H.J. Francis Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 00384867

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		435		576
Investment Properties	5		4,695,000		4,695,000

			4,695,435		4,695,576
CURRENT ASSETS
Debtors	6	3,735,311		3,772,985
Cash at bank and in hand		23,381		8,887

		3,758,692		3,781,872
Creditors: Amounts Falling Due Within One Year	7	(174,533 )		(226,393 )

NET CURRENT ASSETS (LIABILITIES)			3,584,159		3,555,479

TOTAL ASSETS LESS CURRENT LIABILITIES			8,279,594		8,251,055

Creditors: Amounts Falling Due After More Than One Year	8		(3,233,688 )		(3,284,469 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,021,488 )		(1,021,488 )

NET ASSETS			4,024,418		3,945,098

CAPITAL AND RESERVES
Called up share capital	9		10,668		10,668
Share premium account			175		175
Fair value reserve	10		3,064,462		3,064,462
Profit and Loss Account			949,113		869,793

SHAREHOLDERS' FUNDS			4,024,418		3,945,098

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H.J. Francis Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Joseph Lowe Director	Mr George Garnier Director
24th December 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

H.J. Francis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00384867 . The registered office is 20a Ironmonger Lane, London, EC2V 8EP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for trade discounts, settlement discounts and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

20% straight line

2.4. Investment Properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

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H.J. Francis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 April 2024	705

As at 31 March 2025	705

Depreciation
As at 1 April 2024	129
Provided during the period	141

As at 31 March 2025	270

Net Book Value
As at 31 March 2025	435

As at 1 April 2024	576

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	4,695,000

Investment property comprises 2 Melody Lane. The fair value of the investment property has been arrived at on the basis of a valuation carried out by a third party professional valuer and was made on an open market basis by reference to market evidence of transaction prices for similar properties in March 2023.

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	32,809	59,836
Amounts owed by group undertakings	2,916,202	2,914,307
Other debtors	786,300	798,842

	3,735,311	3,772,985

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	21,027	26,361
Bank loans and overdrafts	47,758	16,134
Amounts owed to group undertakings	38,620	9,800
Other creditors	52,524	140,430
Taxation and social security	14,604	33,668

	174,533	226,393

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H.J. Francis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Bank loans	3,233,688	3,236,969
Other loans	-	47,500

	3,233,688	3,284,469

The bank loan is secured by a fixed charge over all the buildings, fixtures and fittings, related rights and goodwill. The loan is repayable in full in 2031.

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024 as restated
	£		£
Bank loans	3,163,186		3,162,933

9. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	10,668	10,668

10. Reserves

	Fair Value Reserve
	£
As at 1 April 2024	3,064,462

As at 31 March 2025	3,064,462

11. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Artistic Spaces Group Ltd, which is incorporated in England and Wales. The group has taken advantage of the exemption from filing consolidated accounts under the small companies regime. The ultimate controlling parties are Mr J Lowe and Mr G Garnier who control 50% each of the shares of the parent company.

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