3 3 Francine Properties Limited 00574053 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is property rental company Digita Accounts Production Advanced 6.30.9574.0 true 00574053 2023-04-06 2024-04-05 00574053 2024-04-05 00574053 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-04-05 00574053 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-05 00574053 core:Non-currentFinancialInstruments 2024-04-05 00574053 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-05 00574053 core:FurnitureFittingsToolsEquipment 2024-04-05 00574053 bus:SmallEntities 2023-04-06 2024-04-05 00574053 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 00574053 bus:FilletedAccounts 2023-04-06 2024-04-05 00574053 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 00574053 bus:RegisteredOffice 2023-04-06 2024-04-05 00574053 bus:CompanySecretaryDirector2 2023-04-06 2024-04-05 00574053 bus:Director3 2023-04-06 2024-04-05 00574053 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-06 2024-04-05 00574053 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 00574053 bus:Agent1 2023-04-06 2024-04-05 00574053 core:PlantMachinery 2023-04-06 2024-04-05 00574053 countries:England 2023-04-06 2024-04-05 00574053 2023-04-05 00574053 core:FurnitureFittingsToolsEquipment 2023-04-05 00574053 2022-04-06 2023-04-05 00574053 2023-04-05 00574053 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-05 00574053 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 00574053 core:Non-currentFinancialInstruments 2023-04-05 00574053 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 00574053

Francine Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Francine Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Francine Properties Limited

Company Information

Directors

K Bartlett

R Bartlett

Company secretary

K Bartlett

Registered office

53 Horseshoe Crescent
Beaconsfield
HP9 1LJ

Accountants

AIMS Accountants for Business 36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

 

Francine Properties Limited

(Registration number: 00574053)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

fixed assets

 

Rental property

5

2,459,926

1,975,250

Current assets

 

Debtors

6

1,952

1,952

Cash at bank and in hand

 

34,538

50,716

 

36,490

52,668

Creditors: Amounts falling due within one year

7

(18,937)

(22,917)

Net current assets

 

17,553

29,751

Total assets less current liabilities

 

2,477,479

2,005,001

Creditors: Amounts falling due after more than one year

7

(526,786)

(94,424)

Provisions for liabilities

(325,782)

(325,782)

Net assets

 

1,624,911

1,584,795

capital and reserves

 

Called up share capital

8

43,000

43,000

Revaluation reserve

925,668

925,668

Profit and loss account

656,243

616,127

Shareholders' funds

 

1,624,911

1,584,795

For the financial year ending 5 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 December 2024 and signed on its behalf by:
 

.........................................
R Bartlett
Director

 

Francine Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
53 Horseshoe Crescent
Beaconsfield
HP9 1LJ

These financial statements were authorised for issue by the Board on 30 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Francine Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Francine Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Francine Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 6 April 2023

6,066

6,066

At 5 April 2024

6,066

6,066

Depreciation

At 6 April 2023

6,066

6,066

At 5 April 2024

6,066

6,066

Carrying amount

At 5 April 2024

-

-

5

Rental properties

2024
£

At 6 April

1,975,250

Additions

484,676

At 5 April

2,459,926

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

1,952

1,952

   

1,952

1,952

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

9,410

6,240

Other creditors

9,527

16,677

18,937

22,917

Creditors: amounts falling due after more than one year

 

Francine Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

526,786

94,424

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

43,000

43,000

43,000

43,000

         

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

526,786

94,424