Company registration number 02359087 (England and Wales)
FRANCA'S LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FRANCA'S LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FRANCA'S LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
30 June 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
2,042
Tangible assets
4
-
0
6,813
-
0
8,855
Current assets
Stocks
-
12,000
Debtors
5
2,868
7,229
Cash at bank and in hand
424
5,701
3,292
24,930
Creditors: amounts falling due within one year
6
(31,390)
(28,436)
Net current liabilities
(28,098)
(3,506)
Total assets less current liabilities
(28,098)
5,349
Provisions for liabilities
-
0
(1,294)
Net (liabilities)/assets
(28,098)
4,055
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(28,198)
3,955
Total equity
(28,098)
4,055

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the period 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.

FRANCA'S LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Franca Domenica laverdino
Director
Company registration number 02359087 (England and Wales)
FRANCA'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Franca's Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

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 are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

The company's financial period is for the fifteen months ended 30 June 2023, the comparative period is for the twelve months ended 31 March 2022.

 

The company ceased trading on the 6 June 2023.

 

The comparative amounts presented in the financial statements are not entirely comparable.

1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of twenty years.

1.5
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:

Fixtures, fittings & equipment
25% Reducing balance

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.

1.6
Cash at bank and in hand

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.

FRANCA'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.10
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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FRANCA'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
11
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
35,000
Disposals
(35,000)
At 30 June 2023
-
0
Amortisation and impairment
At 1 April 2022
32,958
Amortisation charged for the period
2,042
Disposals
(35,000)
At 30 June 2023
-
0
Carrying amount
At 30 June 2023
-
0
At 31 March 2022
2,042
FRANCA'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
99,389
Additions
846
Disposals
(100,235)
At 30 June 2023
-
0
Depreciation and impairment
At 1 April 2022
92,576
Depreciation charged in the period
1,996
Eliminated in respect of disposals
(94,572)
At 30 June 2023
-
0
Carrying amount
At 30 June 2023
-
0
At 31 March 2022
6,813
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,178
Other debtors
2,868
5,051
2,868
7,229
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,960
Taxation and social security
-
0
752
Other creditors
31,390
25,724
31,390
28,436

Other creditors includes an amount of £28,885 (2022 - £19,741) due to a director.

FRANCA'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
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