false
false
false
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No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
15,300,000
15,300,000
15,300,000
xbrli:pure
xbrli:shares
iso4217:GBP
340688
2018-04-01
2019-03-31
340688
2019-03-31
340688
2018-03-31
340688
bus:Director1
2018-04-01
2019-03-31
340688
bus:Director2
2018-04-01
2019-03-31
340688
core:WithinOneYear
2019-03-31
340688
core:WithinOneYear
2018-03-31
340688
core:ShareCapital
2019-03-31
340688
core:ShareCapital
2018-03-31
340688
core:RevaluationReserve
2019-03-31
340688
core:RevaluationReserve
2018-03-31
340688
core:OtherReservesSubtotal
2019-03-31
340688
core:OtherReservesSubtotal
2018-03-31
340688
core:RetainedEarningsAccumulatedLosses
2019-03-31
340688
core:RetainedEarningsAccumulatedLosses
2018-03-31
340688
core:MoreThanFiveYears
2019-03-31
340688
core:MoreThanFiveYears
2018-03-31
340688
core:LandBuildings
2019-03-31
340688
core:LandBuildings
2018-03-31
340688
bus:SmallEntities
2018-04-01
2019-03-31
340688
bus:Audited
2018-04-01
2019-03-31
340688
bus:FullAccounts
2018-04-01
2019-03-31
340688
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
340688
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
COMPANY REGISTRATION NUMBER:
340688
Frincon (Colchester) Limited
|
|
Filleted Financial Statements
|
|
Frincon (Colchester) Limited
|
|
Statement of Financial Position
|
|
31 March 2019
Fixed Assets
Tangible assets
|
4
|
|
15,300,000
|
15,300,000
|
|
|
|
|
|
Current Assets
Debtors
|
5
|
28,609
|
|
86,731
|
Cash at bank and in hand
|
261,434
|
|
358,971
|
|
----------
|
|
----------
|
|
290,043
|
|
445,702
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
1,010,570
|
|
1,895,789
|
|
-------------
|
|
-------------
|
Net Current Liabilities
|
|
720,527
|
1,450,087
|
|
|
--------------
|
--------------
|
Total Assets Less Current Liabilities
|
|
14,579,473
|
13,849,913
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
71,022
|
70,337
|
|
|
--------------
|
--------------
|
Net Assets
|
|
14,508,451
|
13,779,576
|
|
|
--------------
|
--------------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
|
5,050
|
5,050
|
Revaluation reserve
|
|
3,659,628
|
3,659,628
|
Other reserves
|
|
(
24,004)
|
(
24,004)
|
Profit and loss account
|
|
10,867,777
|
10,138,902
|
|
|
--------------
|
--------------
|
Shareholders Funds
|
|
14,508,451
|
13,779,576
|
|
|
--------------
|
--------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Frincon (Colchester) Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2019
These financial statements were approved by the
board of directors
and authorised for issue on
12 December 2019
, and are signed on behalf of the board by:
R W Raymond
|
R C Raymond
|
Director
|
Director
|
|
|
Company registration number:
340688
Frincon (Colchester) Limited
|
|
Notes to the Financial Statements
|
|
Year Ended 31st March 2019
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents rents invoiced during the year, exclusive of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Tangible Assets
|
Investment properties
|
|
£
|
Cost
|
|
At 1st April 2018 and 31st March 2019
|
15,300,000
|
|
--------------
|
Depreciation
|
|
At 1st April 2018 and 31st March 2019
|
–
|
|
--------------
|
Carrying amount
|
|
At 31st March 2019
|
15,300,000
|
|
--------------
|
At 31st March 2018
|
15,300,000
|
|
--------------
|
|
|
Tangible assets held at valuation
On 31st March 2017 the properties were revalued to fair value by the directors using a professional valuation as the basis of their assessment.
5.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
17,000
|
70,278
|
Other debtors
|
11,609
|
16,453
|
|
---------
|
---------
|
|
28,609
|
86,731
|
|
---------
|
---------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
289,964
|
255,262
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
369,428
|
1,333,228
|
Corporation tax
|
170,287
|
135,833
|
Social security and other taxes
|
62,882
|
52,326
|
Other creditors
|
118,009
|
119,140
|
|
-------------
|
-------------
|
|
1,010,570
|
1,895,789
|
|
-------------
|
-------------
|
|
|
|
7.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2019
|
2018
|
|
£
|
£
|
Later than 5 years
|
5,378,400
|
5,443,200
|
|
-------------
|
-------------
|
|
|
|
These amounts consist of minimum operating lease commitments payable at £64,800 per annum on a 99 year lease of which 83 years (2018: 84 years) were outstanding.
8.
Summary Audit Opinion
The auditor's report for the year dated 12 December 2019 was unqualified.
The senior statutory auditor was
Michael Tyler FCA
, for and on behalf of
Peyton Tyler Mears
.
9.
Related Party Transactions
During the year the company reduced its loan from the parent company by £963,800The loan is interest free and at the year end the outstanding balance was £369,428 as shown in creditors due within one year.
10.
Controlling Party
The ultimate parent company is NEEB Holdings Ltd, a company incorporated in England.