IRIS Accounts Production v24.1.0.578 SC258137 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2581372022-10-31SC2581372023-10-31SC2581372022-11-012023-10-31SC2581372021-10-31SC2581372021-11-012022-10-31SC2581372022-10-31SC258137ns15:Scotland2022-11-012023-10-31SC258137ns14:PoundSterling2022-11-012023-10-31SC258137ns10:Director12022-11-012023-10-31SC258137ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC258137ns10:SmallEntities2022-11-012023-10-31SC258137ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC258137ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC258137ns10:FullAccounts2022-11-012023-10-31SC258137ns10:Director22022-11-012023-10-31SC258137ns10:Director32022-11-012023-10-31SC258137ns10:CompanySecretary12022-11-012023-10-31SC258137ns10:RegisteredOffice2022-11-012023-10-31SC258137ns5:CurrentFinancialInstruments2023-10-31SC258137ns5:CurrentFinancialInstruments2022-10-31SC258137ns5:Non-currentFinancialInstruments2023-10-31SC258137ns5:Non-currentFinancialInstruments2022-10-31SC258137ns5:ShareCapital2023-10-31SC258137ns5:ShareCapital2022-10-31SC258137ns5:RevaluationReserve2023-10-31SC258137ns5:RevaluationReserve2022-10-31SC258137ns5:RetainedEarningsAccumulatedLosses2023-10-31SC258137ns5:RetainedEarningsAccumulatedLosses2022-10-31SC258137ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-11-012023-10-31SC258137ns5:LeaseholdImprovements2022-11-012023-10-31SC258137ns5:PlantMachinery2022-11-012023-10-31SC258137ns5:FurnitureFittings2022-11-012023-10-31SC258137ns5:ComputerEquipment2022-11-012023-10-31SC258137ns5:LandBuildings2022-10-31SC258137ns5:LeaseholdImprovements2022-10-31SC258137ns5:PlantMachinery2022-10-31SC258137ns5:LandBuildings2022-11-012023-10-31SC258137ns5:LandBuildings2023-10-31SC258137ns5:LeaseholdImprovements2023-10-31SC258137ns5:PlantMachinery2023-10-31SC258137ns5:LandBuildings2022-10-31SC258137ns5:LeaseholdImprovements2022-10-31SC258137ns5:PlantMachinery2022-10-31SC258137ns5:FurnitureFittings2022-10-31SC258137ns5:ComputerEquipment2022-10-31SC258137ns5:FurnitureFittings2023-10-31SC258137ns5:ComputerEquipment2023-10-31SC258137ns5:FurnitureFittings2022-10-31SC258137ns5:ComputerEquipment2022-10-31SC258137ns5:RevaluationReserve2022-10-31
REGISTERED NUMBER: SC258137 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FRANCHITTI PROPERTIES LTD.

FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANCHITTI PROPERTIES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: A A M Franchitti
Mrs P Franchitti
L A J Franchitti



SECRETARY:



REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC258137 (Scotland)



ACCOUNTANTS: Cornerstone Glasgow Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



BANKERS: Royal Bank of Scotland plc
Whitburn Branch
2 Manse Road
Whitburn
Bathgate
EH47 0QA

FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 797,479 821,759

CURRENT ASSETS
Cash at bank 15,016 72,204

CREDITORS
Amounts falling due within one year 5 23,276 11,158
NET CURRENT (LIABILITIES)/ASSETS (8,260 ) 61,046
TOTAL ASSETS LESS CURRENT
LIABILITIES

789,219

882,805

CREDITORS
Amounts falling due after more than one
year

6

433,110

455,651
NET ASSETS 356,109 427,154

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 7 545,094 545,094
Retained earnings (188,986 ) (117,941 )
SHAREHOLDERS' FUNDS 356,109 427,154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

BALANCE SHEET - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2024 and were signed on its behalf by:





A A M Franchitti - Director


FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Franchitti Properties Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Improvements to property - 2% on a straight line basis
Plant and machinery - 15% on a reducing balance basis
Fixtures and fittings - 15% on a reducing balance basis
Computer equipment - 33% on a straight line basis

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 November 2022 1,126,664 75,566 22,395
Additions - - -
At 31 October 2023 1,126,664 75,566 22,395
DEPRECIATION
At 1 November 2022 361,093 26,367 18,464
Charge for year 22,533 1,511 590
At 31 October 2023 383,626 27,878 19,054
NET BOOK VALUE
At 31 October 2023 743,038 47,688 3,341
At 31 October 2022 765,571 49,199 3,931

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 4,735 14,841 1,244,201
Additions - 2,586 2,586
At 31 October 2023 4,735 17,427 1,246,787
DEPRECIATION
At 1 November 2022 3,617 12,901 422,442
Charge for year 168 2,064 26,866
At 31 October 2023 3,785 14,965 449,308
NET BOOK VALUE
At 31 October 2023 950 2,462 797,479
At 31 October 2022 1,118 1,940 821,759

Cost or valuation at 31 October 2023 is represented by:

Freehold
property
£   
Valuation in 2009 545,094

** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
FREEHOLD PROPERTY

'COST' ACCOUNT TOTAL

FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued
Cost/valuation b/f 1,126,664
1,126,664

CLIENT SCREEN TOTAL = -


** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
IMPROVEMENTS TO PROPERTY

'COST' ACCOUNT TOTAL
Cost/valuation b/f 75,566
75,566

CLIENT SCREEN TOTAL = -


** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
PLANT AND MACHINERY

'COST' ACCOUNT TOTAL
Cost/valuation b/f 22,395
22,395

CLIENT SCREEN TOTAL = -


** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
FIXTURES AND FITTINGS

'COST' ACCOUNT TOTAL
Cost/valuation b/f 4,735
4,735

CLIENT SCREEN TOTAL = -


** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
COMPUTER EQUIPMENT

'COST' ACCOUNT TOTAL
Cost/valuation b/f 14,841
Additions 2,586
17,427

CLIENT SCREEN TOTAL = -


FRANCHITTI PROPERTIES LTD. (REGISTERED NUMBER: SC258137)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued

If Freehold Property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 814,906 814,906
Aggregate depreciation 112,389 112,389

Freehold property was valued on an open market basis on 21 April 2009 by Shepherd, Chartered Surveyors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,500 -
Taxation and social security 5,920 9,312
Other creditors 1,856 1,846
23,276 11,158

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 433,110 455,651

7. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 545,094