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COMPANY REGISTRATION NUMBER: 06765600
FRANKEYS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
FRANKEYS LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
FRANKEYS LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
F Warriner
M J Warriner
Company secretary
F Warriner
Registered office
Northgate Lodge
Northgate
Lincoln
Lincolnshire
England
LN2 1QS
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
FRANKEYS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,324,625
1,017,379
Current assets
Debtors
6
1,287
Cash at bank and in hand
7,199
1,305
-------
-------
8,486
1,305
Creditors: amounts falling due within one year
7
428,329
268,227
----------
----------
Net current liabilities
419,843
266,922
-------------
-------------
Total assets less current liabilities
904,782
750,457
Creditors: amounts falling due after more than one year
8
663,656
647,042
Provisions
Taxation including deferred tax
53,392
28,149
----------
----------
Net assets
187,734
75,266
----------
----------
FRANKEYS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
187,732
75,264
----------
---------
Shareholders funds
187,734
75,266
----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
F Warriner
M J Warriner
Director
Director
Company registration number: 06765600
FRANKEYS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northgate Lodge, Northgate, Lincoln, Lincolnshire, LN2 1QS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Investment property valuations -investment properties are revalued each year end by the director at open market value.
Revenue recognition
Turnover represents gross rental income, net of value added tax where applicable, and is recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
33% straight line
No depreciation is charged on investment property.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jan 2023
1,013,325
535
18,486
16,587
1,048,933
Additions
121,176
26,386
1,099
148,661
Disposals
( 832)
( 832)
Revaluations
161,675
161,675
-------------
----
---------
---------
---------
-------------
At 31 Dec 2023
1,296,176
535
18,486
26,386
16,854
1,358,437
-------------
----
---------
---------
---------
-------------
Depreciation
At 1 Jan 2023
499
14,699
16,356
31,554
Charge for the year
7
757
1,759
336
2,859
Disposals
( 601)
( 601)
-------------
----
---------
---------
---------
-------------
At 31 Dec 2023
506
15,456
1,759
16,091
33,812
-------------
----
---------
---------
---------
-------------
Carrying amount
At 31 Dec 2023
1,296,176
29
3,030
24,627
763
1,324,625
-------------
----
---------
---------
---------
-------------
At 31 Dec 2022
1,013,325
36
3,787
231
1,017,379
-------------
----
---------
---------
---------
-------------
Investment properties are revalued each year by the directors at open market value. At 31st December 2023 the historical cost of investment properties was £869,227 (2022: £869,227).
6. Debtors
2023
2022
£
£
Other debtors
1,287
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,000
7,621
Trade creditors
2,400
168
Social security and other taxes
129
Other creditors
420,929
260,309
----------
----------
428,329
268,227
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
646,650
647,042
Other creditors
17,006
----------
----------
663,656
647,042
----------
----------
Included in creditors are mortgages secured on the assets of the company.
9. Directors' advances, credits and guarantees
At the beginning of the year the directors loan account was in credit by £258,349. During the year, the directors loaned the company a further £156,720, leaving the directors loan account in credit by £415,069 at the year end. The directors have not charged interest on this loan, and there is no set repayment date. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
10. Controlling party
The company was under the control of its directors throughout the current and previous year.