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REGISTERED NUMBER: 02050406 (England and Wales)















Financial Statements for the Year Ended 31 January 2024

for

FRANKLIN STEEL STOCKHOLDERS LTD

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Statement of Directors' Responsibilities 11

Independent Chartered Accountants' Review Report 12


FRANKLIN STEEL STOCKHOLDERS LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: B D Phillips
R Wealleans
M S C Wallace
I A Robinson
Mr R W Phillips





SECRETARY: R Wealleans





REGISTERED OFFICE: Franklin Industrial Estate
Blaydon Haugh
Tyne & Wear
NE21 5TL





REGISTERED NUMBER: 02050406 (England and Wales)





ACCOUNTANTS: Sagoo & Co
Chartered Accountants
63 The Grove
Ealing
London
W5 5LL

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Balance Sheet
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,775,742 5,820,052

CURRENT ASSETS
Stocks 5 849,237 1,093,237
Debtors 6 1,317,422 1,340,069
Cash at bank and in hand 465,840 540,871
2,632,499 2,974,177
CREDITORS
Amounts falling due within one year 7 1,159,408 1,607,140
NET CURRENT ASSETS 1,473,091 1,367,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,248,833

7,187,089

CREDITORS
Amounts falling due after more than one year 8 (1,393,732 ) (1,564,650 )

PROVISIONS FOR LIABILITIES (157,316 ) (124,870 )
NET ASSETS 5,697,785 5,497,569

CAPITAL AND RESERVES
Called up share capital 10 50,000 50,000
Revaluation reserve 11 750,000 750,000
Retained earnings 11 4,897,785 4,697,569
SHAREHOLDERS' FUNDS 5,697,785 5,497,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Balance Sheet - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by Mr BD Phillips the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





B D Phillips - Director


FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Franklin Steel Stockholders Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. The revenue is recognised for the services as the services are performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - on length of lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Land is not depreciated.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the profit and loss account.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will be able to meet its liabilities as they fall due, for a period of at length twelve months from the date of approval of the financial statements.

Investment property
Certain of the group's properties are held for long-term investment .Investment properties are accounted for in accordance with SSAP19 . The investment properties are not depreciated and are revalued at regular intervals. Although companies Act would normally require the systematic depreciation of fixed assets , the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view since the current values are of prime importance than the systematic annual depreciation

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 26 ) .

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 February 2023 5,124,818 142,471 847,738
Additions 20,393 - 27,935
Disposals - - (12,167 )
At 31 January 2024 5,145,211 142,471 863,506
DEPRECIATION
At 1 February 2023 127,166 31,886 607,589
Charge for year 10,903 1,329 33,476
Eliminated on disposal - - -
At 31 January 2024 138,069 33,215 641,065
NET BOOK VALUE
At 31 January 2024 5,007,142 109,256 222,441
At 31 January 2023 4,997,652 110,585 240,149

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2023 263,988 774,051 171,673 7,324,739
Additions 12,228 86,115 9,792 156,463
Disposals - (145,263 ) - (157,430 )
At 31 January 2024 276,216 714,903 181,465 7,323,772
DEPRECIATION
At 1 February 2023 218,808 360,120 159,118 1,504,687
Charge for year 8,611 115,192 5,587 175,098
Eliminated on disposal - (131,755 ) - (131,755 )
At 31 January 2024 227,419 343,557 164,705 1,548,030
NET BOOK VALUE
At 31 January 2024 48,797 371,346 16,760 5,775,742
At 31 January 2023 45,180 413,931 12,555 5,820,052

Included in cost or valuation of land and buildings is freehold land of £ 406,404 ( 2018 £406,404 ) which is not depreciated .
Freehold land and buildings were professionally valued on an open market basis on 31st January 2013 . The directors have carried out an impairment review as at 31January 2022 and in their opinion the fair value of the properties is £9,200,000.

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2004 1,000,000 - -
Valuation in 2011 (250,000 ) - -
Cost 4,395,211 142,471 863,506
5,145,211 142,471 863,506

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2004 - - - 1,000,000
Valuation in 2011 - - - (250,000 )
Cost 276,216 714,903 181,465 6,573,772
276,216 714,903 181,465 7,323,772

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 87,500 331,572 419,072
DEPRECIATION
At 1 February 2023
and 31 January 2024 27,815 67,964 95,779
NET BOOK VALUE
At 31 January 2024 59,685 263,608 323,293
At 31 January 2023 59,685 263,608 323,293

5. STOCKS
31.1.24 31.1.23
£    £   
Stocks 849,237 1,093,237

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 712,607 1,002,751
Other debtors 25,760 21,089
Directors' current accounts 497,169 242,054
Prepayments and accrued income 81,886 74,175
1,317,422 1,340,069

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (secured) (see note 9)
133,332

133,332
Hire purchase contracts 76,564 10,595
Trade creditors 540,597 1,147,632
Tax 168,883 89,656
Social security and other taxes 23,822 23,967
VAT 125,211 113,582
Accruals and deferred income 45,306 46,707
Accrued expenses 45,693 41,669
1,159,408 1,607,140

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 9) 1,333,340 1,466,672
Hire purchase contracts 60,392 97,978
1,393,732 1,564,650

Amounts falling due in more than five years:

Repayable by instalments
Bank loans (secured) more than
5 years 800,012 933,344
800,012 933,344

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank loans (secured) 133,332 133,332

Amounts falling due between one and two years:
Bank loans (secured) 133,332 133,332

Amounts falling due between two and five years:
Bank loans (secured) 399,996 399,996

Amounts falling due in more than five years:

Repayable by instalments
Bank loans (secured) more than
5 years 800,012 933,344
800,012 933,344

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
50,000 Ordinary £1 50,000 50,000

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2023 4,697,569 750,000 5,447,569
Profit for the year 390,216 390,216
Dividends (190,000 ) (190,000 )
At 31 January 2024 4,897,785 750,000 5,647,785

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Mr R W Phillips
Balance outstanding at start of year - -
Amounts advanced 497,169 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 497,169 -

13. RELATED PARTY DISCLOSURES

The controlling party is B D Phillips.

The ultimate controlling party is B D Phillips.

FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406)

Statement of Directors' Responsibilities
FOR THE YEAR ENDED 31 JANUARY 2024


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


ON BEHALF OF THE BOARD:





B D Phillips - Director

22 August 2024

Independent Chartered Accountants' Review Report to the Directors of
Franklin Steel Stockholders Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Franklin Steel Stockholders Ltd for the year ended 31 January 2024, which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page eleven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.

Use of our report
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report, or for the conclusions we have formed.




Sagoo & Co
Chartered Accountants
63 The Grove
Ealing

Independent Chartered Accountants' Review Report to the Directors of
Franklin Steel Stockholders Ltd

London
W5 5LL


25 August 2024