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REGISTERED NUMBER: 05207526 (England and Wales)















FRANCIS & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2022 TO 31 DECEMBER 2023






FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6

Accountants' Report 7

FRANCIS & SON LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023







DIRECTORS: S M Francis
Mrs K Francis





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Cattolica
Outgate
Leverton
Boston
Lincolnshire
PE22 0BJ





REGISTERED NUMBER: 05207526 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 414,431 458,824
Investment property 6 221,720 221,720
636,151 680,544

CURRENT ASSETS
Valuation 11,071 67,750
Debtors 7 273,002 367,981
Cash at bank and in hand 846,807 723,942
1,130,880 1,159,673
CREDITORS
Amounts falling due within one year 8 207,013 202,810
NET CURRENT ASSETS 923,867 956,863
TOTAL ASSETS LESS CURRENT LIABILITIES 1,560,018 1,637,407

PROVISIONS FOR LIABILITIES 53,816 88,111
NET ASSETS 1,506,202 1,549,296

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 24,356 24,356
Retained earnings 1,480,846 1,523,940
SHAREHOLDERS' FUNDS 1,506,202 1,549,296

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:



S M Francis - Director


FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Francis & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance, 10% on reducing balance and 5% on cost

Tangible assets are held at cost less depreciation.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Valuation
A professional valuation is carried out each year by an independent agricultural valuer. The valuation is prepared in accordance with FRS102 and is valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic farm payment
The basic farm payment is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2022 65,000 19,547 84,547
Disposals (65,000 ) (19,547 ) (84,547 )
At 31 December 2023 - - -
AMORTISATION
At 1 December 2022 65,000 19,547 84,547
Eliminated on disposal (65,000 ) (19,547 ) (84,547 )
At 31 December 2023 - - -
NET BOOK VALUE
At 31 December 2023 - - -
At 30 November 2022 - - -

FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 115,020 1,017,663 1,132,683
Additions 38,489 73,473 111,962
Disposals - (130,000 ) (130,000 )
At 31 December 2023 153,509 961,136 1,114,645
DEPRECIATION
At 1 December 2022 - 673,859 673,859
Charge for period - 70,052 70,052
Eliminated on disposal - (43,697 ) (43,697 )
At 31 December 2023 - 700,214 700,214
NET BOOK VALUE
At 31 December 2023 153,509 260,922 414,431
At 30 November 2022 115,020 343,804 458,824

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 31 December 2023 221,720
NET BOOK VALUE
At 31 December 2023 221,720
At 30 November 2022 221,720

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 24,356
Cost 197,364
221,720

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 197,364 197,364

The fair value of investment property was considered by the directors as at 31 December 2023 and no changes were deemed necessary.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 216,341 263,878
Other debtors 56,661 104,103
273,002 367,981

FRANCIS & SON LIMITED (REGISTERED NUMBER: 05207526)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 39,517 85,661
Taxation and social security 16,851 35,073
Other creditors 150,645 82,076
207,013 202,810

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 30 November 2022:

2023 2022
£    £   
S M Francis
Balance outstanding at start of period 21,446 88,407
Amounts advanced 34,947 31,039
Amounts repaid (46,200 ) (98,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 10,193 21,446

Mrs K Francis
Balance outstanding at start of period - -
Amounts advanced 11,961 12,000
Amounts repaid (12,000 ) (12,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (39 ) -

Loans to directors are unsecured, repayable on demand and charged at the official rate.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FRANCIS & SON LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Francis & Son Limited for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Francis & Son Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Francis & Son Limited and state those matters that we have agreed to state to the Board of Directors of Francis & Son Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Francis & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Francis & Son Limited. You consider that Francis & Son Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Francis & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


Date: .............................................