Silverfin false 28/02/2023 01/03/2022 28/02/2023 G Cinao 03/04/2017 G Tilotta 03/04/2017 23 October 2023 The principal activity of the company during the financial year was that of a holding company, holding investments in a subsidiary. The company also holds a property on behalf of the group and therefore receives rental income. 10704492 2023-02-28 10704492 bus:Director1 2023-02-28 10704492 bus:Director2 2023-02-28 10704492 2022-02-28 10704492 core:CurrentFinancialInstruments 2023-02-28 10704492 core:CurrentFinancialInstruments 2022-02-28 10704492 core:Non-currentFinancialInstruments 2023-02-28 10704492 core:Non-currentFinancialInstruments 2022-02-28 10704492 core:ShareCapital 2023-02-28 10704492 core:ShareCapital 2022-02-28 10704492 core:OtherCapitalReserve 2023-02-28 10704492 core:OtherCapitalReserve 2022-02-28 10704492 core:RetainedEarningsAccumulatedLosses 2023-02-28 10704492 core:RetainedEarningsAccumulatedLosses 2022-02-28 10704492 core:LandBuildings 2022-02-28 10704492 core:LandBuildings 2023-02-28 10704492 core:CostValuation 2022-02-28 10704492 core:CostValuation 2023-02-28 10704492 bus:OrdinaryShareClass1 2023-02-28 10704492 2022-03-01 2023-02-28 10704492 bus:FullAccounts 2022-03-01 2023-02-28 10704492 bus:SmallEntities 2022-03-01 2023-02-28 10704492 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10704492 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10704492 bus:Director1 2022-03-01 2023-02-28 10704492 bus:Director2 2022-03-01 2023-02-28 10704492 core:LandBuildings 2022-03-01 2023-02-28 10704492 2021-03-01 2022-02-28 10704492 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 10704492 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 10704492 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10704492 (England and Wales)

FRANKIE AND LEO LTD

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

FRANKIE AND LEO LTD

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

FRANKIE AND LEO LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2023
FRANKIE AND LEO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 511,686 516,855
Investments 4 841,403 841,403
1,353,089 1,358,258
Current assets
Debtors 5 2 2
Cash at bank and in hand 2,019 1,275
2,021 1,277
Creditors: amounts falling due within one year 6 ( 22,346) ( 106,840)
Net current liabilities (20,325) (105,563)
Total assets less current liabilities 1,332,764 1,252,695
Creditors: amounts falling due after more than one year 7 ( 161,685) ( 178,495)
Net assets 1,171,079 1,074,200
Capital and reserves
Called-up share capital 8 102 102
Other reserves 559,902 559,902
Profit and loss account 611,075 514,196
Total shareholders' funds 1,171,079 1,074,200

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Frankie and Leo Ltd (registered number: 10704492) were approved and authorised for issue by the Director on 23 October 2023. They were signed on its behalf by:

G Cinao
Director
G Tilotta
Director
FRANKIE AND LEO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
FRANKIE AND LEO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
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

Frankie and Leo Ltd (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 1 - 3 College Yard, Worcester, WR1 2LB, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 1 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 March 2022 530,000 530,000
At 28 February 2023 530,000 530,000
Accumulated depreciation
At 01 March 2022 13,145 13,145
Charge for the financial year 5,169 5,169
At 28 February 2023 18,314 18,314
Net book value
At 28 February 2023 511,686 511,686
At 28 February 2022 516,855 516,855

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 March 2022 841,403
At 28 February 2023 841,403
Carrying value at 28 February 2023 841,403
Carrying value at 28 February 2022 841,403

5. Debtors

2023 2022
£ £
Other debtors 2 2

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 18,225 19,640
Amounts owed to Group undertakings 380 82,813
Taxation and social security 3,741 4,387
22,346 106,840

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 161,685 178,495

Details of security provided:

There is a fixed and floating charge over the undertaking and all property and assets present and future.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
102 Ordinary shares of £ 1.00 each 102 102

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amount owed by subsidiary 380 82,813

Dividends were declared during the year totalling £97,000 (2022: £90,000).