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FRANC INDUSTRIES LIMITED
Unaudited filleted financial statements
31 July 2023
Company registration number 09137412
FRANC INDUSTRIES LIMITED
Contents
Statement of financial position
Notes to the financial statements
FRANC INDUSTRIES LIMITED
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 18,518 1,193
Debtors 4 4,590 390
Cash at bank and in hand 498 102
_______ _______
23,606 1,685
Creditors: amounts falling due
within one year 5 ( 127,053) ( 80,139)
_______ _______
Net current liabilities ( 103,447) ( 78,454)
_______ _______
Total assets less current liabilities ( 103,447) ( 78,454)
Creditors: amounts falling due
after more than one year 6 ( 11,300) ( 11,300)
_______ _______
Net liabilities ( 114,747) ( 89,754)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 114,847) ( 89,854)
_______ _______
Shareholders deficit ( 114,747) ( 89,754)
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Mr I F Burwood
Director
Company registration number: 09137412
FRANC INDUSTRIES LIMITED
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Bloors Lane, Rainham, Gillingham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 stocks to their present location and condition.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Debtors
2023 2022
£ £
Trade debtors 50 390
Other debtors 4,540 -
_______ _______
4,590 390
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,000 5,000
Trade creditors 13,500 3,658
Amounts owed to group undertakings and undertakings in which the company has a participating interest 78,695 41,480
Other creditors 29,858 30,001
_______ _______
127,053 80,139
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 11,300 11,300
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr I F Burwood ( 28,963) 155 ( 28,808)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr I F Burwood ( 29,103) 140 ( 28,963)
_______ _______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Loans from participating interests - - - ( 16,520)
Loans from group companies ( 37,215) ( 10,890) ( 78,695) ( 24,960)
Transactions with group companies 7,698 - ( 11,241) ( 3,543)
_______ _______ _______ _______
The above loans are interest free, unsecured and have no fixed repayment schedule .
9. Controlling party
The company is a 98% subsidiary of BW Global Limited a company registered in the United Kingdom.
10. Going concern
As at 31 July 2023 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director and Group companies have agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.