Company No: 00282169 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	O J C Murray
	G W C Murray
	P G Murray

SECRETARY

O J C Murray

REGISTERED OFFICE	Purns Mill
	Gillingham
	Dorset
	SP8 4HW
	United Kingdom

COMPANY NUMBER

00282169 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Hitchcock House
	Hilltop Park
	Devizes Road
	Salisbury
	Wiltshire SP3 4UF

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	368,280		376,536
		368,280		376,536
Current assets
Debtors	4	1,142		1,066
Investments	5	307,274		355,136
Cash at bank and in hand		27,474		23,829
		335,890		380,031
Creditors: amounts falling due within one year	6	( 7,786)		( 5,986)
Net current assets		328,104		374,045
Total assets less current liabilities		696,384		750,581
Net assets		696,384		750,581
Capital and reserves
Called-up share capital		23,150		23,150
Share premium account		1,856		1,856
Capital redemption reserve		21,850		21,850
Other reserves		15,454		15,454
Profit and loss account		634,074		688,271
Total shareholder's funds		696,384		750,581

Included within the profit and loss account reserves is £187,828 (2022: £214,587) of non-distributable reserves.

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of France Down Limited (registered number: 00282169) were approved and authorised for issue by the Board of Directors on 17 July 2023. They were signed on its behalf by:

O J C Murray Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

France Down Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Purns Mill, Gillingham, Dorset, SP8 4HW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents profits or losses on disposal of a current asset investment in the period in which the disposal occurs and unrealised gains or losses on revaluation of current asset investments.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings	0 - 10 years straight line
Fixtures and fittings	3 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Freehold land depreciation is not provided as land is not considered to have a finite economic useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2022	485,768		20,487		506,255
At 31 March 2023	485,768		20,487		506,255
Accumulated depreciation
At 01 April 2022	109,840		19,879		129,719
Charge for the financial year	8,125		131		8,256
At 31 March 2023	117,965		20,010		137,975
Net book value
At 31 March 2023	367,803		477		368,280
At 31 March 2022	375,928		608		376,536

4. Debtors

	2023		2022
	£		£
Prepayments	1,142		1,066

5. Current asset investments

	2023		2022
	£		£
Listed investments – at fair value	355,136		388,286
Fair value adjustments	( 26,759)		( 2,589)
Additions	230		32,648
Disposals	( 21,333)		( 63,209)
	307,274		355,136

The historic cost of the current asset investments are £174,671.33 (2022: £192,682.79)

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Accruals and deferred income	7,786		5,986

7. Related party transactions

Transactions with the entity's directors

Part of the freehold property owned by the company is occupied rent free by P G Murray, under the terms of the service agreement.