FRANKLIN GALLEY PROPERTY LIMITED

Company Registration Number:
09685578 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2024

Period of accounts

Start date: 01 August 2023

End date: 31 July 2024

FRANKLIN GALLEY PROPERTY LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Notes

FRANKLIN GALLEY PROPERTY LIMITED

Balance sheet

As at 31 July 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 362,401 363,033
Total fixed assets: 362,401 363,033
Current assets
Cash at bank and in hand: 25,067 41,804
Total current assets: 25,067 41,804
Creditors: amounts falling due within one year:   (7,255) (10,407)
Net current assets (liabilities): 17,812 31,397
Total assets less current liabilities: 380,213 394,430
Creditors: amounts falling due after more than one year:   (332,000) (352,000)
Total net assets (liabilities): 48,213 42,430
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 48,113 42,330
Shareholders funds: 48,213 42,430

The notes form part of these financial statements

FRANKLIN GALLEY PROPERTY LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 April 2025
and signed on behalf of the board by:

Name: Mrs T A Galley
Status: Director

The notes form part of these financial statements

FRANKLIN GALLEY PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents rental income and is recognised at the fair value of the consideration receivable from let out investment properties.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computer equipment 33.33% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Valuation and information policy

Investment properties Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Other accounting policies

Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Taxation The tax expense represents the sum of the tax currently payable. 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.

FRANKLIN GALLEY PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

2. Employees

2024 2023
Average number of employees during the period 0 0

FRANKLIN GALLEY PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible Assets

Total
Cost £
At 01 August 2023 363,348
At 31 July 2024 363,348
Depreciation
At 01 August 2023 315
Charge for year 632
At 31 July 2024 947
Net book value
At 31 July 2024 362,401
At 31 July 2023 363,033

Investment properties comprise of residential buildings. The fair value of the investment properties has been determined by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

FRANKLIN GALLEY PROPERTY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Related party transactions

Name of the related party:
Relationship:
Director
Description of the Transaction: At the balance sheet date £334,836 (2023 - £354,836) was owed to the director, who is also the sole shareholder of the company. The unsecured loan is provided free of any interest charge and without any repayment terms.
£
Balance at 01 August 2023 354,836
Balance at 31 July 2024 334,836