Frincon (Colchester) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 340688

Frincon (Colchester) Limited

Filleted Unaudited Financial Statements

For the Year Ended

31 March 2025

Frincon (Colchester) Limited

Independent Chartered Accountants Review Report to the Directors of Frincon (Colchester) Limited

Year Ended 31st March 2025

We have reviewed the financial statements of Frincon (Colchester) Limited for the year ended 31 March 2025 which comprise the statement of financial position, statement of changes in equity and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 28th October 2024. Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.

Directors Responsibility for the Financial Statements

As explained more fully in the directors responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants Responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of Assurance Review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 31 March 2025 , and of its profit for the year then ended;

- in accordance with the United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice); and

- in accordance with the Companies Act 2006.

PEYTON TYLER MEARS Chartered accountants

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

23 December 2025

Frincon (Colchester) Limited

Statement of Financial Position

31 March 2025

	2025		2024
			(restated)
Note	£	£	£

Fixed Assets

Tangible assets	5		17,504,513	17,518,024

Current Assets

Debtors	6	3,292,088	2,638,945
Cash at bank and in hand		325,616	437,452
		-------------	-------------
		3,617,704	3,076,397

Creditors: amounts falling due within one year	7	460,548		551,651
		-------------		-------------
Net Current Assets			3,157,156	2,524,746
			--------------	--------------
Total Assets Less Current Liabilities			20,661,669	20,042,770

Provisions

Taxation including deferred tax	593,312	627,632
	--------------	--------------
Net Assets	20,068,357	19,415,138
	--------------	--------------

Frincon (Colchester) Limited

Statement of Financial Position (continued)

31 March 2025

	2025		2024
			(restated)
Note	£	£	£

Capital and Reserves

Called up share capital	9	5,050	5,050
Non distributable reserve	10	5,224,560	5,181,815
Other reserves	10	( 24,004)	( 24,004)
Profit and loss account	10	14,862,751	14,252,277
		--------------	--------------
Shareholders Funds		20,068,357	19,415,138
		--------------	--------------

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 income statement has not been delivered.

For the year ending 31st March 2025 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 23 December 2025 , and are signed on behalf of the board by:

R W Raymond	R C Raymond
Director	Director

Company registration number: 340688

Frincon (Colchester) Limited

Statement of Changes in Equity

Year Ended 31st March 2025

			Called up share capital	Non distributable reserve	Other reserves	Profit and loss account	Total
Note			£	£	£	£	£
At 1st April 2023 (as Previously Reported)			5,050	5,181,815	( 24,004)	13,860,067	19,022,928
Prior period adjustments		8	–	–	–	28,316	28,316
			-------	-------------	---------	--------------	--------------
At 1st April 2023 (Restated)			5,050	5,181,815	( 24,004)	13,888,383	19,051,244
			-------	-------------	---------	--------------	--------------

Profit for the year						363,894	363,894
			-------	-------------	---------	--------------	--------------
Total Comprehensive Income for the Year			–	–	–	363,894	363,894

At 31st March 2024			5,050	5,181,815	( 24,004)	14,252,277	19,415,138

Profit for the year						653,219	653,219
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	42,745	–	–	42,745
	Reclassification from fair value reserve to profit and loss account		–	–	–	( 42,745)	( 42,745)
			-------	-------------	---------	--------------	--------------
Total Comprehensive Income for the Year			–	42,745	–	610,474	653,219

			-------	-------------	---------	--------------	--------------
At 31st March 2025			5,050	5,224,560	( 24,004)	14,862,751	20,068,357
			-------	-------------	---------	--------------	--------------

Frincon (Colchester) Limited

Notes to the Financial Statements

Year Ended 31st March 2025

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.

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 investment properties measured at fair value through profit or loss.

Operating Lease Income

Income from operating leases is invoiced quarterly in advance.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the market values attributed to investment properties.

Revenue Recognition

The turnover shown in the profit and loss account represents rents invoiced during the year, exclusive of Value Added Tax and is recognised over the period to which it relates.

Income Tax

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.

Tangible Assets

Tangible assets comprise investment properties only which are included on the balance sheet at fair value. The value of these properties is reviewed annually by the directors. The basis of the valuation is the expected rent yield. Any increase in the carrying value of the properties is recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net gain after deferred taxation is transferred to a non-distributable fair value reserve.

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:

	Capital improvements	-	20% straight line

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.

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

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, 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. 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 are 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. Staff Costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Management staff	2	2
	----	----

All employees are paid through the parent company. During the year there were 2 (2024 2) directors working for the company.

5. Tangible Assets

	Investment properties
	£
Valuation
At 1st April 2024 (as restated)	17,621,237
Additions	11,900
	--------------
At 31st March 2025	17,633,137
	--------------
Depreciation
At 1st April 2024	103,213
Charge for the year	25,411
	--------------
At 31st March 2025	128,624
	--------------
Carrying amount
At 31st March 2025	17,504,513
	--------------
At 31st March 2024	17,518,024
	--------------

6. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	26,525	26,518
Amounts owed by group undertakings	3,232,572	2,606,572
Other debtors	32,991	5,855
	-------------	-------------
	3,292,088	2,638,945
	-------------	-------------

Included in debtors is £3,232,572(2024: £2,606,572) due from the parent company which may not be repaid in full within one year.

7. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Trade creditors	283,238	363,177
Corporation tax	110,438	126,495
Social security and other taxes	55,480	53,931
Other creditors	11,392	8,048
	----------	----------
	460,548	551,651
	----------	----------

Included in trade creditors is £198,578 (2024: £163,302) for a sinking fund established by the company so that tenants can set aside funds for future major repairs. The fund is operated in accordance with RICS rules and the liability for future costs lies with the tenants. Funds received are held in a separate bank account which is included on the company balance sheet. At the year end the bank balance was £169,218 with the deficit being corrected in November 2025.

8. Prior Period Adjustments

The comparatives have been adjusted for fixtures and fitting originally treated as revenue costs.

9. Called Up Share Capital

Authorised share capital

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.01 each	5,000	50	5,000	50
Deferred shares of £ 1 each	5,000	5,000	5,000	5,000
	---------	-------	---------	-------
	10,000	5,050	10,000	5,050
	---------	-------	---------	-------

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.01 each	5,000	50	5,000	50
Deferred shares of £ 1 each	5,000	5,000	5,000	5,000
	---------	-------	---------	-------
	10,000	5,050	10,000	5,050
	---------	-------	---------	-------

10. Reserves

Non-distributable reserve - This reserve records the value of investment property revaluations at fair value movements less deferred tax recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Operating Lease Commitment

At 31st March 2025, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £4,989,600 (2024: – £5,054,400)

12. Related Party Transactions

During the year the company loan to its parent company increased by £775,000. The company was charged management and maintenance fees of £149,000 by the parent company. The loan to the parent is interest free and at the year end the outstanding balance owed by the parent company was £3,232,572 as shown in debtors due within one year.

13. Controlling Party

The ultimate parent company is NEEB Holdings Ltd, a company incorporated in England. The registered address of the parent company is: 3 The Cedars, Apex 12 Old Ipswich Road Ardleigh Colchester CO7 7QR