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Registration number: 00610979

A. Franks & Son

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

A. Franks & Son

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

A. Franks & Son

Company Information

Directors

Mr C R Gill

Mr J D Gill

Company secretary

Ms H K J Gill

Registered office

6 Northolme Road
London
N5 2UZ

Accountants

RWB CA Limited Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

A. Franks & Son

(Registration number: 00610979)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,029

1,372

Investment property

6

625,000

625,000

Investments

7

100,000

100,000

 

726,029

726,372

Current assets

 

Cash at bank and in hand

 

1,443

1,645

Creditors: Amounts falling due within one year

8

(96,278)

(98,779)

Net current liabilities

 

(94,835)

(97,134)

Total assets less current liabilities

 

631,194

629,238

Provisions for liabilities

(32,229)

(32,229)

Net assets

 

598,965

597,009

Capital and reserves

 

Called up share capital

9

268

268

Share premium reserve

107,928

107,928

Capital redemption reserve

14

14

Other reserves

105

105

Retained earnings

490,650

488,694

Shareholders' funds

 

598,965

597,009

For the financial year ending 30 June 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.

 

A. Franks & Son

(Registration number: 00610979)
Balance Sheet as at 30 June 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr J D Gill
Director

 

A. Franks & Son

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private unlimited company with a share capital, incorporated in England and Wales.

The address of its registered office is:
6 Northolme Road
London
N5 2UZ

These financial statements were authorised for issue by the Board on 14 March 2025.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

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 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.

 

A. Franks & Son

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

A. Franks & Son

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

343

457

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

29,283

29,283

At 30 June 2024

29,283

29,283

Depreciation

At 1 July 2023

27,911

27,911

Charge for the year

343

343

At 30 June 2024

28,254

28,254

Carrying amount

At 30 June 2024

1,029

1,029

At 30 June 2023

1,372

1,372

6

Investment properties

2024
£

At 1 July

625,000

At 30 June

625,000


The investment property was revalued on 11 September 2023 by Musson Liggins at open market value.

The Directors are confident this valuation remains reasonable.

 

A. Franks & Son

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

100,000

100,000

Subsidiaries

£

Cost or valuation

At 1 July 2023

100,000

Provision

Carrying amount

At 30 June 2024

100,000

At 30 June 2023

100,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Vic Fearn and Co Limited

Crabtree Mill
Hempshill Lane
Bulwell
Nottingham
NG6 8PF

England and Wales

Ordinary

86%

86%

Subsidiary undertakings

Vic Fearn and Co Limited

The principal activity of Vic Fearn and Co Limited is that of both the management of investment properties and the manufacture and sale of coffins. .

 

A. Franks & Son

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

43,207

52,576

Taxation and social security

 

4,015

7,796

Accruals and deferred income

 

3,575

3,575

Other creditors

 

45,481

34,832

 

96,278

98,779

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.50 each

536

268

536

268