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Company registration number: 12899216
Franday Investment Ltd
Unaudited filleted financial statements
30 September 2024
Franday Investment Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Franday Investment Ltd
Directors and other information
Directors K Guthrie
C H K Lo
Company number 12899216
Registered office 45 Savoy House
5 Lockgate Rad
London
SW6 2WH
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Franday Investment Ltd
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 4,863,000 7,193,558
_______ _______
4,863,000 7,193,558
Current assets
Cash at bank and in hand 7,581 26,455
_______ _______
7,581 26,455
Creditors: amounts falling due
within one year 5 ( 5,021,608) ( 7,217,135)
_______ _______
Net current liabilities ( 5,014,027) ( 7,190,680)
_______ _______
Total assets less current liabilities ( 151,027) 2,878
Provisions for liabilities ( 3,754) -
_______ _______
Net (liabilities)/assets ( 154,781) 2,878
_______ _______
Capital and reserves
Called up share capital 3 3
Fair value reserve 11,261 -
Profit and loss account ( 166,045) 2,875
_______ _______
Shareholders (deficit)/funds ( 154,781) 2,878
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 June 2025 , and are signed on behalf of the board by:
K Guthrie
Director
Company registration number: 12899216
Franday Investment Ltd
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Savoy House, 5 Lockgate Rad, London, SW6 2WH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis and do not incorporate any adjustment that might be required should that basis prove to be inappropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these 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. Tangible assets
Long leasehold property Total
£ £
Cost or valuation
At 1 October 2023 7,193,558 7,193,558
Disposals ( 2,345,572) ( 2,345,572)
Revaluation 15,014 15,014
_______ _______
At 30 September 2024 4,863,000 4,863,000
_______ _______
Depreciation
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 4,863,000 4,863,000
_______ _______
At 30 September 2023 7,193,558 7,193,558
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 October 2023 7,193,558
Fair value adjustments 15,014
Disposals ( 2,345,572)
_______
At 30 September 2024 4,863,000
_______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax ( 81) 956
Other creditors 5,021,689 7,216,179
_______ _______
5,021,608 7,217,135
_______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
C H K Lo ( 7,180,687) 2,168,768 ( 5,011,919)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
C H K Lo ( 1,706,400) ( 5,474,287) ( 7,180,687)
_______ _______ _______
7. Going concern
The liabilities exceeded assets as at the balance sheet date. The accounts have been prepared on a going concern basis which assumes the continued support of the company's creditors and companies controlled by the directors.