Franklin & Franklin Limited - Period Ending 2014-03-31

Registration number: 04868600

Franklin & Franklin Limited

trading as Hospitality Media

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

AIMS Accountants for Business
Accountants and Business Advisors
14 BEAGLES WOOD ROAD
PEMBURY
TUNBRIDGE WELLS
Kent
TN2 4HX

Franklin & Franklin Limited
trading as Hospitality Media
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Franklin & Franklin Limited
trading as Hospitality Media
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Franklin & Franklin Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Independent Certified Practising Accountants (ICPA) and the Association of Accounting Technicians (AAT), we are subject to their ethical and other professional requirements which are detailed at icpa.org.uk and aat.org.uk.

This report is made solely to the Board of Directors of Franklin & Franklin Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Franklin & Franklin Limited and state those matters that we have agreed to state to them, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Franklin & Franklin Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Franklin & Franklin Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Franklin & Franklin Limited. You consider that Franklin & Franklin Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Franklin & Franklin Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

AIMS Accountants for Business
Accountants and Business Advisors
14 BEAGLES WOOD ROAD
PEMBURY
TUNBRIDGE WELLS
Kent
TN2 4HX

8 December 2014

Page 1

Franklin & Franklin Limited
trading as Hospitality Media
(Registration number: 04868600)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					7,333			8,449
Current assets
Stocks					200			200
Debtors					49,325			28,169
Cash at bank and in hand					479			1,259
					50,004			29,628
Creditors: Amounts falling due within one year					(46,618)			(37,181)
Net current assets/(liabilities)					3,386			(7,553)
Net assets					10,719			896
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					10,619			796
Shareholders' funds					10,719			896

For the year ending 31 March 2014 the company was entitled to exemption 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 .

Approved by the Board on 8 December 2014 and signed on its behalf by:

.........................................
Mrs Jacqueline Franklin
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Franklin & Franklin Limited
trading as Hospitality Media
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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 April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services 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
Plant and machinery	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, if material, without discounting, in respect of all timing differences between the treatment of certiain 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.

Page 3

Franklin & Franklin Limited
trading as Hospitality Media
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		1,328			1,328
At 31 March 2014		1,328			1,328
Depreciation
At 1 April 2013		(8,449)			(8,449)
Charge for the year		2,444			2,444
At 31 March 2014		(6,005)			(6,005)
Net book value
At 31 March 2014		7,333			7,333
At 31 March 2013		8,449			8,449

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Adrian Franklin
Directors current account balance at the year end. The maximum outstanding during the year was £15,260 (2013 -£2,322). Interest is charged by the company at a rate of 4% per annum on the amount outstanding.	9,862	(2,322)	(2,322)	-

Page 4

Franklin & Franklin Limited
trading as Hospitality Media
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Mrs Jacqueline Franklin
Directors current account balance at the year end. The maximum outstanding during the year was £15,260 (2013 £0). Interest is charged by the company at a rate of 4% per annum on the amount outstanding.	9,862	-	-	-

Page 5