Company registration number 02589906 (England and Wales)
ALLSOP & FRANCIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALLSOP & FRANCIS LIMITED
CONTENTS
Page
Independent Accountants' review report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
ALLSOP & FRANCIS LIMITED
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF ALLSOP & FRANCIS LIMITED
- 1 -

We have reviewed the financial statements of Allsop & Francis Limited for the year ended 30 April 2024 which comprise, the statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the company, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

Use of our report

This report is made solely to the company’s directors, as a body, in accordance with the terms of our engagement letter dated 3 June 2024. Our review work has been undertaken so that we might state to the company’s directors those matters we have agreed to state to them in a reviewer’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s directors as a body, for our review work, for this report, or for the conclusions we have formed.

Carpenter Box
12 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ALLSOP & FRANCIS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
819,617
590,806
Current assets
Inventories
494,514
456,833
Trade and other receivables
5
599,514
522,686
Cash at bank and in hand
991,389
1,392,619
2,085,417
2,372,138
Current liabilities
6
(766,215)
(915,370)
Net current assets
1,319,202
1,456,768
Total assets less current liabilities
2,138,819
2,047,574
Non-current liabilities
7
(392,233)
(404,963)
Provisions for liabilities
(142,900)
(80,800)
Net assets
1,603,686
1,561,811
Equity
Called up share capital
8
323
323
Share premium account
60
60
Capital redemption reserve
77
77
Retained earnings
1,603,226
1,561,351
Total equity
1,603,686
1,561,811

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ALLSOP & FRANCIS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr B J Bishop
Mr T R Bishop
Director
Director
Company Registration No. 02589906
ALLSOP & FRANCIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Allsop & Francis Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue 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 financial statements.

1.3
Revenue

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue received relating to maintenance contracts is spread over the effective period covered by those contracts, after a portion of the income has been allocated against the cost of obtaining the contract.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
straight line over 40 year life
Plant and machinery
20% per annum on cost or 25% diminishing balance
Fixtures, fittings & equipment
25% per annum on diminishing balance
Motor vehicles
25% per annum on diminishing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ALLSOP & FRANCIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ALLSOP & FRANCIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Lessor accounting

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 36 (2023 - 34).

3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
138,000
152,000
Adjustments in respect of prior periods
-
0
(2,941)
Total current tax
138,000
149,059
Deferred tax
Origination and reversal of timing differences
62,100
15,043
Changes in tax rates
-
0
14,857
Total deferred tax
62,100
29,900
Total tax charge
200,100
178,959
ALLSOP & FRANCIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Property, plant and equipment
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
229,828
535,696
152,794
352,421
1,270,739
Additions
-
0
104,499
8,428
319,817
432,744
Disposals
-
0
(121,662)
(39,714)
(159,489)
(320,865)
At 30 April 2024
229,828
518,533
121,508
512,749
1,382,618
Depreciation and impairment
At 1 May 2023
43,284
344,719
91,499
200,431
679,933
Depreciation charged in the year
4,598
61,552
16,011
79,549
161,710
Eliminated in respect of disposals
-
0
(117,508)
(32,480)
(128,654)
(278,642)
At 30 April 2024
47,882
288,763
75,030
151,326
563,001
Carrying amount
At 30 April 2024
181,946
229,770
46,478
361,423
819,617
At 30 April 2023
186,544
190,977
61,295
151,990
590,806
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
565,943
485,588
Other receivables
33,571
37,098
599,514
522,686
6
Current liabilities
2024
2023
£
£
Trade payables
124,174
177,479
Taxation and social security
197,183
250,963
Other payables
444,858
486,928
766,215
915,370

There is a debenture in place as security over the assets of the company, in relation to an amount included within other payables.

ALLSOP & FRANCIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Non-current liabilities
2024
2023
£
£
Other payables
392,233
404,963

Other payables due after more than one year relates to deferred income on maintenance contracts that have been prepaid by customers.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
323
323
323
323
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
10,933
25,807
Between two and five years
1,659
4,298
12,592
30,105
Lessor

At the reporting end date the company had contracted with customers for the following minimum lease payments:

2024
2023
£
£
Within one year
230,757
187,386
Between two and five years
471,988
418,661
In over five years
4,006
18,110
706,751
624,157
10
Parent company

The company is a wholly owned subsidiary of Blue Monde Limited, whose registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.

11
Events after the reporting date

Post year-end dividends totalling £400,000 have been declared.

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