Silverfin false false 30/06/2024 01/07/2023 30/06/2024 F A Lissauer 31/12/1992 M G Lissauer 22/04/1999 F A Sutherland 22/04/1999 24 March 2025 The principal activity of the Company during the financial year continued to be that of design, assembly, importation and distribution of decorative light fittings. 1057592 2024-06-30 1057592 bus:Director1 2024-06-30 1057592 bus:Director2 2024-06-30 1057592 bus:Director3 2024-06-30 1057592 2023-06-30 1057592 core:CurrentFinancialInstruments 2024-06-30 1057592 core:CurrentFinancialInstruments 2023-06-30 1057592 core:ShareCapital 2024-06-30 1057592 core:ShareCapital 2023-06-30 1057592 core:CapitalRedemptionReserve 2024-06-30 1057592 core:CapitalRedemptionReserve 2023-06-30 1057592 core:RetainedEarningsAccumulatedLosses 2024-06-30 1057592 core:RetainedEarningsAccumulatedLosses 2023-06-30 1057592 core:OtherResidualIntangibleAssets 2023-06-30 1057592 core:OtherResidualIntangibleAssets 2024-06-30 1057592 core:LandBuildings 2023-06-30 1057592 core:OtherPropertyPlantEquipment 2023-06-30 1057592 core:LandBuildings 2024-06-30 1057592 core:OtherPropertyPlantEquipment 2024-06-30 1057592 2022-06-30 1057592 bus:OrdinaryShareClass1 2024-06-30 1057592 bus:OrdinaryShareClass2 2024-06-30 1057592 2023-07-01 2024-06-30 1057592 bus:FilletedAccounts 2023-07-01 2024-06-30 1057592 bus:SmallEntities 2023-07-01 2024-06-30 1057592 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 1057592 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 1057592 bus:Director1 2023-07-01 2024-06-30 1057592 bus:Director2 2023-07-01 2024-06-30 1057592 bus:Director3 2023-07-01 2024-06-30 1057592 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-07-01 2024-06-30 1057592 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 1057592 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 1057592 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 1057592 2022-07-01 2023-06-30 1057592 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 1057592 core:LandBuildings 2023-07-01 2024-06-30 1057592 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 1057592 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 1057592 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 1057592 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 1057592 (England and Wales)

FRANKLITE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FRANKLITE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FRANKLITE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FRANKLITE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 40,000
Tangible assets 4 2,517,731 2,602,783
2,527,731 2,642,783
Current assets
Stocks 5 553,908 715,529
Debtors 6 561,370 428,785
Cash at bank and in hand 5,205,917 6,049,926
6,321,195 7,194,240
Creditors: amounts falling due within one year 7 ( 400,977) ( 326,016)
Net current assets 5,920,218 6,868,224
Total assets less current liabilities 8,447,949 9,511,007
Provision for liabilities 312,718 88,063
Net assets 8,760,667 9,599,070
Capital and reserves
Called-up share capital 9 20,475 20,475
Capital redemption reserve 2,025 2,025
Profit and loss account 10 8,738,167 9,576,570
Total shareholders' funds 8,760,667 9,599,070

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Franklite Limited (registered number: 1057592) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

F A Lissauer
Director

24 March 2025

FRANKLITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FRANKLITE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Franklite Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Snowdon Drive, Winterhill, Milton Keynes, MK6 1AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery etc. 4 years straight line
25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 38 38

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 100,000 100,000
At 30 June 2024 100,000 100,000
Accumulated amortisation
At 01 July 2023 60,000 60,000
Charge for the financial year 30,000 30,000
At 30 June 2024 90,000 90,000
Net book value
At 30 June 2024 10,000 10,000
At 30 June 2023 40,000 40,000

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 3,050,000 1,236,277 4,286,277
Additions 0 20,074 20,074
Disposals 0 ( 34,754) ( 34,754)
At 30 June 2024 3,050,000 1,221,597 4,271,597
Accumulated depreciation
At 01 July 2023 533,120 1,150,374 1,683,494
Charge for the financial year 66,640 38,486 105,126
Disposals 0 ( 34,754) ( 34,754)
At 30 June 2024 599,760 1,154,106 1,753,866
Net book value
At 30 June 2024 2,450,240 67,491 2,517,731
At 30 June 2023 2,516,880 85,903 2,602,783

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Lambert Smith Hampton, an independent valuer, to fair value at 30 June 2015.

5. Stocks

2024 2023
£ £
Raw materials 65,911 73,819
Work in progress 230 4,563
Finished goods 487,767 637,147
553,908 715,529

6. Debtors

2024 2023
£ £
Trade debtors 343,378 302,926
Other debtors 217,992 125,859
561,370 428,785

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 178,232 115,865
Other taxation and social security 82,808 116,106
Other creditors 139,937 94,045
400,977 326,016

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 88,063 ( 20,155)
Credited to the Statement of Income and Retained Earnings 224,655 108,218
At the end of financial year 312,718 88,063

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
18,200 Ordinary shares of £ 1.00 each 18,200 18,200
2,275 Non-voting ordinary B shares of £ 1.00 each 2,275 2,275
20,475 20,475

10. Profit and loss reserves

Included within profit and loss reserves are non-distributable profits of £117,964.