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Registration number: 11646457

Franklin Property Services (SW) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Franklin Property Services (SW) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Franklin Property Services (SW) Limited

(Registration number: 11646457)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

866,909

873,477

Current assets

 

Debtors

5

303

586

Cash at bank and in hand

 

7,410

6,938

 

7,713

7,524

Creditors: Amounts falling due within one year

6

(158,988)

(200,122)

Net current liabilities

 

(151,275)

(192,598)

Total assets less current liabilities

 

715,634

680,879

Creditors: Amounts falling due after more than one year

6

(524,901)

(487,176)

Provisions for liabilities

(47,234)

(48,526)

Net assets

 

143,499

145,177

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

200,058

205,658

Profit and loss account

(56,659)

(60,581)

Shareholders' funds

 

143,499

145,177

 

Franklin Property Services (SW) Limited

(Registration number: 11646457)
Statement of Financial Position as at 31 October 2024 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 13 June 2025
 


Mr C R Franklin
Director

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is is that of rental properties.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of rent receivable.

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

- 3 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in other comprehensive income. Revaluations are then carried accordingly in The Statement Of Changes In Equity.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2023

873,000

1,203

874,203

Revaluations

(7,000)

-

(7,000)

Additions

-

1,249

1,249

At 31 October 2024

866,000

2,452

868,452

Depreciation

At 1 November 2023

-

726

726

Charge for the year

-

817

817

At 31 October 2024

-

1,543

1,543

Carrying amount

At 31 October 2024

866,000

909

866,909

At 31 October 2023

873,000

477

873,477

Included within the net book value of land and buildings above is £866,000 (2023 - £873,000) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Prepayments

303

586

303

586

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

4,000

4,000

Accruals and deferred income

 

2,080

2,046

Other creditors

 

152,908

194,076

 

158,988

200,122

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

524,901

487,176

The bank loans are secured over the properties to which they relate.

Included within creditors: amounts falling due after more than one year is an amount of £520,234 (2023: £478,509) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

All of the bank loans secured over property are interest only with interest calculated at a fixed market rate. All bank loans secured over property are repayable more than 5 years after the reporting date.

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(5,600)

(5,600)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(27,272)

(27,272)

 

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Reserves (continued)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with the director

During the year the directors entered into the following transactions with the entity.

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr C R Franklin

(194,076)

(2,131)

43,299

(152,908)

         
       

 

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mr C R Franklin

(236,061)

41,985

(194,076)

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.