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REGISTERED NUMBER: 04955211 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FRANKS & CO LIMITED

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANKS & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R B Franks
A F Welford





SECRETARY: D Hartley





REGISTERED OFFICE: 15 Jessops Riverside
Brightside Lane
Sheffield
South Yorkshire
S9 2RX





REGISTERED NUMBER: 04955211 (England and Wales)





ACCOUNTANTS: Marriott Gibbs Rees Wallis Limited
Chartered Certified Accountants
First Floor
Unit 4, Broadfield Court
Sheffield
South Yorkshire
S8 0XF

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 124,923 182,359
Tangible assets 5 1,163 2,889
Investments 6 40,570 40,570
166,656 225,818

CURRENT ASSETS
Debtors 7 239,552 239,566
Cash at bank and in hand 34,855 122,094
274,407 361,660
CREDITORS
Amounts falling due within one year 8 222,329 193,456
NET CURRENT ASSETS 52,078 168,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,734

394,022

CREDITORS
Amounts falling due after more than one
year

9

202,064

250,540
NET ASSETS 16,670 143,482

CAPITAL AND RESERVES
Called up share capital 99,000 99,000
Capital redemption reserve 1,000 1,000
Retained earnings (83,330 ) 43,482
16,670 143,482

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

BALANCE SHEET - continued
31 DECEMBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





R B Franks - Director


FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

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

1. STATUTORY INFORMATION

Franks & Co 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.

Turnover
Turnover represents amounts receivable for services net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

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.

Computer software is being amortised evenly over its 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.
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

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

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,111,000 56,945 1,167,945
AMORTISATION
At 1 January 2023 930,957 54,629 985,586
Charge for year 55,550 1,886 57,436
At 31 December 2023 986,507 56,515 1,043,022
NET BOOK VALUE
At 31 December 2023 124,493 430 124,923
At 31 December 2022 180,043 2,316 182,359

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 137,900
DEPRECIATION
At 1 January 2023 135,011
Charge for year 1,726
At 31 December 2023 136,737
NET BOOK VALUE
At 31 December 2023 1,163
At 31 December 2022 2,889

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 40,570
NET BOOK VALUE
At 31 December 2023 40,570
At 31 December 2022 40,570

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Franks & Co (Mancunium) Limited
Registered office: England & Wales
Nature of business: European Patent and Trade Mark Attorneys
%
Class of shares: holding
Ordinary 75.80
2023 2022
£    £   
Aggregate capital and reserves (8,621 ) (16,709 )
Profit/(loss) for the year 8,088 (17,433 )

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

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

6. FIXED ASSET INVESTMENTS - continued

Franks & Co (South) Limited
Registered office: England & Wales
Nature of business: European Patent and Trade Mark Attorneys
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (96,181 ) (64,744 )
Loss for the year (31,437 ) (61,796 )

Franks & Co Europe BV
Registered office: Belgium
Nature of business: European Patent and Trade Mark Attorneys
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 18,532 19,761
(Loss)/profit for the year (173 ) 478

Separate company financial statements are required to be prepared by law. Consolidated financial statements for the group are not required due to the size of the group.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 137,450 151,417
Amounts owed by group undertakings 44,538 35,774
Amounts recoverable on contract 32,679 13,925
Other debtors 24,885 38,450
239,552 239,566

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,645 21,425
Trade creditors 114,371 70,082
Corporation tax 36 36
Social security and other taxes 11,866 13,495
VAT 25,852 21,944
Other creditors 13,102 13,709
Directors' current accounts 30,000 30,000
Accruals and deferred income 3,457 22,765
222,329 193,456

FRANKS & CO LIMITED (REGISTERED NUMBER: 04955211)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 100,873 124,518
Directors' loan accounts 101,191 126,022
202,064 250,540

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 79,332 73,332
Between one and five years 293,329 293,329
In more than five years 158,887 232,219
531,548 598,880

11. RELATED PARTY DISCLOSURES

Dr R B Franks has guaranteed the company bank borrowings to the sum of £200,000.

Franks & Co (Mancunium) Limited
(75.8% subsidiary of Franks & Co Limited)

An interest free loan has been provided to the company which is repayable on demand.

Included with other operating income is a management charge to Franks and Co (Mancunium) Limited amounting to £2,784 (2022 - £5,400).

During the year the company supplied other services to Franks & Co (Mancunium) Limited amounting to £2,360 (2022 - £2,417).

The amount owed from the company at the balance sheet date was £906 (2022 - £6,299).

During the year the company was supplied other services by Franks & Co (Mancunium) Limited amounting to £8,482 (2022 - £nil).

The amount owned by the company at the balance sheet date was £2,275 (2022 - £nil).