Accounts

	FRANCINE PROPERTIES LIMITED
	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2018

	FRANCINE PROPERTIES LIMITED
	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2018
	DIRECTORS
	F E Rowe
	K A Bartlett
	R E Bartlett
	REGISTERED OFFICE
	65 Seeleys Road Beaconfield Buckinghamshire HP9 1TB
	COMPANY REGISTERED NUMBER
	00574053
	ACCOUNTANTS
	AIMS Accountants for Business
	Chartered Accountants
	36 Wattleton Road Beaconsfield Buckinghamshire HP9 1SE
	CONTENTS
	Pages
	2-3	Abridged Statement of Financial Position
	4-8	Notes to the Financial Statements

	page 1

	FRANCINE PROPERTIES LIMITED
	Company registered number: 00574053
	ABRIDGED STATEMENT OF FINANCIAL POSITION AT 05 April 2018
		Note	2018		2017
			£	£	£
	FIXED ASSETS
	Property, plant and equipment			187	-
	Investment property			2,764,225	2,764,225
				2,764,412	2,764,225
	CURRENT ASSETS
	Debtors		4,446		4,217
	Cash at bank and in hand		27,627		60,059
			32,073		64,276
	CREDITORS: Amounts falling due within one year	3	121,524		84,516
	NET CURRENT LIABILITIES			(89,451)	(20,240)
	TOTAL ASSETS LESS CURRENT LIABILITIES			2,674,961	2,743,985
	CREDITORS: Amounts falling due after more than one year	4		(174,532)	(261,030)
	PROVISIONS FOR LIABILITIES			(325,782)	(325,782)
	NET ASSETS			£2,174,647	£2,157,173
	CAPITAL AND RESERVES
	Called up share capital			43,000	43,000
	Other reserves			1,714,643	1,714,643
	Retained earnings			417,004	399,530
	SHAREHOLDERS' FUNDS			£2,174,647	£2,157,173

	page 2

	FRANCINE PROPERTIES LIMITED
	Company registered number: 00574053
	ABRIDGED STATEMENT OF FINANCIAL POSITION AT 05 April 2018 (CONT.)

	In approving these financial statements as directors of the company we hereby confirm the following:
	For the year in question 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 of its financial statements for the year ended 5 April 2018 in accordance with section 476 of the Companies Act 2006.
	The directors acknowledge their responsibilities for: 1) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.
	These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies
	All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 5 April 2018 in accordance with Section 444 (2A) of the Companies Act 2006
	In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered
	The financial statements were approved and authorised for issue by the board of directors on 28 December 2019
	Signed on behalf of the board of directors
	F E Rowe, Director

	page 3

	FRANCINE PROPERTIES LIMITED
	NOTES TO THE ACCOUNTS
	FOR THE YEAR ENDED 5 APRIL 2018

1.	SIGNIFICANT ACCOUNTING POLICIES

1a.	Statement of compliance
	Francine Properties Limited is a private limited company incorporated in England and Wales.
	Registered office:
	65 Seeleys Road Beaconfield Buckinghamshire HP9 1TB
	These financial statements are the first financial statements that comply with FRS 102. The date of transition is 6 April 2017.
	The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes and below. These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

1b.	Basis of accounting
	The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.

1c.	Revenue recognition
	Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

1d.	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

	page 4

	FRANCINE PROPERTIES LIMITED
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 5 APRIL 2018

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

1e.	Taxation
	Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

1f.	Investment property
	Investment properties are initially recognised at cost, properties whose fair value can be measured reliably are subsequently measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

1g.	Property, plant and equipment
	Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
	Plant and machinery	Reducing balance 25%

1h.	Inventories
	Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.

1i.	Short term debtors and creditors
	Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.

	page 5

	FRANCINE PROPERTIES LIMITED
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 5 APRIL 2018

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

1j.	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.

1k.	Interest bearing borrowings
	All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.

1l.	Provisions
	Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

1m.	Judgements and key sources of estimation uncertainty
	In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

	page 6

	FRANCINE PROPERTIES LIMITED
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 5 APRIL 2018

2.	FIXED ASSETS
		Property	Investment	Total
		plant &	property
		equipment
		£	£	£
	Cost or valuation
	At 6 April 2017	5,817	2,764,225	2,770,042
	Additions	249	-	249
	At 5 April 2018	6,066	2,764,225	2,770,291
	Provision for depreciation,
	amortisation and impairment
	At 6 April 2017	5,817	-	5,817
	For the year	62	-	62
	At 5 April 2018	5,879	-	5,879
	Net Book Value
	At 5 April 2018	187	2,764,225	2,764,412
	At 5 April 2017	-	2,764,225	2,764,225

3.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£
	Debenture loans	181	294
	Bank loans and overdrafts	87,857	41,872
	Corporation tax	7,102	14,782
	Other creditors	26,384	26,968
	Accruals and deferred income	-	600
		£121,524	£84,516

	page 7

	FRANCINE PROPERTIES LIMITED
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 5 APRIL 2018

4.	CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
		2018	2017
		£	£
	Bank loans and overdrafts	174,532	261,030
		£174,532	£261,030
	Analysis of borrowings:
	Due within five years:
	within 1 year
	bank	81,540	35,812
	other	181	294
		£81,721	£36,106
	Due after five years:
	wholly or in part by instalments	174,532	261,030
	otherwise than by instalments	-	-
		£174,532	£261,030

page 8