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Registration number: 03326596

Franks & Holloway Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Franks & Holloway Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Franks & Holloway Limited

(Registration number: 03326596)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,233

18,446

Current assets

 

Debtors

5

24,881

42,255

Cash at bank and in hand

 

438,440

364,224

 

463,321

406,479

Creditors: Amounts falling due within one year

6

(64,376)

(66,529)

Net current assets

 

398,945

339,950

Total assets less current liabilities

 

423,178

358,396

Provisions for liabilities

(2,279)

(1,023)

Net assets

 

420,899

357,373

Capital and reserves

 

Called up share capital

150

150

Profit and loss account

420,749

357,223

Total equity

 

420,899

357,373

 

Franks & Holloway Limited

(Registration number: 03326596)
Balance Sheet as at 31 March 2023

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 November 2023
 

R L Franks
Director

   
     
 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Woodbury House
Worgret Hill
Wareham
Dorset
BH20 6AD

These financial statements were authorised for issue by the director on 10 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised on an accruals basis. They are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance.

Leased motor vehicles

Finance lease depreciated over the term of lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

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.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 4 (2022 - 4).

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

9,313

19,356

72,382

101,051

Additions

641

6,650

-

7,291

Disposals

(1,234)

(1,861)

(23,913)

(27,008)

At 31 March 2023

8,720

24,145

48,469

81,334

Depreciation

At 1 April 2022

8,437

18,635

55,533

82,605

Charge for the year

336

1,840

(1,093)

1,083

Eliminated on disposal

(1,064)

(1,850)

(23,673)

(26,587)

At 31 March 2023

7,709

18,625

30,767

57,101

Carrying amount

At 31 March 2023

1,011

5,520

17,702

24,233

At 31 March 2022

876

721

16,849

18,446

Included within net book value of tangible fixed assets is £14,230 (2022 - £11,980) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was negative £2,250, due to a lease length amendment (2022 - £6,455).

5

Debtors

2023
£

2022
£

Trade debtors

18,726

37,460

Prepayments and accrued income

3,046

3,387

Other debtors

3,109

1,408

24,881

42,255

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

7

10,229

14,731

Trade creditors

 

91

359

Amounts due to group undertakings

8

29,815

29,815

Social security and other taxes

 

489

2,546

Other creditors

 

4,347

3,706

Accruals

 

4,584

3,990

Corporation tax liability

14,821

11,382

 

64,376

66,529

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

10,229

14,731

 

Franks & Holloway Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Loans to related parties

2022

Parent
£

Total
£

At start of period

185

185

Repaid

(185)

(185)

At end of period

-

-

Terms of loans to related parties

The loan is interest free and repayable on demand.
 
Dividends of £4,000 (2022 - £74,000) were paid during the year to Franks & Holloway Holdings Limited.

Loans from related parties

2023

Parent
£

Key management
£

Total
£

At start of period

29,815

3,037

32,852

Advanced

-

(24,500)

(24,500)

Repaid

-

25,810

25,810

At end of period

29,815

4,347

34,162

2022

Parent
£

Key management
£

Total
£

At start of period

-

3,070

3,070

Advanced

29,815

(17,265)

12,550

Repaid

-

17,232

17,232

At end of period

29,815

3,037

32,852

Terms of loans from related parties

The loan is interest free and repayable on demand.
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is R L Franks and P Holloway, equal shareholders of Franks and Holloway Holdings Limited.