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REGISTERED NUMBER: 00367777 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

J.& J. FRANKS LIMITED

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 11,349,078 11,297,724
11,349,078 11,297,724

CURRENT ASSETS
Stocks 41,047 45,682
Debtors 6 1,236,213 1,316,258
Cash at bank and in hand 2,487,016 6,500,044
3,764,276 7,861,984
CREDITORS
Amounts falling due within one year 7 1,363,207 1,775,164
NET CURRENT ASSETS 2,401,069 6,086,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,750,147

17,384,544

CREDITORS
Amounts falling due after more than one
year

8

(89,802

)

(230,113

)

PROVISIONS FOR LIABILITIES 10 (1,368,235 ) (1,265,928 )
NET ASSETS 12,292,110 15,888,503

CAPITAL AND RESERVES
Called up share capital 10,800 10,800
Revaluation reserve 11 4,144,470 4,141,494
Capital redemption reserve 4,200 4,200
Other reserves 5,153 5,153
Retained earnings 8,127,487 11,726,856
12,292,110 15,888,503

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.

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





P D Crate - Director


J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

1. STATUTORY INFORMATION

J.& J. Franks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00367777

Registered office: J. & J. Franks Ltd
Reigate Road
Betchworth
RH3 7HB

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


All amounts in the financial statements have been rounded to the nearest £.

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.

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

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

a) Sale of goods
Sales of goods are recognised on sale to the customer, which is considered the point of despatch from the company's sites. Sales are usually on credit terms.

b) Sale of services
The company provides landfill and recycling services. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract have been fulfilled. Sales are usually on credit terms.

c) Interest income
Interest income is recognised in the period earned.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, has been fully amortised in the accounts.

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.

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

2. ACCOUNTING POLICIES - continued

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- in accordance with the property
Mineral extraction costs- at varying rates on cost
Plant and machinery- 20% on cost
Fixtures and fittings- 25% on cost
Motor vehicles- 25% on cost

Freehold land is not depreciated.

Mineral extraction costs will be depreciated at the estimated rate of consumption of volumes available to be extracted from the underlying resource.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate or interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company has financial assets and financial liabilities measured at fair value. It also has external borrowings but the company is not exposed to any material risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates.


J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

2. ACCOUNTING POLICIES - continued
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.

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 32 (2022 - 35 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 20,000
AMORTISATION
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

5. TANGIBLE FIXED ASSETS
Mineral
Freehold extraction Plant and
property costs machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 8,608,216 2,062,320 5,018,089
Additions - - 829,518
Disposals - - (472,950 )
At 31 December 2023 8,608,216 2,062,320 5,374,657
DEPRECIATION
At 1 January 2023 337,612 475,446 3,609,122
Charge for year 42,505 84,107 655,524
Eliminated on disposal - - (463,950 )
At 31 December 2023 380,117 559,553 3,800,696
NET BOOK VALUE
At 31 December 2023 8,228,099 1,502,767 1,573,961
At 31 December 2022 8,270,604 1,586,874 1,408,967

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 55,735 73,283 15,817,643
Additions 2,950 28,188 860,656
Disposals - - (472,950 )
At 31 December 2023 58,685 101,471 16,205,349
DEPRECIATION
At 1 January 2023 45,372 52,367 4,519,919
Charge for year 4,738 13,428 800,302
Eliminated on disposal - - (463,950 )
At 31 December 2023 50,110 65,795 4,856,271
NET BOOK VALUE
At 31 December 2023 8,575 35,676 11,349,078
At 31 December 2022 10,363 20,916 11,297,724

Included at cost or valuation of land and buildings is freehold land of £2,762,324 (2022: £2,762,324) which is not depreciated.

Assets held under finance lease and hire purchase contracts included above have a net book value of £754,066 (2022: £1,049,640).

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Mineral
Freehold extraction Plant and
property costs machinery
£    £    £   
Valuation in 2006 2,005,185 - -
Valuation in 2007 853,348 - -
Valuation in 2010 (350,000 ) - -
Valuation in 2017 140,000 - -
Valuation in 2022 2,250,000 - -
Cost 3,709,683 2,062,320 5,374,657
8,608,216 2,062,320 5,374,657

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2006 - - 2,005,185
Valuation in 2007 - - 853,348
Valuation in 2010 - - (350,000 )
Valuation in 2017 - - 140,000
Valuation in 2022 - - 2,250,000
Cost 58,685 101,471 11,306,816
58,685 101,471 16,205,349

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 828,679 825,287
Other debtors 407,534 490,971
1,236,213 1,316,258

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 146,855 344,179
Trade creditors 313,048 444,346
Taxation and social security 399,803 450,846
Other creditors 503,501 535,793
1,363,207 1,775,164

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 89,802 230,113

J.& J. FRANKS LIMITED (REGISTERED NUMBER: 00367777)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 236,657 574,292

The hire purchase liabilities are secured on the underlying fixed assets.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Deferred tax 577,932 472,649
Deferred tax on revaluations 790,303 793,279
1,368,235 1,265,928

Deferred
tax
£   
Balance at 1 January 2023 1,265,928
Provided during year 102,307
Balance at 31 December 2023 1,368,235

11. RESERVES
Revaluation
reserve
£   
At 1 January 2023 4,141,494
Freehold property revaluation 2,976

At 31 December 2023 4,144,470

12. ULTIMATE CONTROLLING PARTY

P. Crate Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company, with its registered office at Reigate Road, Betchworth RH3 7HB.