Frank_Hirth_Limited - Accounts


Frank Hirth Limited
Unaudited Financial Statements
For the year ended 30 June 2023
For Filing with Registrar
Company Registration No. 03945095 (England and Wales)
Frank Hirth Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Frank Hirth Limited
Balance Sheet
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
27,306
Current assets
Debtors
5
1,727,998
3,514,280
Investments
6
1,200,000
-
0
Cash at bank and in hand
498,267
2,555,053
3,426,265
6,069,333
Creditors: amounts falling due within one year
7
(1,025,012)
(1,659,123)
Net current assets
2,401,253
4,410,210
Net assets
2,401,253
4,437,516
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
9
2,301,253
4,337,516
Total equity
2,401,253
4,437,516

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
R F Limmer
Director
Company Registration No. 03945095
Frank Hirth Limited
Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Frank Hirth Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 236 Gray's Inn Road, London, WC1X 8HB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Short term investments

This comprises short term bank deposits which are measured at transaction price less any impairment.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Frank Hirth Limited
Notes to the Financial Statements (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Employee Benefit Trust

The assets and liabilities of the Employee Benefit Trust have been included in the company financial statements. The costs of purchasing own shares held by the employee benefit trust are shown as a deduction against capital and reserves. The proceeds from the sale of own shares held increase capital and reserves. Neither the purchase or sale of own shares leads to a gain or loss being recognised in the group financial statements.

 

Payments to eligible beneficiaries from the Employee Benefit Trust, which is the majority shareholder of the company, have been treated as distributions and included within dividends.

 

Frank Hirth Limited
Notes to the Financial Statements (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
27,306
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 & 30 June 2023
27,306
Impairment
At 1 July 2022
-
Impairment losses
27,306
At 30 June 2023
27,306
Carrying amount
At 30 June 2023
-
At 30 June 2022
27,306
4
Subsidiaries

These financial statements are separate company financial statements for Frank Hirth Limited.

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Frank Hirth LLC
100 Wall St, Suite 802, New York, NY 10005, USA
Ordinary
100.00
Frank Hirth Limited
Notes to the Financial Statements (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Subsidiaries
(Continued)
- 5 -

Frank Hirth Limited was renamed Tiant (NZ) Limited and was dissolved on 8 July 2022.

The company did not trade in the year and had nil net assets on winding up.

 

Frank Hirth LLC had ceased activity by 30 June 2023 and will be wound up.

The company made a profit in the year of £51,674, and had net liabilities of £19,505 at the balance sheet date.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,784
-
0
Corporation tax recoverable
-
0
353,589
Amounts owed by group undertakings
241,717
251,741
Other debtors
1,450,497
2,908,950
1,727,998
3,514,280
6
Current asset investments
2023
2022
£
£
Other investments
1,200,000
-
0
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
18,156
Taxation and social security
2,633
-
0
Other creditors
1,022,379
1,640,967
1,025,012
1,659,123
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 1p each
1,600,000
1,600,000
16,000
16,000
'B' ordinary shares of 1p each
8,400,000
8,400,000
84,000
84,000
10,000,000
10,000,000
100,000
100,000
Frank Hirth Limited
Notes to the Financial Statements (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Called up share capital
(Continued)
- 6 -

The 'B' ordinary shares are held by the Employee Benefit Trust.

 

The 'B' ordinary shares rank pari passu in all respects except for the right to appoint and remove one director on the board.

9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
4,337,516
13,022,300
Loss for the year
(57,350)
(370,341)
Dividends declared and paid in the year
(1,978,913)
(8,314,443)
At the end of the year
2,301,253
4,337,516

During the year dividends of £76,000 (2022: £342,440) were paid to ordinary shareholders and £1,824,000 (2022:£8,218,560) paid to the Employee Benefit Trust for its shareholding of ordinary and ‘B’ shares.

 

Dividends include payments to eligible beneficiaries from the Employee Benefit Trust, which is the majority shareholder of the group, totalling £1,902,913 (2022: £7,972,003) which have been treated as distributions.

10
Related party transactions
Transactions with related parties

The company has taken advantage of group exemption from disclosing transactions within 100% of the group.

 

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