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COMPANY REGISTRATION NUMBER: 07534266
Henson Franklyn Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 March 2024
Henson Franklyn Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
123,770
123,770
Tangible assets
6
296,280
190,624
----------
----------
420,050
314,394
Current Assets
Stocks
66,395
60,248
Debtors
7
945,731
714,715
Cash at bank and in hand
709,660
744,920
-------------
-------------
1,721,786
1,519,883
Creditors: amounts falling due within one year
8
1,344,436
1,059,042
-------------
-------------
Net Current Assets
377,350
460,841
----------
----------
Total Assets Less Current Liabilities
797,400
775,235
Creditors: amounts falling due after more than one year
9
214,432
324,172
Provisions
Taxation including deferred tax
42,614
16,424
----------
----------
Net Assets
540,354
434,639
----------
----------
Capital and Reserves
Called up share capital
2,525
2,525
Profit and loss account
537,829
432,114
----------
----------
Shareholders Funds
540,354
434,639
----------
----------
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 March 2024 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 .
Henson Franklyn Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
T J Henson
Director
Company registration number: 07534266
Henson Franklyn Limited
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Firs Stables, Torksey, Lincoln, LN1 2ED.
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.
Going Concern
The UK continues to experience the coronavirus pandemic. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Software development relates to a project which is ongoing at the year end.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Product Development
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold Property
-
10% reducing balance
Plant & Machinery
-
20% straight line
Motor Vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).
5. Intangible Assets
Goodwill
Development costs
Software development
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
500,000
26,350
123,770
650,120
----------
---------
----------
----------
Amortisation
At 1 April 2023 and 31 March 2024
500,000
26,350
526,350
----------
---------
----------
----------
Carrying amount
At 31 March 2024
123,770
123,770
----------
---------
----------
----------
At 31 March 2023
123,770
123,770
----------
---------
----------
----------
6. Tangible Assets
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
209,321
333,687
6,107
549,115
Additions
6,548
142,757
149,305
Disposals
( 9,000)
( 2,810)
( 11,810)
----------
----------
-------
----------
At 31 March 2024
215,869
467,444
3,297
686,610
----------
----------
-------
----------
Depreciation
At 1 April 2023
98,446
254,703
5,342
358,491
Charge for the year
11,198
32,220
179
43,597
Disposals
( 9,000)
( 2,758)
( 11,758)
----------
----------
-------
----------
At 31 March 2024
109,644
277,923
2,763
390,330
----------
----------
-------
----------
Carrying amount
At 31 March 2024
106,225
189,521
534
296,280
----------
----------
-------
----------
At 31 March 2023
110,875
78,984
765
190,624
----------
----------
-------
----------
7. Debtors
2024
2023
£
£
Trade debtors
808,373
640,767
Other debtors
137,358
73,948
----------
----------
945,731
714,715
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
111,406
111,220
Trade creditors
406,262
383,023
Corporation tax
58,639
50,441
Social security and other taxes
136,198
92,901
Other creditors
631,931
421,457
-------------
-------------
1,344,436
1,059,042
-------------
-------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
214,432
324,172
----------
----------
The bank borrowing is secured on the assets of the company.
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,200
4,901
Later than 1 year and not later than 5 years
161,778
141,867
----------
----------
165,978
146,768
----------
----------
11. Directors' Advances, Credits and Guarantees
Director T J Henson owed the company £5,271 as at the 2024 year end (£416 owed to the company at the 2023 year end). The amount fluctuates throughout the year and is repayable on demand and no interest is charged. Director T J Henson has personally guaranteed the company's borrowings from NatWest Bank.
12. Related Party Transactions
The Company also carried out transactions with TJH (Events) Limited during the year. T J Henson is a director and shareholder of this Company. The Company made purchases of £129,719 (2023: £209,542). There was £Nil outstanding at the year end. All of the above transactions were completed on a normal commercial basis.
13. Controlling Party
The company's ultimate parent company is Bodyclose Holdings Limited , a company registered in England and Wales. Copies of the financial statements of Bodyclose Holdings Limited are available from Bodyclose Holdings Limited, The Firs Stables, Sand Lane, Torksey, Lincoln LN1 2ED.