Fransept Limited - Period Ending 2016-10-31

Registration number: 03391759

Fransept Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

Fransept Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Fransept Limited
(Registration number: 03391759)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			2,839			6,955
Investments		2			1			1
					2,840			6,956
Current assets
Debtors		3			1,895,213			2,456,665
Cash at bank and in hand					11,141			20,662
					1,906,354			2,477,327
Creditors: Amounts falling due within one year					(571,505)			(818,489)
Net current assets					1,334,849			1,658,838
Total assets less current liabilities					1,337,689			1,665,794
Creditors: Amounts falling due after more than one year					(338,000)			-
Net assets					999,689			1,665,794
Capital and reserves
Called up share capital		5			100			100
Profit and loss account					999,589			1,665,694
Shareholders' funds					999,689			1,665,794

For the year ending 31 October 2016 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the director on 24 July 2017

Mr S Keough
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Fransept Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services provided to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	10% - 25% straight line basis
Motor vehicles	20% straight line basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Current asset investments

Current asset investments are valued at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised, without discounting, in repsect to all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease terms.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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Fransept Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 November 2015		34,336			1			34,337
At 31 October 2016		34,336			1			34,337
Depreciation
At 1 November 2015		27,381			-			27,381
Charge for the year		4,116			-			4,116
At 31 October 2016		31,497			-			31,497
Net book value
At 31 October 2016		2,839			1			2,840
At 31 October 2015		6,955			1			6,956

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Inspired Exeter Limited	UK	Ordinary £1 Shares	100%	Provision of dental services

The financial period end of Inspired Exeter Limited is 30 April 2017. The profit for the financial period of Inspired Exeter Limited was £347,274 and the aggregate amount of capital and reserves at the end of the period was (£2,060).

3

Debtors

Debtors includes £1,877,549 (2015 - £2,386,941) receivable after more than one year.

 

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Fransept Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		-			36,244
Amounts falling due after more than one year		338,000			-
Total secured creditors		338,000			36,244

5	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
100 Ordinary shares of £1 each		100			100			100			100

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