Abbreviated Company Accounts - FRANKS HOLDINGS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Turnover policy
The turnover shown in the profit and loss account represents rental income received during the year.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

Investment properties are independently valued on a periodic basis and on an annual basis by the directors.

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:
Computer equipment - 33% straight line

Intangible assets amortisation policy
The carrying values of fixed asset investments are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. A provision for impairment is calculated as the difference between the carrying value and the estimated recoverable value of the asset.

Valuation information and policy
Fixed asset investments are stated at market value less provision for diminution in value. The directors do not consider the market value to be materially difference from the book value.

Other accounting policies
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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.

Investments properties were revalued on 2nd February 2011 by an independent third party. The directors consider the carrying value to be fair market value at the current year end.

3Fixed assets Investments
The aggregate amount of capital and reserves and the results of the undertaking for the last relevant financial year was as follows:

Aggregate capital and reserves
Franks Golders Green Limited 2014 £20,047 2013 £24,249

Profit for the year
Franks Golders Green Limited 2014 £nil 2013 £nil

The company ceased trading during 2008.

The company owns the entire share capital of the above named subsidiary.

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

The A and B shares rank pari-passu in all respects except that each shall be entitled to such dividends as are decided on by the directors or declared by the members on that class of share.