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Registered number: 02124615
Frannan International Limited
Financial Statements
For The Year Ended 30 April 2024
ICAEW
Fairman Harris
1 Landor Road
London
SW9 9RX
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Frannan International Limited For The Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Frannan International Limited For The Year Ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Frannan International Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Frannan International Limited and state those matters that we have agreed to state to the directors of Frannan International Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frannan International Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Frannan International Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Frannan International Limited . You consider that Frannan International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Frannan International Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Fairman Harris
29 January 2025
Fairman Harris
ICAEW
Fairman Harris
1 Landor Road
London
SW9 9RX
Page 1
Page 2
Balance Sheet
Registered number: 02124615
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 808,067 810,055
808,067 810,055
CURRENT ASSETS
Debtors 5 275,801 295,706
Cash at bank and in hand 4,665,696 3,934,600
4,941,497 4,230,306
Creditors: Amounts Falling Due Within One Year 6 (1,041,596 ) (309,438 )
NET CURRENT ASSETS (LIABILITIES) 3,899,901 3,920,868
TOTAL ASSETS LESS CURRENT LIABILITIES 4,707,968 4,730,923
Creditors: Amounts Falling Due After More Than One Year 7 (136,136 ) (707,161 )
NET ASSETS 4,571,832 4,023,762
CAPITAL AND RESERVES
Called up share capital 8 100,000 100,000
Revaluation reserve 9 540,872 540,872
Profit and Loss Account 3,930,960 3,382,890
SHAREHOLDERS' FUNDS 4,571,832 4,023,762
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs N Kassam
Director
29 January 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Frannan International Limited Registered number 02124615 is a limited by shares company incorporated in England & Wales. The Registered Office is 1 Chiswick Square, London, W4 2QG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No Depreciation
Fixtures & Fittings 15% on Netbook value
Computer Equipment 20% Straight Line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2023: 34)
36 34
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Page 5
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 800,000 34,427 8,351 842,778
As at 30 April 2024 800,000 34,427 8,351 842,778
Depreciation
As at 1 May 2023 - 32,294 429 32,723
Provided during the period - 318 1,670 1,988
As at 30 April 2024 - 32,612 2,099 34,711
Net Book Value
As at 30 April 2024 800,000 1,815 6,252 808,067
As at 1 May 2023 800,000 2,133 7,922 810,055
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 216,849 241,737
Other debtors 54,599 51,781
VAT 528 2,188
Other taxes and social security 3,825 -
275,801 295,706
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 96,663 109,381
Corporation tax 245,659 164,984
Net wages 18,511 -
Other creditors 461,817 35,073
Accruals and deferred income 250 -
Directors' loan accounts 218,696 -
1,041,596 309,438
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 136,136 707,161
Page 5
Page 6
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,000 100,000
9. Reserves
Revaluation Reserve
£
As at 1 May 2023 540,872
As at 30 April 2024 540,872
10. Related Party Transactions
Truscot Manor Carehome Limited - a company with common directors and shareholders, intercompany balance: Cr £19,270, (2023 Cr £158,738)
11. Ultimate Controlling Party
The company's ultimate controlling party is Nurdin Kassam by virtue of his ownership of 60% of the issued share capital in the company.
Page 6