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Company No: 00523416 (England and Wales)

FRYS PROPERTIES LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 March 2023

FRYS PROPERTIES LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

FRYS PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
FRYS PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS L A Fry
A H Holloway
A D Mann
SECRETARY A D Mann
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 00523416 (England and Wales)
CHARTERED ACCOUNTANTS Dixon Wilson
22 Chancery Lane
London
WC2A 1LS
BANKERS C. Hoare & Co
37 Fleet Street
London
EC4P 4DQ
SOLICITORS Knights Plc
The Brampton
Newcastle-Under-Lyme
Staffordshire
ST5 0QW
FRYS PROPERTIES LIMITED

DIRECTORS' REPORT

For the financial year ended 31 March 2023
FRYS PROPERTIES LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

L A Fry
A H Holloway
A D Mann

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

A D Mann
Company secretary and director

10 October 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FRYS PROPERTIES LIMITED

For the financial year ended 31 March 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FRYS PROPERTIES LIMITED (continued)

For the financial year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frys Properties Limited for the financial year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Frys Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frys Properties Limited. You consider that Frys Properties Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Frys Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Frys Properties Limited, as a body, in accordance with the terms of our engagement letter dated 30 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Frys Properties Limited and state those matters that we have agreed to state to the Board of Directors of Frys Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frys Properties Limited and its Board of Directors as a body for our work or for this report.

Dixon Wilson
Chartered Accountants

22 Chancery Lane
London
WC2A 1LS

10 October 2023

FRYS PROPERTIES LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 March 2023
FRYS PROPERTIES LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 March 2023
2023 2022
£ £
Turnover 1,428,854 1,298,517
Administrative expenses ( 603,717) ( 507,466)
Other operating income 3,114 132
Operating profit 828,251 791,183
Income from other fixed asset investments 34,562 28,430
Other non-operating income/(loss) 565,920 ( 190,571)
Profit before interest and taxation 1,428,733 629,042
Interest receivable and similar income 2,138 23
Interest payable and similar expenses ( 28,282) ( 19,368)
Profit before taxation 1,402,589 609,697
Tax on profit ( 295,473) ( 293,843)
Profit for the financial year 1,107,116 315,854
FRYS PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2023
FRYS PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 3,665 4,886
Investment property 5 18,253,526 17,467,641
Investments 6 2,558,971 2,734,460
20,816,162 20,206,987
Current assets
Debtors 7 306,047 353,859
Cash at bank and in hand 1,263,437 1,448,988
1,569,484 1,802,847
Creditors: amounts falling due within one year 8 ( 729,655) ( 1,203,264)
Net current assets 839,829 599,583
Total assets less current liabilities 21,655,991 20,806,570
Provision for liabilities 9 ( 749,684) ( 608,079)
Net assets 20,906,307 20,198,491
Capital and reserves
Called-up share capital 55,000 55,000
Capital redemption reserve 90,344 90,344
Profit and loss account 20,760,963 20,053,147
Total shareholders' funds 20,906,307 20,198,491

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Frys Properties Limited (registered number: 00523416) were approved and authorised for issue by the Board of Directors on 10 October 2023. They were signed on its behalf by:

A D Mann
Company secretary and director
FRYS PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 March 2023
FRYS PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 March 2023
Called-up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 01 April 2021 55,000 90,344 20,136,593 20,281,937
Profit for the financial year 0 0 315,854 315,854
Total comprehensive income 0 0 315,854 315,854
Dividends paid on equity shares 0 0 ( 399,300) ( 399,300)
At 31 March 2022 55,000 90,344 20,053,147 20,198,491
At 01 April 2022 55,000 90,344 20,053,147 20,198,491
Profit for the financial year 0 0 1,107,116 1,107,116
Total comprehensive income 0 0 1,107,116 1,107,116
Dividends paid on equity shares 0 0 ( 399,300) ( 399,300)
At 31 March 2023 55,000 90,344 20,760,963 20,906,307
FRYS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
FRYS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frys Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As at the date of the approval of these financial statements, the directors have prepared the financial statements on a going concern basis as the underlying rental property business of the company is profitable and future revenues are expected to exceed costs.

Turnover

Turnover represents rental income receivable during the year from investment properties, exclusive of value added tax. Income is recognised evenly over the terms of the lease, on a straight line basis.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated 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 is charged so as to write off the cost of all tangible fixed assets, other than investment property, over their expected useful lives, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

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 profit and loss over the period of the relevant borrowing.

Interest expense is recognised on a daily basis 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 at the reporting date.

Investment property

Investment property is carried at fair value, which the valuers derive annually from the current market prices of comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of a specific asset. Revaluation surpluses and deficits are recognised in the Profit and Loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss.

Interest income on debt securities, where applicable, is recognised in income. Dividends on equity securities are recognised in income when receivable.

Other investments is made up of a collection of artwork which is measured at cost.

2. Employees

2023 2022
Number Number
The average number of persons employed by the Company during the year, including directors 3 3

3. Tax on profit

2023 2022
£ £
Current tax on profit
UK corporation tax 152,437 147,213
Tax attributable to investment income 1,430 1,128
Total current tax 153,867 148,341
Deferred tax
Origination and reversal of timing differences 141,606 145,502
Total deferred tax 141,606 145,502
Total tax on profit 295,473 293,843

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 17,948 142,410 160,358
At 31 March 2023 17,948 142,410 160,358
Accumulated depreciation
At 01 April 2022 17,589 137,883 155,472
Charge for the financial year 90 1,131 1,221
At 31 March 2023 17,679 139,014 156,693
Net book value
At 31 March 2023 269 3,396 3,665
At 31 March 2022 359 4,527 4,886

5. Investment property

Investment property
£
Valuation
As at 01 April 2022 17,467,641
Fair value movement 785,885
As at 31 March 2023 18,253,526

The investment properties have been revalued to £18,253,526 (2022 - £17,467,641). Part of the investment property class was revalued by independent valuers who hold recognised and relevant professional qualifications and have recent experience in the location and class of property. This class of investment properties has a current value of £2,970,000 (2021 - £2,970,000). The remaining class of properties is not based on a valuation by an independent valuer and the directors consider this to be market value, based on market research of comparable properties.

The historical cost of the properties is £12,004,938 (2022 - £12,004,938)

6. Fixed asset investments

Listed investments Other investments Total
£ £ £
Carrying value before impairment
At 01 April 2022 2,683,459 51,001 2,734,460
Additions 411,413 0 411,413
Disposals ( 356,354) 0 ( 356,354)
Movement in fair value ( 230,548) 0 ( 230,548)
At 31 March 2023 2,507,970 51,001 2,558,971
Provisions for impairment
At 01 April 2022 0 0 0
At 31 March 2023 0 0 0
Carrying value at 31 March 2023 2,507,970 51,001 2,558,971
Carrying value at 31 March 2022 2,683,459 51,001 2,734,460

Other investments is made up of a collection of artwork owned by the company.

7. Debtors

2023 2022
£ £
Trade debtors 236,307 152,317
Other debtors 69,740 201,542
306,047 353,859

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 19,280 101,434
Amounts owed to directors (note 10) 287,005 646,718
Accruals and deferred income 188,627 198,400
Taxation and social security 175,795 188,053
Other creditors 58,948 68,659
729,655 1,203,264

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 608,079) ( 462,577)
Charged to the Profit and Loss Account ( 141,605) ( 145,502)
At the end of financial year ( 749,684) ( 608,079)

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
At start of period 646,718 629,592
Advanced 0 0
Repaid in the year (384,555) 0
Interest transactions 24,842 17,126
287,005 646,718

Terms of loans from related parties
The company has loans from its directors on which interest was due from 1 April 2022 to 31 March 2023 at a rate of 2.5% plus the base rate. The loans are repayable on demand and the carrying amount of the loans at the year-end was £287,005 (2021 - £646,718).

11. Ultimate controlling party

The ultimate controlling party is the directors.