Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3111The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity9falsetrue 00419633 2022-04-01 2023-03-31 00419633 2021-04-01 2022-03-31 00419633 2023-03-31 00419633 2022-03-31 00419633 c:Director3 2022-04-01 2023-03-31 00419633 d:PlantMachinery 2022-04-01 2023-03-31 00419633 d:PlantMachinery 2023-03-31 00419633 d:PlantMachinery 2022-03-31 00419633 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00419633 d:OfficeEquipment 2022-04-01 2023-03-31 00419633 d:OfficeEquipment 2023-03-31 00419633 d:OfficeEquipment 2022-03-31 00419633 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00419633 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00419633 d:FreeholdInvestmentProperty 2023-03-31 00419633 d:FreeholdInvestmentProperty 2022-03-31 00419633 d:CurrentFinancialInstruments 2023-03-31 00419633 d:CurrentFinancialInstruments 2022-03-31 00419633 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00419633 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00419633 d:ShareCapital 2023-03-31 00419633 d:ShareCapital 2022-03-31 00419633 d:CapitalRedemptionReserve 2023-03-31 00419633 d:CapitalRedemptionReserve 2022-03-31 00419633 d:RevaluationReserve 2023-03-31 00419633 d:RevaluationReserve 2022-03-31 00419633 d:RetainedEarningsAccumulatedLosses 2023-03-31 00419633 d:RetainedEarningsAccumulatedLosses 2022-03-31 00419633 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00419633 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00419633 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00419633 c:OrdinaryShareClass1 2023-03-31 00419633 c:OrdinaryShareClass1 2022-03-31 00419633 c:OrdinaryShareClass2 2022-04-01 2023-03-31 00419633 c:OrdinaryShareClass2 2023-03-31 00419633 c:OrdinaryShareClass2 2022-03-31 00419633 c:FRS102 2022-04-01 2023-03-31 00419633 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00419633 c:FullAccounts 2022-04-01 2023-03-31 00419633 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00419633









FRANCINE TRUST LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FRANCINE TRUST LIMITED
REGISTERED NUMBER: 00419633

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,118
10,727

Investment property
 5 
31,140,000
31,140,000

  
31,149,118
31,150,727

Current assets
  

Debtors: amounts falling due within one year
 6 
241,608
295,553

Cash at bank and in hand
 7 
422,042
501,411

  
663,650
796,964

Creditors: amounts falling due within one year
 8 
(624,518)
(530,132)

Net current assets
  
 
 
39,132
 
 
266,832

Total assets less current liabilities
  
31,188,250
31,417,559

Provisions for liabilities
  

Deferred tax
 9 
(6,180,330)
(6,180,330)

  
 
 
(6,180,330)
 
 
(6,180,330)

Net assets
  
25,007,920
25,237,229


Capital and reserves
  

Called up share capital 
  
3,590
3,590

Revaluation reserve
  
24,332,229
24,332,229

Capital redemption reserve
  
1,421
1,421

Profit and loss account
  
670,680
899,989

  
25,007,920
25,237,229


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
 
Page 1

 
FRANCINE TRUST LIMITED
REGISTERED NUMBER: 00419633
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R W Badger
Director

Date: 12 January 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Francine Trust Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is c/o Hillier Hopkins LLP, Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The Company's principal activity is that of investment property.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents rent receivable from investment properties under current market conditions.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The average monthly number of employees, including directors during the year was 11 (2022 - 9).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
83,904
10,984
94,888



At 31 March 2023

83,904
10,984
94,888



Depreciation


At 1 April 2022
79,543
4,618
84,161


Charge for the year on owned assets
654
955
1,609



At 31 March 2023

80,197
5,573
85,770



Net book value



At 31 March 2023
3,707
5,411
9,118



At 31 March 2022
4,361
6,366
10,727

Page 5

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
31,140,000



At 31 March 2023
31,140,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 March 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
645,321
645,321

645,321
645,321


6.


Debtors

2023
2022
£
£


Trade debtors
190,143
249,885

Other debtors
51,465
45,668

241,608
295,553



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
422,042
501,411

422,042
501,411


Page 6

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
684
-

Corporation tax
54,078
104,048

Other taxation and social security
15,754
39,055

Other creditors
318,440
138,440

Accruals and deferred income
235,562
248,589

624,518
530,132



9.


Deferred taxation




2023


£






At beginning of year
(6,180,330)



At end of year
(6,180,330)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,180,330)
(6,180,330)

(6,180,330)
(6,180,330)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,589 (2022 - 3,589) Ordinary shares shares of £1.00 each
3,589
3,589
1 (2022 - 1) Deferred shares share of £1.00
1
1

3,590

3,590


Page 7

 
FRANCINE TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,488 (2022 - £5,492). Contributions totalling £8,846 (2022 - £402) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8