Franklyn Estates Limited - Accounts to registrar (filleted) - small 18.2

Franklyn Estates Limited - Accounts to registrar (filleted) - small 18.2

FRANKLYN ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 04396873 (England and Wales)















Financial Statements for the Year Ended 31 March 2019

for

Franklyn Estates Limited
Franklyn Estates Limited (Registered number: 04396873)






Contents of the Financial Statements
for the Year Ended 31 March 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Franklyn Estates Limited

Company Information
for the Year Ended 31 March 2019







DIRECTOR: M Bhatti





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 04396873 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW
Page 1
Franklyn Estates Limited (Registered number: 04396873)

Balance Sheet
31 March 2019

31.3.19 31.3.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,058 5
Investment property 5 2,775,448 3,115,000
2,776,506 3,115,005

CURRENT ASSETS
Stocks 476,361 440,356
Debtors 6 282,500 187,142
Cash at bank 30,880 80,507
789,741 708,005
CREDITORS
Amounts falling due within one year 7 3,401,563 3,369,952
NET CURRENT LIABILITIES (2,611,822 ) (2,661,947 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
164,684
453,058

PROVISIONS FOR LIABILITIES - 59,748
NET ASSETS 164,684 393,310

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 163,684 392,310
SHAREHOLDERS' FUNDS 164,684 393,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The notes form part of these financial statements

Page 2 continued...
Franklyn Estates Limited (Registered number: 04396873)

Balance Sheet - continued
31 March 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 December 2019 and were signed by:





M Bhatti - Director


The notes form part of these financial statements

Page 3
Franklyn Estates Limited (Registered number: 04396873)

Notes to the Financial Statements
for the Year Ended 31 March 2019

1. STATUTORY INFORMATION

Franklyn Estates Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in
the financial statements.

Turnover
Turnover is measured at the fair value of the property proceeds and rent received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value
is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing
stocks to their present location and condition.

Financial instruments
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the
undiscounted amount of the cash or other consideration expected to be paid or received.

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.


Page 4 continued...
Franklyn Estates Limited (Registered number: 04396873)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2018 1,646
Additions 1,579
At 31 March 2019 3,225
DEPRECIATION
At 1 April 2018 1,641
Charge for year 526
At 31 March 2019 2,167
NET BOOK VALUE
At 31 March 2019 1,058
At 31 March 2018 5

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2018 3,115,000
Additions 39,630
Disposals (403,360 )
Revaluations 24,178
At 31 March 2019 2,775,448
NET BOOK VALUE
At 31 March 2019 2,775,448
At 31 March 2018 3,115,000

The investment properties have been revalued in the year. The valuation is provided by the director and is based on an
open market value.

Page 5 continued...
Franklyn Estates Limited (Registered number: 04396873)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2019

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Other debtors 282,500 187,142

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.19 31.3.18
£    £   
Taxation and social security 98,632 13,750
Other creditors 3,302,931 3,356,202
3,401,563 3,369,952

8. TRANSACTIONS WITH DIRECTORS

M Bhatti operates a current account to which transactions of a private nature are charged. Included in other debtors at 31st
March 2019 is £292,253 (2018 £150,787) owed from M Bhatti.The loan was unsecured and interest was charged at
3%/3.25%.

Page 6