1 June 2023 v2025.31.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP028172842023-06-012024-05-31028172842024-05-31028172842023-05-3102817284core:WithinOneYear2024-05-3102817284core:WithinOneYear2023-05-3102817284core:ShareCapital2024-05-3102817284core:ShareCapital2023-05-3102817284core:RevaluationReserve2024-05-3102817284core:RevaluationReserve2023-05-3102817284core:RetainedEarningsAccumulatedLosses2024-05-3102817284core:RetainedEarningsAccumulatedLosses2023-05-3102817284bus:Director12023-06-012024-05-3102817284bus:RegisteredOffice2023-06-012024-05-3102817284core:LandBuildings2023-06-012024-05-31028172842022-06-012023-05-3102817284core:LandBuildings2024-05-3102817284core:LandBuildings2023-06-0102817284core:LandBuildings2023-05-310281728412023-06-012024-05-3102817284countries:EnglandWales2023-06-012024-05-3102817284bus:AuditExemptWithAccountantsReport2023-06-012024-05-3102817284bus:PrivateLimitedCompanyLtd2023-06-012024-05-3102817284bus:SmallEntities2023-06-012024-05-3102817284bus:FullAccounts2023-06-012024-05-31
Company registration number:
02817284
Francis (Southern) Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
TCP Accountancy Services Ltd
111 Felpham Way, Bognor Regis, West Sussex, PO22 8QB, United Kingdom
Francis (Southern) Limited
Report of the Accountant to the director of Francis (Southern) Limited
Year ended
31 May 2024
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended
31 May 2024
.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
TCP Accountancy Services Ltd
111 Felpham Way
Bognor Regis
West Sussex
PO22 8QB
United Kingdom
Date:
28 May 2025
Francis (Southern) Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
440,000
 
450,000
 
Current assets    
Debtors 6
498,527
 
498,651
 
Creditors: amounts falling due within one year 7
(529,834
)
(484,674
)
Net current (liabilities)/assets
(31,307
)
13,977
 
Total assets less current liabilities 408,693   463,977  
Capital and reserves    
Called up share capital
1
 
1
 
Revaluation reserve
4,200
 
4,200
 
Profit and loss account
404,492
 
459,776
 
Shareholders funds
408,693
 
463,977
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 May 2025
, and are signed on behalf of the board by:
A Francis
Director
Company registration number:
02817284
Francis (Southern) Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Barn
,
Sack Lane
,
Bognor Regis
,
West Sussex
,
PO22 9PE
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Depreciation is provided at an annual rate of 2% in order to write off each asset over it's estimated useful life.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 June 2023
and
31 May 2024
500,000
 
Depreciation  
At
1 June 2023
50,000
 
Charge
10,000
 
At
31 May 2024
60,000
 
Carrying amount  
At
31 May 2024
440,000
 
At 31 May 2023
450,000
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 500,000   500,000  
Aggregate depreciation (60,000 ) (50,000 )
Carrying amount 440,000   450,000  

6 Debtors

20242023
££
Other debtors
498,527
 
498,651
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security -  
90
 
Other creditors
529,834
 
484,584
 
529,834
 
484,674
 

8 Related Party Disclosures - The company loaned Francis Properties Ltd £498,527 (2023: £498,651) which was due at the year end.

9 Francis Properties Limited is owned by Mr A J Francis

10 Ultimate Controlling Party - The company is under the ultimate control of the Director

11 There has been no valuation of the property by an independent valuer this year