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 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	866,417	866,909
Current assets
Debtors	5	282	303
Cash at bank and in hand		1,320	7,410
		1,602	7,713
Creditors: Amounts falling due within one year	6	(155,125)	(158,988)
Net current liabilities		(153,523)	(151,275)
Total assets less current liabilities		712,894	715,634
Creditors: Amounts falling due after more than one year	6	(517,783)	(524,901)
Provisions for liabilities		(48,099)	(47,234)
Net assets		147,012	143,499
Capital and reserves
Called up share capital		100	100
Revaluation reserve		199,070	200,058
Profit and loss account		(52,158)	(56,659)
Shareholders' funds		147,012	143,499

Franklin Property Services (SW) Limited

(Registration number: 11646457)
Statement of Financial Position as at 31 October 2025 (continued)

For the financial year ending 31 October 2025 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 8 July 2026
 

Mr C R Franklin Director

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

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:
5 Wesley Lane
Saltash
Devon
PL12 6TT
England

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 2025 (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 2025 (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 (2024 - 2).

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 November 2024	866,000	2,452	868,452
At 31 October 2025	866,000	2,452	868,452
Depreciation
At 1 November 2024	-	1,543	1,543
Charge for the year	-	492	492
At 31 October 2025	-	2,035	2,035
Carrying amount
At 31 October 2025	866,000	417	866,417
At 31 October 2024	866,000	909	866,909

Included within the net book value of land and buildings above is £866,000 (2024 - £866,000) in respect of freehold land and buildings. As at 31 October 2022 the company director revalued these properties, from an original cost of £618,936 to the current valuation of £866,000. These revaluations were based on similar properties in the local areas and subsequently confirmed to be reasonable by Wainwrights Estate Agents. Having further reviewed each property on an annual basis the company's directors is happy that no further revaluations are required and that the costs included within the accounts are a fair reflection of each properties market value as at 31 October 2025.
 

5

Debtors

	2025 £	2024 £
Prepayments	282	303
	282	303

Franklin Property Services (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

		2025 £	2024 £
Loans and borrowings		4,000	4,000
Taxation and social security		87	-
Accruals and deferred income		2,184	2,080
Other creditors		148,854	152,908
		155,125	158,988