Franklin Steelstockholders Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02050406 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018

FOR

FRANKLIN STEELSTOCKHOLDERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

10

Independent Chartered Certified Accountants' Review Report

11

DIRECTORS:

B D Phillips

R Wealleans

G Croxford

M S C Wallace

I A Robinson

SECRETARY:

R Wealleans

REGISTERED OFFICE:

Franklin Industrial Estate

Blaydon Haugh

Tyne & Wear

NE21 5TL

REGISTERED NUMBER:

02050406 (England and Wales)

ACCOUNTANTS:

Sagoo & Co

Chartered Accountants

122 High Street

Acton

London

W3 6QX

FIXED ASSETS

Tangible assets

3

6,674,316

5,480,846

CURRENT ASSETS

Stocks

4

898,800

829,702

Debtors

5

1,239,646

1,538,815

Cash at bank and in hand

164,230

157,852

2,302,676

2,526,369

CREDITORS

Amounts falling due within one year

6

1,772,115

1,694,390

NET CURRENT ASSETS

530,561

831,979

TOTAL ASSETS LESS CURRENT LIABILITIES

7,204,877

6,312,825

CREDITORS

Amounts falling due after more than one year

7

(3,047,877

)

(2,348,041

)

PROVISIONS FOR LIABILITIES

(32,748

)

(16,363

)

NET ASSETS

4,124,252

3,948,421

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Revaluation reserve

10

750,000

750,000

Retained earnings

10

3,324,252

3,148,421

SHAREHOLDERS' FUNDS

4,124,252

3,948,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by Mr BD Phillips the Board of Directors on 25 June 2018 and were signed on its behalf by:

B D Phillips - Director

1.	STATUTORY INFORMATION

Franklin Steelstockholders Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 February 2017

5,031,525

142,471

593,030

Additions

1,157,905

-

554

At 31 January 2018

6,189,430

142,471

593,584

DEPRECIATION

At 1 February 2017

52,500

23,915

495,553

Charge for year

13,214

1,329

24,508

Eliminated on disposal

-

-

-

At 31 January 2018

65,714

25,244

520,061

NET BOOK VALUE

At 31 January 2018

6,123,716

117,227

73,523

At 31 January 2017

4,979,025

118,556

97,477

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 February 2017

242,512

508,426

180,283

6,698,247

Additions

-

144,948

28,632

1,332,039

Disposals

-

(46,145

)

-

(46,145

)

At 31 January 2018

242,512

607,229

208,915

7,984,141

DEPRECIATION

At 1 February 2017

199,413

293,037

152,983

1,217,401

Charge for year

6,465

69,297

13,983

128,796

Eliminated on disposal

-

(36,372

)

-

(36,372

)

At 31 January 2018

205,878

325,962

166,966

1,309,825

NET BOOK VALUE

At 31 January 2018

36,634

281,267

41,949

6,674,316

At 31 January 2017

43,099

215,389

27,300

5,480,846

Included in cost or valuation of land and buildings is freehold land of £ 406,404 ( 2017£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 2018 and in their opinion the fair value of the

properties is £6,189,430

Cost or valuation at 31 January 2018 is represented by:

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

Valuation in 2004

1,000,000

-

-

Valuation in 2011

(250,000

)

-

-

Cost

5,439,430

142,471

593,584

6,189,430

142,471

593,584

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2004

-

-

-

1,000,000

Valuation in 2011

-

-

-

(250,000

)

Cost

242,512

607,229

208,915

7,234,141

242,512

607,229

208,915

7,984,141

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 2017

143,365

58,267

201,632

Reclassification/transfer

(36,726

)

40,290

3,564

At 31 January 2018

106,639

98,557

205,196

DEPRECIATION

At 1 February 2017

76,624

13,650

90,274

Reclassification/transfer

(45,409

)

6,379

(39,030

)

At 31 January 2018

31,215

20,029

51,244

NET BOOK VALUE

At 31 January 2018

75,424

78,528

153,952

At 31 January 2017

66,741

44,617

111,358

4.

STOCKS

31.1.18

31.1.17

£

£

Stocks

898,800

829,702

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

1,156,845

1,226,097

Other debtors

10,760

259,997

Prepayments and accrued income

72,041

52,721

1,239,646

1,538,815

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans and overdrafts (secured) (see note 8)

235,692

178,497

Hire purchase contracts

54,894

49,873

Trade creditors

1,123,863

1,168,579

Tax

65,901

87,666

Social security and other taxes

20,792

24,823

VAT

107,970

94,342

Directors' current accounts

29,879

757

Accruals and deferred income

84,564

39,872

Accrued expenses

48,560

49,981

1,772,115

1,694,390

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans (see note 8)

2,974,096

2,286,780

Hire purchase contracts

73,781

61,261

3,047,877

2,348,041

Amounts falling due in more than five years:

Repayable by instalments

Bank loans (secured) more than

5 years

2,031,328

1,572,791

2,031,328

1,572,791

8.

LOANS

An analysis of the maturity of loans is given below:

31.1.18

31.1.17

£

£

Amounts falling due within one year or on demand:

Bank loans (secured)

235,692

178,497

Amounts falling due between one and two years:

Bank loans (secured)

235,692

178,497

Amounts falling due between two and five years:

Bank loans (secured)

707,076

535,492

Amounts falling due in more than five years:

Repayable by instalments

Bank loans (secured) more than

5 years

2,031,328

1,572,791

2,031,328

1,572,791

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

50,000

Ordinary

£1

50,000

50,000

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2017

3,148,421

750,000

3,898,421

Profit for the year

265,831

265,831

Dividends

(90,000

)

(90,000

)

At 31 January 2018

3,324,252

750,000

4,074,252

11.	ULTIMATE CONTROLLING PARTY

Mr B. D. Phillips controlled the company by virtue of a controlling interest of 99 % of the issued ordinary share

capital

The following reproduces the text of the report prepared for the directors and members in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 January 2018 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

B D Phillips - Director

25 June 2018

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Franklin Steelstockholders Ltd for the year ended 31 January 2018, which comprise the Income Statement, Balance Sheet and the related notes 1 to 0. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page nil, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in

accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical

financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical

financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have

performed additional procedures to those required under a compilation engagement. These primarily consist of making

enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the

evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted

in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion

on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 January 2018 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Sagoo & Co

Chartered Accountants

122 High Street

Acton

London

W3 6QX

Date: .............................................