1 June 2023 v2025.12.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP031633112023-06-012024-05-31031633112024-05-31031633112023-05-3103163311core:WithinOneYear2024-05-3103163311core:WithinOneYear2023-05-3103163311core:ShareCapital2024-05-3103163311core:ShareCapital2023-05-3103163311core:RevaluationReserve2024-05-3103163311core:RevaluationReserve2023-05-3103163311core:RetainedEarningsAccumulatedLosses2024-05-3103163311core:RetainedEarningsAccumulatedLosses2023-05-3103163311bus:Director12023-06-012024-05-3103163311bus:Director22023-06-012024-05-3103163311bus:Director32023-06-012024-05-3103163311bus:RegisteredOffice2023-06-012024-05-3103163311core:NetGoodwill2023-06-012024-05-31031633112022-06-012023-05-3103163311core:NetGoodwill2024-05-3103163311core:IntangibleAssetsOtherThanGoodwill2024-05-3103163311core:NetGoodwill2023-05-3103163311core:IntangibleAssetsOtherThanGoodwill2023-05-3103163311core:LandBuildings2023-06-0103163311core:PlantMachinery2023-06-01031633112023-06-0103163311core:PlantMachinery2023-06-012024-05-3103163311core:LandBuildings2024-05-3103163311core:PlantMachinery2024-05-3103163311core:LandBuildings2023-05-3103163311core:PlantMachinery2023-05-3103163311countries:EnglandWales2023-06-012024-05-3103163311bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103163311bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103163311bus:SmallEntities2023-06-012024-05-3103163311bus:FullAccounts2023-06-012024-05-31
Company registration number:
03163311
Franklin House Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Franklin House Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Franklin House Limited
Year ended
31 May 2024
As described on the statement of financial position, the Board of Directors of
Franklin House Limited
are responsible for the preparation of the
financial statements
for the year ended
31 May 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Levell & Co Limited
Suite 25 Peel House
30 The Downs
Altrincham
WA14 2PX
United Kingdom
Date:
13 February 2025
Franklin House Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Intangible assets 5
770,001
 
770,001
 
Tangible assets 6
794,867
 
795,458
 
1,564,868
 
1,565,459
 
Current assets    
Debtors 7
1,340,514
 
1,139,806
 
Cash at bank and in hand
290,867
 
198,543
 
1,631,381
 
1,338,349
 
Creditors: amounts falling due within one year 8
(243,376
)
(125,552
)
Net current assets
1,388,005
 
1,212,797
 
Total assets less current liabilities 2,952,873   2,778,256  
Capital and reserves    
Called up share capital
409,164
 
409,164
 
Revaluation reserve
1,279,725
 
1,279,725
 
Profit and loss account
1,263,984
 
1,089,367
 
Shareholders funds
2,952,873
 
2,778,256
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
13 February 2025
, and are signed on behalf of the board by:
Mr Z Kaira
Mr A Khan
Mr B Khan
DirectorDirectorDirector
Company registration number:
03163311
Franklin House Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
5 Frecheville Court
,
Bury
,
BL9 0UF
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
48
(2023:
50.00
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 June 2023
and
31 May 2024
650,000
 
770,000
 
1,420,000
 
Amortisation      
At
1 June 2023
and
31 May 2024
649,999
  -  
649,999
 
Carrying amount      
At
31 May 2024
1
 
770,000
 
770,001
 
At 31 May 2023
1
 
770,000
 
770,001
 

Intangible assets held at valuation

In respect of intangible assets other than goodwill held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
££
Aggregate historical cost 1,420,000   1,420,000  
Aggregate amortisation 649,999   649,999  
Carrying amount
770,001
 
770,001
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 June 2023
765,000
 
92,298
 
857,298
 
Additions -  
9,365
 
9,365
 
At
31 May 2024
765,000
 
101,663
 
866,663
 
Depreciation      
At
1 June 2023
-  
61,840
 
61,840
 
Charge -  
9,956
 
9,956
 
At
31 May 2024
-  
71,796
 
71,796
 
Carrying amount      
At
31 May 2024
765,000
 
29,867
 
794,867
 
At 31 May 2023
765,000
 
30,458
 
795,458
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machineryPlant and machinery
20242023
££
Aggregate historical cost 101,663   92,298  
Aggregate depreciation (71,796 ) (61,840 )
Carrying amount 29,867   30,458  

7 Debtors

20242023
££
Other debtors
1,340,514
 
1,139,806
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
6,698
 
3,495
 
Taxation and social security
58,073
 
70,793
 
Other creditors
178,605
 
51,264
 
243,376
 
125,552
 
Barclay Security Trustees Limited have a charge on the company.