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Registered number: 07728730
Franklin Fitch Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Azuki Accounts Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07728730
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 81,140 87,738
81,140 87,738
CURRENT ASSETS
Debtors 6 2,213,722 878,671
Cash at bank and in hand 249,732 2,588,438
2,463,454 3,467,109
Creditors: Amounts Falling Due Within One Year 7 (671,547 ) (1,777,296 )
NET CURRENT ASSETS (LIABILITIES) 1,791,907 1,689,813
TOTAL ASSETS LESS CURRENT LIABILITIES 1,873,047 1,777,551
NET ASSETS 1,873,047 1,777,551
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 1,873,046 1,777,550
SHAREHOLDERS' FUNDS 1,873,047 1,777,551
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Annable
Director
22/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Franklin Fitch Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07728730 . The registered office is 1 Pickle Mews, London, SW9 0FJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight line over 5 years
Computer Equipment Straight line over 5 years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2022: 26)
31 26
4. Intangible Assets
Other
£
Cost
As at 1 December 2022 20,920
As at 30 November 2023 20,920
Amortisation
As at 1 December 2022 20,920
As at 30 November 2023 20,920
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 121,429 112,875 234,304
Additions 11,830 9,341 21,171
As at 30 November 2023 133,259 122,216 255,475
Depreciation
As at 1 December 2022 89,381 57,185 146,566
Provided during the period 12,165 15,604 27,769
As at 30 November 2023 101,546 72,789 174,335
Net Book Value
As at 30 November 2023 31,713 49,427 81,140
As at 1 December 2022 32,048 55,690 87,738
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 140,674 75,890
Prepayments and accrued income 245,028 258,607
Other debtors 119,374 83,834
Amounts owed by related parties 1,708,646 460,340
2,213,722 878,671
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 173,481 193,429
Corporation tax 75,537 149,131
Other taxes and social security 48,591 2,947
VAT 50,996 13,003
Accruals and deferred income 158,212 150,167
Director's loan account 150,000 1,250,000
Amounts owed to related parties 14,730 18,619
671,547 1,777,296
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 210,292 222,118
Later than one year and not later than five years 211,266 209,059
421,558 431,177
10. Related Party Transactions
Included within amounts owed by related parties are the following balances:
Franklin Fitch Recruitment Contract Limited £44,601 (2022: liability £18,619)
Franklin Fitch Recruitment Limited £47,613 (2022: 83,111)
Franklin Fitch GmbH £21,354 (2022: £21,354)
Franklin Fitch Inc £Nil (2022: £255,352)
Ovalwood Limited £88,378 (2022: £100,523)
Epcot Properties Limited £1,506,700 (2022: Nil)
Included within amounts owed to related parties are the following balances:
Franklin Fitch Inc  £14,730 (2022: Nil)
All of the above Companies are under common control. 
During the year to 30 November 2023 dividends of £150,000 (2022: £1,250,000) were paid to director D Annable.
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