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Registration number: 00367470

Freeland Flatlets (Moseley) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

Freeland Flatlets (Moseley) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Freeland Flatlets (Moseley) Limited

Company Information

Directors

Mr David Acklam

Ms Elaine Ee Leng Siew

Mr Robert Hale

Mr Benjamin Robert Hale

Mrs Kathryn Ann Acklam

Mr Joshua Alexander Hale

Registered office

71 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LN

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Freeland Flatlets (Moseley) Limited

(Registration number: 00367470)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

268

527

Investment property

5

400,000

400,000

 

400,268

400,527

Current assets

 

Debtors

6

49,581

48,481

Cash at bank and in hand

 

4,335

5,320

 

53,916

53,801

Creditors: Amounts falling due within one year

7

(20,563)

(20,999)

Net current assets

 

33,353

32,802

Total assets less current liabilities

 

433,621

433,329

Provisions for liabilities

(59,343)

(45,162)

Net assets

 

374,278

388,167

Capital and Reserves

 

Called up share capital

5,500

5,500

Profit and loss account - non-distributable

244,655

258,885

Profit and loss account

124,123

123,782

Total equity

 

374,278

388,167

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 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 November 2023 and signed on its behalf by:
 

 

Freeland Flatlets (Moseley) Limited

(Registration number: 00367470)
Balance Sheet as at 31 March 2023

.........................................
Mr Robert Hale
Director

   
     
 

Freeland Flatlets (Moseley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
71 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LN
United Kingdom

These financial statements were authorised for issue by the Board on 11 November 2023.

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 presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and 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.

The current income 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.

 

Freeland Flatlets (Moseley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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

Plant & Machinery

Straight line - 25%

Fixtures and fittings

Straight line - 25%

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss and held within the non distributable profit and loss account reserve.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Freeland Flatlets (Moseley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

6

6

6

6

 

Freeland Flatlets (Moseley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

4,506

2,700

7,206

At 31 March 2023

4,506

2,700

7,206

Depreciation

At 1 April 2022

3,979

2,700

6,679

Charge for the year

259

-

259

At 31 March 2023

4,238

2,700

6,938

Carrying amount

At 31 March 2023

268

-

268

At 31 March 2022

527

-

527

5

Investment properties

2023
 £

At 1 April

400,000

The company's investment property is valued annually by the company's directors on an open market basis using the valuation techniques outlined by the accounting policy in note 2 to these financial statements.

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

46,949

45,849

Other debtors

 

2,632

2,632

 

Freeland Flatlets (Moseley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

15,433

15,432

Trade Creditors

 

332

291

Other payables

 

2,770

2,645

Accrued expenses

 

2,028

1,896

Corporation tax liability

-

385

Deferred income

 

-

350

 

20,563

20,999

8

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Other borrowings

15,433

15,432