| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 January 2025 |
| for |
| FRANKLIN STEEL STOCKHOLDERS LTD |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 January 2025 |
| for |
| FRANKLIN STEEL STOCKHOLDERS LTD |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FRANKLIN STEEL STOCKHOLDERS LTD |
| Company Information |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 63 The Grove |
| Ealing |
| London |
| W5 5LL |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Balance Sheet |
| 31 JANUARY 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| 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 2025 |
| The financial statements were approved by Mr BD Phillips the Board of Directors and authorised for issue on |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 1. | STATUTORY INFORMATION |
| Franklin Steel Stockholders Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| 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. |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 NIL (2024 - |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 2025 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 January 2025 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2004 | 1,000,000 | - | - |
| Valuation in 2011 | (250,000 | ) | - | - |
| Cost | 4,395,211 | 866,772 | 280,181 |
| 5,145,211 | 866,772 | 280,181 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2004 | - | - | 1,000,000 |
| Valuation in 2011 | - | - | (250,000 | ) |
| Cost | 732,949 | 181,590 | 6,456,703 |
| 732,949 | 181,590 | 7,206,703 |
| 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 2024 |
| and 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| and 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 5. | STOCKS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Stocks |
| Finished goods | ( |
) |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 6. | DEBTORS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Debtors provision | (36,709 | ) | - |
| Other debtors |
| Directors' current accounts | 526,292 | 497,169 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| S 456 Tax | 167,795 | - |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans and overdrafts (secured) (see note 9) |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 121,100 | 125,211 |
| Accruals and deferred income |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans (see note 9) |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans (secured) more than |
| 5 years | 732,685 | 800,012 |
| 732,685 | 800,012 |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans (secured) |
| Amounts falling due between one and two years: |
| Bank loans (secured) |
| Amounts falling due between two and five years: |
| Bank loans (secured) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans (secured) more than |
| 5 years | 732,685 | 800,012 |
| 732,685 | 800,012 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.1.25 | 31.1.24 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| 11. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 February 2024 | 5,646,228 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 January 2025 | 6,205,597 |
| FRANKLIN STEEL STOCKHOLDERS LTD (REGISTERED NUMBER: 02050406) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 JANUARY 2025 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | RELATED PARTY DISCLOSURES |
| The controlling party is B D Phillips. |
| The ultimate controlling party is |