19 false false false false false false false false false false true false false false false false false No description of principal activity 2023-12-01 Sage Accounts Production Advanced 2024 - FRS102_2024 129,602 123,122 6,480 129,602 6,480 xbrli:pure xbrli:shares iso4217:GBP 04729616 2023-12-01 2024-11-30 04729616 2024-11-30 04729616 2023-11-30 04729616 2022-12-01 2023-11-30 04729616 2023-11-30 04729616 2022-11-30 04729616 core:NetGoodwill 2023-12-01 2024-11-30 04729616 core:PlantMachinery 2023-12-01 2024-11-30 04729616 core:FurnitureFittings 2023-12-01 2024-11-30 04729616 core:MotorVehicles 2023-12-01 2024-11-30 04729616 bus:Director3 2023-12-01 2024-11-30 04729616 bus:Director4 2023-12-01 2024-11-30 04729616 core:NetGoodwill 2023-11-30 04729616 core:NetGoodwill 2024-11-30 04729616 core:LandBuildings 2023-11-30 04729616 core:PlantMachinery 2023-11-30 04729616 core:FurnitureFittings 2023-11-30 04729616 core:MotorVehicles 2023-11-30 04729616 core:LandBuildings 2024-11-30 04729616 core:PlantMachinery 2024-11-30 04729616 core:FurnitureFittings 2024-11-30 04729616 core:MotorVehicles 2024-11-30 04729616 core:LandBuildings 2023-12-01 2024-11-30 04729616 core:WithinOneYear 2024-11-30 04729616 core:WithinOneYear 2023-11-30 04729616 core:ShareCapital 2024-11-30 04729616 core:ShareCapital 2023-11-30 04729616 core:CapitalRedemptionReserve 2024-11-30 04729616 core:CapitalRedemptionReserve 2023-11-30 04729616 core:RetainedEarningsAccumulatedLosses 2024-11-30 04729616 core:RetainedEarningsAccumulatedLosses 2023-11-30 04729616 core:BetweenOneFiveYears 2024-11-30 04729616 core:BetweenOneFiveYears 2023-11-30 04729616 core:NetGoodwill 2023-11-30 04729616 core:LandBuildings 2023-11-30 04729616 core:PlantMachinery 2023-11-30 04729616 core:FurnitureFittings 2023-11-30 04729616 core:MotorVehicles 2023-11-30 04729616 bus:Director1 2023-12-01 2024-11-30 04729616 bus:Director2 2023-12-01 2024-11-30 04729616 bus:SmallEntities 2023-12-01 2024-11-30 04729616 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 04729616 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 04729616 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 04729616 bus:FullAccounts 2023-12-01 2024-11-30 04729616 core:LandBuildings core:LongLeaseholdAssets 2023-12-01 2024-11-30 04729616 core:OfficeEquipment 2023-12-01 2024-11-30 04729616 core:OfficeEquipment 2023-11-30 04729616 core:OfficeEquipment 2024-11-30
COMPANY REGISTRATION NUMBER: 04729616
Franco Ices Limited
Filleted Unaudited Financial Statements
30 November 2024
Franco Ices Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
6,480
Tangible assets
6
264,673
344,454
---------
---------
264,673
350,934
Current assets
Stocks
276,293
358,635
Debtors
7
1,647,793
1,502,812
Cash at bank and in hand
1,969,210
1,384,753
------------
------------
3,893,296
3,246,200
Creditors: amounts falling due within one year
8
562,790
425,300
------------
------------
Net current assets
3,330,506
2,820,900
------------
------------
Total assets less current liabilities
3,595,179
3,171,834
Provisions
Taxation including deferred tax
50,235
66,085
------------
------------
Net assets
3,544,944
3,105,749
------------
------------
Franco Ices Limited
Statement of Financial Position (continued)
30 November 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
80
80
Capital redemption reserve
20
20
Profit and loss account
3,544,844
3,105,649
------------
------------
Shareholders funds
3,544,944
3,105,749
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 30 November 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 were approved by the board of directors and authorised for issue on 4 July 2025 , and are signed on behalf of the board by:
Mr N Tanzarella
Mr P Tanzarella
Director
Director
Company registration number: 04729616
Franco Ices Limited
Notes to the Financial Statements
Year ended 30 November 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 2 Adams Close, Woburn Road Industrial Estate, Kempston, Bedford, MK42 7JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over life of lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
129,602
---------
Amortisation
At 1 December 2023
123,122
Charge for the year
6,480
---------
At 30 November 2024
129,602
---------
Carrying amount
At 30 November 2024
---------
At 30 November 2023
6,480
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
30,713
2,937,031
12,769
220,945
44,386
3,245,844
Additions
8,890
8,890
--------
------------
--------
---------
--------
------------
At 30 Nov 2024
30,713
2,945,921
12,769
220,945
44,386
3,254,734
--------
------------
--------
---------
--------
------------
Depreciation
At 1 Dec 2023
28,324
2,696,447
12,271
127,158
37,190
2,901,390
Charge for the year
2,389
60,907
125
23,448
1,802
88,671
--------
------------
--------
---------
--------
------------
At 30 Nov 2024
30,713
2,757,354
12,396
150,606
38,992
2,990,061
--------
------------
--------
---------
--------
------------
Carrying amount
At 30 Nov 2024
188,567
373
70,339
5,394
264,673
--------
------------
--------
---------
--------
------------
At 30 Nov 2023
2,389
240,584
498
93,787
7,196
344,454
--------
------------
--------
---------
--------
------------
7. Debtors
2024
2023
£
£
Trade debtors
238,500
78,437
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,351,000
1,351,000
Other debtors
58,293
73,375
------------
------------
1,647,793
1,502,812
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,752
81,501
Corporation tax
210,090
112,343
Social security and other taxes
31,402
13,500
Other creditors
260,546
217,956
---------
---------
562,790
425,300
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
180,000
180,000
Later than 1 year and not later than 5 years
180,000
360,000
---------
---------
360,000
540,000
---------
---------