Franklyn Estates Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04396873 (England and Wales)

Financial Statements for the Period 1 April 2021 to 30 March 2022

for

Franklyn Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

-

16

CURRENT ASSETS

Stocks

-

3,925,883

Debtors

5

290,718

198,023

Cash at bank

13,852

13,512

304,570

4,137,418

CREDITORS

Amounts falling due within one year

6

603,407

4,389,672

NET CURRENT LIABILITIES

(298,837

)

(252,254

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(298,837

)

(252,238

)

CREDITORS

Amounts falling due after more than one year

7

40,000

41,667

NET LIABILITIES

(338,837

)

(293,905

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(339,837

)

(294,905

)

SHAREHOLDERS' FUNDS

(338,837

)

(293,905

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 2022 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 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 and authorised for issue on 30 March 2023 and were signed by:

M Bhatti - Director

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.

Despite the current liability position and losses the accounts have been prepared on a going concern basis due to the continued support from the director and family.

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

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 period 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 period 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 period was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 30 March 2022

3,225

DEPRECIATION

At 1 April 2021

3,209

Charge for period

16

At 30 March 2022

3,225

NET BOOK VALUE

At 30 March 2022

-

At 31 March 2021

16

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.22

31.3.21

£

£

Other debtors

290,718

198,023

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.22

31.3.21

£

£

Bank loans and overdrafts

11,051

8,333

Taxation and social security

7,050

7,050

Other creditors

585,306

4,374,289

603,407

4,389,672

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.3.22

31.3.21

£

£

Bank loans

40,000

41,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.3.22

31.3.21

£

£

Other loans

-

3,538,254