Caseware UK (AP4) 2023.0.135 2023.0.135 2022-03-312022-03-312022-03-3102021-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity0truetrue 00428935 2021-04-01 2022-03-31 00428935 2020-04-01 2021-03-31 00428935 2022-03-31 00428935 2021-03-31 00428935 2020-04-01 00428935 1 2020-04-01 2021-03-31 00428935 5 2020-04-01 2021-03-31 00428935 d:Director4 2021-04-01 2022-03-31 00428935 e:Buildings 2021-04-01 2022-03-31 00428935 e:Buildings e:LongLeaseholdAssets 2021-04-01 2022-03-31 00428935 e:PlantMachinery 2021-04-01 2022-03-31 00428935 e:MotorVehicles 2021-04-01 2022-03-31 00428935 e:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 00428935 e:CurrentFinancialInstruments 2022-03-31 00428935 e:CurrentFinancialInstruments 2021-03-31 00428935 e:Non-currentFinancialInstruments 2022-03-31 00428935 e:Non-currentFinancialInstruments 2021-03-31 00428935 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 00428935 e:CurrentFinancialInstruments e:WithinOneYear 2021-03-31 00428935 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 00428935 e:Non-currentFinancialInstruments e:AfterOneYear 2021-03-31 00428935 e:ShareCapital 2021-04-01 2022-03-31 00428935 e:ShareCapital 2022-03-31 00428935 e:ShareCapital 2021-03-31 00428935 e:ShareCapital 2020-04-01 00428935 e:RevaluationReserve 2021-04-01 2022-03-31 00428935 e:RevaluationReserve 2022-03-31 00428935 e:RevaluationReserve 2020-04-01 2021-03-31 00428935 e:RevaluationReserve 2021-03-31 00428935 e:RevaluationReserve 2020-04-01 00428935 e:RevaluationReserve 1 2020-04-01 2021-03-31 00428935 e:RevaluationReserve 5 2020-04-01 2021-03-31 00428935 e:InvestmentPropertiesRevaluationReserve 2021-04-01 2022-03-31 00428935 e:InvestmentPropertiesRevaluationReserve 2022-03-31 00428935 e:InvestmentPropertiesRevaluationReserve 2021-03-31 00428935 e:InvestmentPropertiesRevaluationReserve 2020-04-01 00428935 e:InvestmentPropertiesRevaluationReserve 1 2020-04-01 2021-03-31 00428935 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00428935 e:RetainedEarningsAccumulatedLosses 2022-03-31 00428935 e:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 00428935 e:RetainedEarningsAccumulatedLosses 2021-03-31 00428935 e:RetainedEarningsAccumulatedLosses 2020-04-01 00428935 e:RetainedEarningsAccumulatedLosses 1 2020-04-01 2021-03-31 00428935 d:FRS102 2021-04-01 2022-03-31 00428935 d:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 00428935 d:FullAccounts 2021-04-01 2022-03-31 00428935 d:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 00428935 e:Subsidiary1 2021-04-01 2022-03-31 00428935 e:Subsidiary1 1 2021-04-01 2022-03-31 00428935 e:Subsidiary2 2021-04-01 2022-03-31 00428935 e:Subsidiary2 1 2021-04-01 2022-03-31 00428935 e:Subsidiary3 2021-04-01 2022-03-31 00428935 e:Subsidiary3 1 2021-04-01 2022-03-31 00428935 e:Subsidiary5 2021-04-01 2022-03-31 00428935 e:Subsidiary5 1 2021-04-01 2022-03-31 00428935 e:Subsidiary8 2021-04-01 2022-03-31 00428935 e:Subsidiary8 1 2021-04-01 2022-03-31 00428935 e:Subsidiary9 2021-04-01 2022-03-31 00428935 e:Subsidiary9 1 2021-04-01 2022-03-31 00428935 e:Subsidiary10 2021-04-01 2022-03-31 00428935 e:Subsidiary10 1 2021-04-01 2022-03-31 00428935 d:Consolidated 2022-03-31 00428935 d:ConsolidatedGroupCompanyAccounts 2021-04-01 2022-03-31 00428935 4 2021-04-01 2022-03-31 00428935 5 2021-04-01 2022-03-31 00428935 6 2021-04-01 2022-03-31 00428935 e:ShareCapital 1 2020-04-01 2021-03-31 00428935 e:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00428935 e:AcceleratedTaxDepreciationDeferredTax 2021-03-31 00428935 f:PoundSterling 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 00428935


J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
REGISTERED NUMBER:00428935

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,700,427
3,706,938

  
3,700,427
3,706,938

Current assets
  

Debtors: amounts falling due within one year
 6 
7,610,937
6,864,408

Cash at bank and in hand
 7 
131,587
72,872

  
7,742,524
6,937,280

Creditors: amounts falling due within one year
 8 
(4,039,834)
(2,712,605)

Net current assets
  
 
 
3,702,690
 
 
4,224,675

Total assets less current liabilities
  
7,403,117
7,931,613

Creditors: amounts falling due after more than one year
 9 
(2,972,000)
(2,596,913)

Provisions for liabilities
  

Deferred taxation
 10 
(512,300)
(512,300)

  
 
 
(512,300)
 
 
(512,300)

Net assets excluding pension asset
  
3,918,817
4,822,400

Net assets
  
3,918,817
4,822,400


Capital and reserves
  

Called up share capital 
  
2,000,000
2,000,000

Revaluation reserve
  
2,624,417
2,624,417

Capital redemption reserve
  
1,002,965
1,002,965

Investment property reserve
  
(512,300)
(512,300)

Other reserves
  
(1,199)
11,419

Profit and loss account
  
(1,195,066)
(304,101)

Equity attributable to owners of the parent Company
  
3,918,817
4,822,400

  
3,918,817
4,822,400


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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 1

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
REGISTERED NUMBER:00428935
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

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 consolidated statement of comprehensive income 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 on 18 April 2024.




J. Franklin Pierce
Director

The notes on pages 9 to 20 form part of these financial statements.

Page 2

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
REGISTERED NUMBER:00428935

COMPANY BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,700,427
3,706,938

Investments
 5 
151,004
52,816

  
3,851,431
3,759,754

Current assets
  

Debtors: amounts falling due within one year
 6 
3,959,576
4,770,501

Cash at bank and in hand
 7 
131,507
7,260

  
4,091,083
4,777,761

Creditors: amounts falling due within one year
 8 
(2,785,918)
(3,029,098)

Net current assets
  
 
 
1,305,165
 
 
1,748,663

Total assets less current liabilities
  
5,156,596
5,508,417

  

Creditors: amounts falling due after more than one year
 9 
(2,972,000)
(2,596,913)

Provisions for liabilities
  

Deferred taxation
 10 
(512,300)
(512,300)

  
 
 
(512,300)
 
 
(512,300)

Net assets excluding pension asset
  
1,672,296
2,399,204

Net assets
  
1,672,296
2,399,204


Capital and reserves
  

Called up share capital 
  
2,000,000
2,000,000

Revaluation reserve
  
2,624,417
2,624,417

Investment property reserve
  
(512,300)
(512,300)

Profit and loss account brought forward
  
(1,712,914)
(3,717,241)

Loss/(profit) for the year
  
(726,907)
2,452,582

Other changes in the profit and loss account

  

-
(448,255)

Profit and loss account carried forward
  
(2,439,821)
(1,712,913)

  
1,672,296
2,399,204


Page 3

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
REGISTERED NUMBER:00428935
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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.

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 consolidated statement of comprehensive income 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 on 18 April 2024.


J. Franklin Pierce
Director

The notes on pages 9 to 20 form part of these financial statements.

Page 4

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
REGISTERED NUMBER:00428935

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022

Called up share capital
Capital redemption reserve
Revaluation reserve
Deferred tax reserve
Other reserves

£
£
£
£
£

At 1 April 2021
2,000,000
1,002,965
2,624,417
(512,300)
11,419


Comprehensive income for the year

Loss for the year

-
-
-
-
-


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
-


Contributions by and distributions to owners

On disposal of group company
-
-
-
-
(12,618)


Total transactions with owners
-
-
-
-
(12,618)


At 31 March 2022
2,000,000
1,002,965
2,624,417
(512,300)
(1,199)


Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£

At 1 April 2021
(304,101)
4,822,400
4,822,400


Comprehensive income for the year

Loss for the year

(1,232,314)
(1,232,314)
(1,232,314)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
(1,232,314)
(1,232,314)
(1,232,314)


Contributions by and distributions to owners

On disposal of group company
341,349
328,731
328,731


Total transactions with owners
341,349
328,731
328,731


At 31 March 2022
(1,195,066)
3,918,817
3,918,817


The notes on pages 9 to 20 form part of these financial statements.

Page 5

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021


Called up share capital
Capital redemption reserve
Revaluation reserve
Deferred tax reserve
Other reserves

£
£
£
£
£

At 1 April 2020
2,000,000
1,002,965
5,244,743
(996,502)
11,419


Comprehensive income for the year

Profit for the year

-
-
-
-
-

Deficit on revaluation of freehold property
-
-
(2,584,378)
-
-

Deferred tax on revalued property
-
-
-
484,202
-


Other comprehensive income for the year
-
-
(2,584,378)
484,202
-


Total comprehensive income for the year
-
-
(2,584,378)
484,202
-


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
-
(35,948)
-
-


Total transactions with owners
-
-
(35,948)
-
-


At 31 March 2021
2,000,000
1,002,965
2,624,417
(512,300)
11,419

Page 6

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021


Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£

At 1 April 2020
(1,867,776)
5,394,849
5,394,849


Comprehensive income for the year

Profit for the year

2,011,930
2,011,930
2,011,930

Deficit on revaluation of freehold property
35,948
(2,548,430)
(2,548,430)

Deferred tax on revalued property
-
484,202
484,202


Other comprehensive income for the year
35,948
(2,064,228)
(2,064,228)


Total comprehensive income for the year
2,047,878
(52,298)
(52,298)


Contributions by and distributions to owners

Transfer to/from profit and loss account
(484,203)
(520,151)
(520,151)


Total transactions with owners
(484,203)
(520,151)
(520,151)


At 31 March 2021
(304,101)
4,822,400
4,822,400


The notes on pages 9 to 20 form part of these financial statements.

Page 7

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Revaluation reserve
Deferred tax reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2020
2,000,000
5,244,743
(996,502)
(3,717,241)
2,531,000


Comprehensive income for the year

Profit for the year
-
-
-
2,452,582
2,452,582

Defecit on revaluation of freehold property
-
(2,584,378)
-
35,948
(2,548,430)

Deferred tax on revalued property
-
-
484,202
-
484,202


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(35,948)
-
(484,203)
(520,151)



At 1 April 2021
2,000,000
2,624,417
(512,300)
(1,712,914)
2,399,203


Comprehensive income for the year

Loss for the year
-
-
-
(726,907)
(726,907)
Total comprehensive income for the year
-
-
-
(726,907)
(726,907)


At 31 March 2022
2,000,000
2,624,417
(512,300)
(2,439,821)
1,672,296


The notes on pages 9 to 20 form part of these financial statements.

Page 8

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

J & S Franklin (Holdings and Management Services) Limited is a private company, limited by shares, incorporated and registered in England and Wales. The registered office address is 151 Strand, London, WC2R 1JA. The principal activity of the Company is defence activites.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2015.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 9

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

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, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% on cost or valuation less estimated residual value
Assets under construction
-
Nil
Fixtures and fittings
-
25% and 33% on written down value
Motor vehicles
-
25% on written down value
Machines at subcontractors
-
25% on written down value

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 10

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 11

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

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.

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.18

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 14

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

3.


Employees

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
493,488
690,555
493,488
690,555

Social security costs
62,293
81,772
62,293
81,772

Cost of defined contribution scheme
20,254
-
20,254
-

576,035
772,327
576,035
772,327


The average monthly number of employees, including directors, during the year was 10 (2021 - 10).

Page 15

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets

Group and Company






Freehold property
Short-term leasehold property
Motor vehicles
Fixtures and fittings
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 April 2021
3,520,380
258,309
-
102,892
11,130


Additions
-
-
36,382
-
-


Disposals
-
-
-
(6,791)
-



At 31 March 2022

3,520,380
258,309
36,382
96,101
11,130



Depreciation


At 1 April 2021
71,751
-
-
102,892
11,130


Charge for the year on owned assets
42,135
-
758
-
-


Disposals
-
-
-
(6,791)
-



At 31 March 2022

113,886
-
758
96,101
11,130



Net book value



At 31 March 2022
3,406,494
258,309
35,624
-
-



At 31 March 2021
3,448,629
258,309
-
-
-
Page 16

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2021
3,892,711


Additions
36,382


Disposals
(6,791)



At 31 March 2022

3,922,302



Depreciation


At 1 April 2021
185,773


Charge for the year on owned assets
42,893


Disposals
(6,791)



At 31 March 2022

221,875



Net book value



At 31 March 2022
3,700,427



At 31 March 2021
3,706,938

Cost or valuation at 31 March 2022 is as follows:

Land and buildings
£


-
At valuation:

Net book value at year end
3,778,689



3,778,689

Page 17

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2022
2021
£
£

Group


Cost
1,082,375
1,082,375

Accumulated depreciation
(232,247)
(210,559)

Net book value
850,128
871,816


5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2021
52,816


Additions
99,000


Amounts written off
(812)



At 31 March 2022
151,004





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

J & S Franklin Limited
England and Wales
Trading
Ordinary
100%
Tower Bridge Technical Equipment Limited
England and Wales
Non trading
Ordinary
100%
Franklin Equipment Company Limited
England and Wales
Non trading
Ordinary
100%
Franklin Defencell Limited
England and Wales
Non trading
Ordinary
100%
Defencell Limited
England and Wales
Non trading
Ordinary
100%
Terram Defencell Limited
England and Wales
Non trading
Ordinary
100%
Defence Cell Limited
England and Wales
Non trading
Ordinary
100%



Page 18

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Trade debtors
3,958,794
2,307,503
-
-

Amounts owed by group undertakings
-
-
352,560
216,875

Other debtors
3,606,337
4,556,100
3,606,335
4,552,821

Prepayments and accrued income
45,806
805
681
805

7,610,937
6,864,408
3,959,576
4,770,501



7.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Cash at bank and in hand
131,587
72,872
131,507
7,260

Less: bank overdrafts
-
(1,941)
-
(78)

131,587
70,931
131,507
7,182



8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank overdrafts
-
1,941
-
78

Trade creditors
997,833
710,529
997,833
710,529

Amounts owed to group undertakings
-
-
295,624
657,557

Corporation tax
286,889
459,326
286,889
459,326

Other taxation and social security
1,121,697
1,114,560
1,121,697
1,114,560

Other creditors
79,407
364,200
36,826
40,000

Accruals and deferred income
1,554,008
62,049
47,049
47,048

4,039,834
2,712,605
2,785,918
3,029,098


The bank overdraft and loan facilities are secured via mortgage over the freehold properties of the Group, charges over the Group's assets and Group company guarantees.

Page 19

 
J & S FRANKLIN (HOLDINGS AND MANAGEMENT SERVICES) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
2,972,000
2,596,913
2,972,000
2,596,913



10.


Deferred taxation


Group



2022
2021


£

£






At beginning of year
(512,300)
(996,502)


Charged to profit or loss
-
484,202



At end of year
(512,300)
(512,300)

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Deferred tax on revaluation
(512,300)
(512,300)
(512,300)
(512,300)


11.


Transactions with directors

During the year, the directors made repayments to the company amounting to £618,454 (2021: advances to the directors £449,028). At the year end, the amounts due from the directors were £831,684 (2021: £1,413,312) and the amounts due to the directors were £36,826 (2021: £nil). These advances are interest free and repayable on demand.


12.


Controlling party

In the opinion of the directors there is no ultimate controlling party.

 
Page 20