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FRANKLIN & HALL PROPERTIES LIMITED

Registered Number
05698007
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

FRANKLIN & HALL PROPERTIES LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Mr CJ Franklin
Mr J Hall

Company Secretary

Mr J Hall

Registered Address

71 Carholme Road
Lincoln
LN1 1RT

Registered Number

05698007 (England and Wales)
FRANKLIN & HALL PROPERTIES LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets368,63582,087
Investment property45,147,2615,120,071
5,215,8965,202,158
Current assets
Debtors510,1403,042
Cash at bank and on hand100,86279,049
111,00282,091
Creditors amounts falling due within one year6(177,768)(134,718)
Net current assets (liabilities)(66,766)(52,627)
Total assets less current liabilities5,149,1305,149,531
Creditors amounts falling due after one year7(3,309,084)(3,328,525)
Provisions for liabilities10(259,363)(200,691)
Net assets1,580,6831,620,315
Capital and reserves
Called up share capital1,0001,000
Profit and loss account1,579,6831,619,315
Shareholders' funds1,580,6831,620,315
The financial statements were approved and authorised for issue by the Board of Directors on 26 March 2025, and are signed on its behalf by:
Mr CJ Franklin
Director
Mr J Hall
Director

Registered Company No. 05698007
FRANKLIN & HALL PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings15
Vehicles25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Total

£££
Cost or valuation
At 01 July 2325,980161,662187,642
Additions-2,7032,703
Disposals(3,480)(1,014)(4,494)
At 30 June 2422,500163,351185,851
Depreciation and impairment
At 01 July 236,17599,380105,555
Charge for year4,5849,46414,048
On disposals(2,012)(375)(2,387)
At 30 June 248,747108,469117,216
Net book value
At 30 June 2413,75354,88268,635
At 30 June 2319,80562,28282,087
4.Investment property
The fair value of the company's investment properties were revalued on 30 June 2020. An independent valuer was not involved. The directors have valued the properties with reference to the local market value.

£
Fair value at 01 July 235,120,071
Additions27,190
At 30 June 245,147,261
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables3,0032,000
Prepayments and accrued income7,1371,042
Total10,1403,042
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts10,00010,000
Taxation and social security43,50257,864
Other creditors124,26666,854
Total177,768134,718
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts3,309,0843,328,525
Total3,309,0843,328,525
8.Creditors: amounts due after 5 years
Due after more than five years not by instalments: 2024 £3,297,418 2023 £3,306,858
9.Secured creditors
Mortgages with a carrying amount of £3,297,417 (2023 - £3,306,858) are denominated in £ with a nominal interest rate of market rate. The mortgages and the investment property have varying final instalment dates. The mortgages are secured on the related investment properties. Bounce back loan is denominated in £ with interest charged at a 2.5%. The carrying amount at year end is £21,667 (2023 - £31,667).
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)259,363200,691
Total259,363200,691
11.Related party transactions
Companies under common control The property portfolio is managed by a company under common control. Fees are incurred at market rate for the service. The company is charged for building and maintenance on the properties by a company under common control. The charges are levied at cost. At the year end an amount of £63,777 (2023 - £35,007) was owed to companies under common control.