Company Registration No. 03789601 (England and Wales)
J FRANSES AND SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
J FRANSES AND SON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
J FRANSES AND SON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Y Franses
Mrs B Franses
Secretary
Mrs B Franses
Company number
03789601
Registered office
23 Westover Road
Bournemouth
Dorset
BH 1 2BZ
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
J FRANSES AND SON LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
934,713
945,755
Current assets
Stocks
2,910,028
2,568,894
Debtors
4
9,280
13,525
Cash at bank and in hand
1,918,616
1,192,524
4,837,924
3,774,943
Creditors: amounts falling due within one year
5
(1,219,196)
(1,099,586)
Net current assets
3,618,728
2,675,357
Total assets less current liabilities
4,553,441
3,621,112
Provisions for liabilities
(5,424)
(6,468)
Net assets
4,548,017
3,614,644
Capital and reserves
Called up share capital
238,371
238,371
Revaluation reserve
453,653
453,653
Profit and loss reserves
3,855,993
2,922,620
Total equity
4,548,017
3,614,644
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J FRANSES AND SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
Mr J Y Franses
Director
Company Registration No. 03789601
The notes on pages 4 to 7 form part of these financial statements
J FRANSES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
J Franses and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Westover Road, Bournemouth, Dorset, England, BH 1 2BZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
J FRANSES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
J FRANSES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
964,099
133,103
129,322
71,433
1,297,957
Additions
966
966
At 30 June 2024
964,099
133,103
129,322
72,399
1,298,923
Depreciation and impairment
At 1 July 2023
46,222
126,641
110,911
68,428
352,202
Depreciation charged in the year
6,502
969
2,762
1,775
12,008
At 30 June 2024
52,724
127,610
113,673
70,203
364,210
Carrying amount
At 30 June 2024
911,375
5,493
15,649
2,196
934,713
At 30 June 2023
917,877
6,462
18,411
3,005
945,755
Included in land and buildings is freehold land at valuation of £639,013 (2023 - £639,013) which is not
depreciated.
The original cost of the freehold land and buildings was £496,148 (2023 - £496,148).
J FRANSES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
431
3,001
Other debtors
8,849
10,524
9,280
13,525
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
521,543
444,470
Taxation and social security
488,991
381,944
Other creditors
208,662
273,172
1,219,196
1,099,586