25,920
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2020
30,713
2,899,607
15,006
209,550
47,409
3,202,285
Additions
55,921
55,921
Disposals
( 18,634)
( 2,237)
( 28,000)
( 3,023)
( 51,894)
--------
------------
--------
---------
--------
------------
At 30 Nov 2021
30,713
2,936,894
12,769
181,550
44,386
3,206,312
--------
------------
--------
---------
--------
------------
Depreciation
At 1 Dec 2020
21,163
2,402,054
13,798
164,106
30,302
2,631,423
Charge for the year
2,387
127,408
298
10,935
4,276
145,304
Disposals
( 17,895)
( 2,214)
( 26,292)
( 2,992)
( 49,393)
--------
------------
--------
---------
--------
------------
At 30 Nov 2021
23,550
2,511,567
11,882
148,749
31,586
2,727,334
--------
------------
--------
---------
--------
------------
Carrying amount
At 30 Nov 2021
7,163
425,327
887
32,801
12,800
478,978
--------
------------
--------
---------
--------
------------
At 30 Nov 2020
9,550
497,553
1,208
45,444
17,107
570,862
--------
------------
--------
---------
--------
------------
7. Debtors
2021
2020
£
£
Trade debtors
211,618
150,232
Amounts owed by group undertakings and undertakings in which the company has a participating interest
951,000
Other debtors
109,906
107,089
------------
---------
1,272,524
257,321
------------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
13,348
12,348
Trade creditors
141,281
139,619
Corporation tax
114,632
84,486
Social security and other taxes
7,631
17,950
Other creditors
206,961
187,521
---------
---------
483,853
441,924
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
7,606
21,733
-------
--------
The bank loan is secured by a debenture over the assets of the company and personal guarantees from the directors.