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Registered number: 02947182









FREED HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
FREED HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D M Freed 
L A Freed 
M Freed 




Registered number
02947182



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Registered Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
FREED HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 40


 
FREED HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
The Directors present their strategic report together with the audited financial statements for the period ended 30 April 2023.

Business review
 
The Group made a profit of £797,887 (2022: £6,709,359) in the year. It continues to make good progress with its portfolio of developments being undertaken in group companies.

Principal risks and uncertainties
 
The Group's principal risk arises from the state of the economy and its effect on the real estate market.
The Directors remain focused on sectors where there is active demand and expect to be able to continue to progress with its development pipeline over the coming year.

Financial key performance indicators
 

        2023
       2022

                      £
                    £
Group Turnover
        16,409,131
      21,301,249
Profit/(Loss)
             797,887
        6,709,359
Net (Liabilities)/Assets
          2,862,764
      10,304,377


 

This report was approved by the board and signed on its behalf.



M Freed
Director

Date: 20 February 2024

Page 1

 
FREED HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors

The directors who served during the year were:

D M Freed 
L A Freed 
M Freed 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group is the investment in properties for letting and development.

Results and dividends

The profit for the year, after taxation, amounted to £797,887 (2022 - £6,709,359).

Principal risks and uncertainties

The income stream of the group is derived principally from rental fees and sales of properties under management. The directors feel there is low short term risk or uncertainty. In the long term the future of the group depends on the increase in the value of properties and the directors feel that there is low risk of not attaining this goal.

Page 2

 
FREED HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Future developments

The group is continuing to seek new opportunities for investment.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M Freed
Director

Date: 20 February 2024

Page 3

 
FREED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREED HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Freed Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
FREED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREED HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
FREED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREED HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
FREED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREED HOLDINGS LIMITED (CONTINUED)


Other matters 
 

The corresponding figures and comparative financial statements are unaudited.


Page 7

 
FREED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREED HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Haffner (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Registered Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

20 February 2024
Page 8

 
FREED HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022
Note
£
£

  

Turnover
 4 
16,409,131
21,301,249

Cost of sales
  
(7,722,671)
(12,895,047)

Gross profit
  
8,686,460
8,406,202

Administrative expenses
  
(2,889,696)
(406,916)

Exceptional items
 13 
806,029
-

Other operating income
 5 
-
369

Fair value movements
  
(35,000)
-

Operating profit
 6 
6,567,793
7,999,655

Share of profit/(loss) of joint venture
  
827
(2,028)

Total operating profit
  
6,568,620
7,997,627

Income from fixed assets investments
  
29,762
(4,512)

Amounts written off investments
  
(5,582,009)
-

Interest receivable and similar income
 10 
4,632
-

Interest payable and similar expenses
 11 
(72,151)
(100,178)

Profit before tax
  
948,854
7,892,937

Tax on profit
 12 
(150,967)
(1,183,578)

Profit for the financial year
  
797,887
6,709,359

Profit for the year attributable to:
  

Owners of the parent company
  
(797,887)
(6,709,359)

  
(797,887)
(6,709,359)

Total comprehensive income attributable to:
  

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022£NIL).

The notes on pages 18 to 40 form part of these financial statements.

Page 9

 
FREED HOLDINGS LIMITED
REGISTERED NUMBER: 02947182

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
8,107
10,177

Tangible assets
 15 
47,012
67,324

Investments
 16 
80,256
260,256

Investment property
 17 
2,485,000
2,520,000

  
2,620,375
2,857,757

Current assets
  

Stocks
 18 
45,740
7,473,536

Debtors
 19 
7,799,792
8,627,290

Cash at bank and in hand
 20 
4,675,114
11,151,667

  
12,520,646
27,252,493

Creditors: amounts falling due within one year
 21 
(1,879,435)
(14,246,725)

Net current assets
  
 
 
10,641,211
 
 
13,005,768

Total assets less current liabilities
  
13,261,586
15,863,525

Creditors: amounts falling due after more than one year
 22 
(2,340,851)
(5,559,148)

  

Net assets
  
10,920,735
10,304,377


Capital and reserves
  

Called up share capital 
 27 
250,000
250,000

Share premium account
 28 
2,251,471
2,251,471

Other reserves
 28 
1,508,140
1,093,547

Profit and loss account
  
6,911,124
6,709,359

  
10,920,735
10,304,377


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Freed
Director
Date: 20 February 2024

The notes on pages 18 to 40 form part of these financial statements.
Page 10

 
FREED HOLDINGS LIMITED
REGISTERED NUMBER: 02947182
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023


Page 11

 
FREED HOLDINGS LIMITED
REGISTERED NUMBER: 02947182

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
10,323,041
9,399,454

  
10,323,041
9,399,454

  

Creditors: amounts falling due within one year
 21 
(7,460,367)
(6,507,574)

Net current liabilities
  
 
 
(7,460,367)
 
 
(6,507,574)

Total assets less current liabilities
  
2,862,674
2,891,880

  

  

Net assets excluding pension asset
  
2,862,674
2,891,880

Net assets
  
2,862,674
2,891,880


Capital and reserves
  

Called up share capital 
 27 
250,000
250,000

Share premium account
 28 
2,251,471
2,251,471

Profit and loss account
 28 
361,203
390,409

  
2,862,674
2,891,880


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M Freed
Director

Date: 20 February 2024

The notes on pages 18 to 40 form part of these financial statements.

Page 12

 
FREED HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2021
100,000
-
1,093,547
-
1,193,547


Comprehensive income for the year

Profit for the year
-
-
-
6,709,359
6,709,359

Shares issued during the year
150,000
2,251,471
-
-
2,401,471



At 1 May 2022
250,000
2,251,471
1,093,547
6,709,359
10,304,377


Comprehensive income for the year

Profit for the year
-
-
-
797,887
797,887

Other movement
-
-
-
(181,529)
(181,529)

Transfer to/from profit and loss account
-
-
-
(414,593)
(414,593)

Transfer to/from profit and loss account
-
-
414,593
-
414,593


At 30 April 2023
250,000
2,251,471
1,508,140
6,911,124
10,920,735


The notes on pages 18 to 40 form part of these financial statements.

Page 13

 
FREED HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2021
100,000
-
16,909
116,909


Comprehensive income for the year

Profit for the year
-
-
373,500
373,500

Shares issued during the year
150,000
2,251,471
-
2,401,471



At 1 May 2022
250,000
2,251,471
390,409
2,891,880



Loss for the year
-
-
(29,206)
(29,206)


At 30 April 2023
250,000
2,251,471
361,203
2,862,674


The notes on pages 18 to 40 form part of these financial statements.

Page 14

 
FREED HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
797,887
6,709,359

Adjustments for:

Amortisation of intangible assets
2,070
173

Depreciation of tangible assets
23,484
21,304

Government grants
-
(3,450)

Interest paid
77,370
336,734

Interest received
(39,613)
4,512

Taxation charge
150,968
1,183,578

Decrease in stocks
7,427,795
3,283,412

Decrease/(increase) in debtors
2,071,308
(6,656,651)

Decrease in amounts owed by groups
-
3,072,947

(Increase)/decrease in amounts owed by participating ints
(841,608)
-

(Decrease)/increase in creditors
(12,212,096)
2,050,067

Increase/(decrease) in amounts owed to groups
-
(7,595,126)

(Decrease)/increase in amounts owed to participating ints
(2,120,747)
207,628

Net fair value losses recognised in P&L
35,000
-

Share of operating (loss)/profit in joint ventures
(827)
2,028

Corporation tax (paid)/received
(1,981,708)
-

Loss on disposal of unlisted investments
180,827
-

Pre-acquisition profits
-
5,393,552

Net cash generated from operating activities

(6,429,890)
8,010,067


Cash flows from investing activities

Purchase of intangible fixed assets
-
(10,350)

Purchase of tangible fixed assets
(3,172)
(11,026)

Sale of unlisted and other investments
-
(594)

Government grants received
-
3,450

Sale of fixed asset investments
-
197

Purchase of share in joint ventures
-
(50)

Interest received
9,851
-

HP interest paid
(2,435)
(4,261)

Income from investments
29,762
(4,512)

Net cash from investing activities

34,006
(27,146)
Page 15

 
FREED HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022

£
£


Cash flows from financing activities

Issue of ordinary shares
-
2,401,471

Repayment of loans
-
(1,367,991)

Repayment of/new finance leases
(5,734)
(5,787)

Interest paid
(74,935)
(67,616)

Net cash used in financing activities
(80,669)
960,077

Net (decrease)/increase in cash and cash equivalents
(6,476,553)
8,942,998

Cash and cash equivalents at beginning of year
11,151,667
2,208,669

Cash and cash equivalents at the end of year
4,675,114
11,151,667


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,675,114
11,151,667

4,675,114
11,151,667


The notes on pages 18 to 40 form part of these financial statements.

Page 16

 
FREED HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023




At 1 May 2022
Cash flows
At 30 April 2023
£

£

£

Cash at bank and in hand

11,151,667

(6,476,553)

4,675,114

Debt due after 1 year

(988,000)

-

(988,000)

Debt due within 1 year

(47,101)

(5,249)

(52,350)

Finance leases

(40,452)

5,734

(34,718)


10,076,114
(6,476,068)
3,600,046

The notes on pages 18 to 40 form part of these financial statements.

Page 17

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Freed Holdings Limited is a private company limited by shares incorporated in England & Wales (registered number 02947182). The registered office is 101 New Cavendish Street, 1st Floor South London, United Kingdom, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 19

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
15-20% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 22

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.17

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 24

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 25

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Deferred tax
The company has potential deferred tax assets (Note 11 and 24). The recognition of deferred tax assets  is based upon whether it is probable that sufficient taxable profits will be available in the future against which the reversal of temporary differences can be used. Where the temporary differences relate to losses, the availability of the losses to offset against forecast taxable profits is also considered. Management has used its best estimate of the correct value of asset to recognise.
Investment properties
As described in the notes to the financial statements, investment properties are stated at fair value based on the valuation by the directors. The valuer used observable market prices adjusted as necessary for any difference in the nature, location or condition of the properties.
Fixed asset investments
The determination of whether there are indicators of impairment of the group's fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected performance of that unit.

Page 26

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rental fees and disposal of properties
16,359,131
21,251,249

Management fees
50,000
50,000

16,409,131
21,301,249


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
-
(3,081)

Government grants receivable
-
3,450

-
369



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
205,266
219,455


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,500
5,000

Page 27

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
519,501
706,047
-
-

Social security costs
47,004
72,394
-
-

Cost of defined contribution scheme
2,031
2,031
-
-

568,536
780,472
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
7
7
3
3


9.


Income from investments

2023
2022
£
£

Income from fixed asset investments
(29,762)
4,512

(29,762)
4,512







10.


Interest receivable

2023
2022
£
£


Other interest receivable
4,632
-

4,632
-

Page 28

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
74,935
67,617

Other loan interest payable
(5,219)
28,300

Finance leases and hire purchase contracts
2,435
4,261

72,151
100,178


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
553,168
1,183,578


553,168
1,183,578


Total current tax
553,168
1,183,578

Deferred tax


Origination and reversal of timing differences
(402,201)
-

Total deferred tax
(402,201)
-


Tax on profit
150,967
1,183,578
Page 29

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
948,854
7,892,937


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
180,282
1,499,658

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
487,657

Capital allowances for year in excess of depreciation
-
(1,005)

Utilisation of tax losses
372,886
(392,723)

Short-term timing difference leading to an increase (decrease) in taxation
(402,201)
-

Non-taxable income
-
(286,216)

Dividends from UK companies
-
(78,565)

Unrelieved tax losses carried forward
-
14,218

Group relief
-
(59,446)

Total tax charge for the year
150,967
1,183,578


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Exceptional items

2023
2022
£
£


Loan write backs
(806,029)
-

(806,029)
-

Page 30

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Intangible assets

Group and Company





Computer software

£



Cost


At 1 May 2022
10,350



At 30 April 2023

10,350



Amortisation


At 1 May 2022
173


Charge for the year on owned assets
2,070



At 30 April 2023

2,243



Net book value



At 30 April 2023
8,107



At 30 April 2022
10,177



Page 31

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
69,638
58,976
92,477
1,048
222,139


Additions
-
-
1,939
1,233
3,172



At 30 April 2023

69,638
58,976
94,416
2,281
225,311



Depreciation


At 1 May 2022
27,602
53,125
73,826
262
154,815


Charge for the year on owned assets
17,409
986
4,519
570
23,484



At 30 April 2023

45,011
54,111
78,345
832
178,299



Net book value



At 30 April 2023
24,627
4,865
16,071
1,449
47,012



At 30 April 2022
42,036
5,851
18,651
786
67,324

Page 32

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Fixed asset investments

Group





Unlisted investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 May 2022
257,742
2,514
260,256


Disposals
(180,827)
-
(180,827)


Share of profit/(loss)
-
827
827



At 30 April 2023
76,915
3,341
80,256




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
9,399,454


Additions
923,587



At 30 April 2023
10,323,041




Page 33

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

DFE Projects Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
DFEP No 1 Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
DFEP No 2 Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Cribbs Triangle Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Deeley Freed Developments Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Deeley Freed Estates Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Deeley Freed (Assett) Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Deeley Freed (Penhalt) Limited
7 Whiteladies Road, Bristol, BS8 1NN
Ordinary
100%
Sydney Freed (Holdings)
101 New Cavendish Street, 1st Floor South, London, England, W1W 6XH
Ordinary
100%
Gendyke Properties Limited
101 New Cavendish Street, 1st Floor South, London, England, W1W 6XH
Ordinary
100%
Ventureline Limited
101 New Cavendish Street, 1st Floor South, London, England, W1W 6XH
Ordinary
100%

Page 34

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Subsidiary undertakings (continued)



Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

DFE Projects Limited
8,355,454
4,427,556

DFEP No 1 Limited
5,941
183,826

DFEP No 2 Limited
94,461
43,797

Cribbs Triangle Limited
467,927
7,280,967

Deeley Freed Developments Limited
(89,129)
(69,847)

Deeley Freed Estates Limited
1,458,870
49,101

Deeley Freed (Assett) Limited
31,779
(403,861)

Deeley Freed (Penhalt) Limited
25,291
1,292,652

Sydney Freed (Holdings)
6,390,238
(421,736)

Gendyke Properties Limited
537,026
(171,523)

Ventureline Limited
822,626
3,449,511

Page 35

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2022
2,520,000


Deficit on revaluation
(35,000)



At 30 April 2023
2,485,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,093,900
4,141,291

4,093,900
4,141,291





18.


Stocks

Group
Group
2023
2022
£
£

Work in progress
45,740
6,296,579

Long-term contract balances
-
1,176,957

45,740
7,473,536


Page 36

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Debtors

Group
Group
2023
2022
£
£



Trade debtors
107,071
56,642

Amounts owed by joint ventures and associated undertakings
843,116
1,508

Other debtors
6,172,792
3,524,604

Prepayments and accrued income
274,612
5,044,536

Deferred taxation
402,201
-

7,799,792
8,627,290



20.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
4,675,114
11,151,667

4,675,114
11,151,667



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
67,841
315,329
-
-

Amounts owed to group undertakings
-
-
6,525,342
1,133,040

Amounts owed to other participating interests
73,330
1,270,612
-
-

Corporation tax
553,168
1,981,707
-
-

Other taxation and social security
883,774
3,850,021
-
-

Obligations under finance lease and hire purchase contracts
8,169
8,169
-
-

Other creditors
86,670
70,673
52,350
47,101

Accruals and deferred income
206,483
6,750,214
882,675
5,327,433

1,879,435
14,246,725
7,460,367
6,507,574


Page 37

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
988,000
988,000

Net obligations under finance leases and hire purchase contracts
26,546
32,282

Amounts owed to other participating interests
1,326,305
2,249,770

Other creditors
-
2,289,096

2,340,851
5,559,148





23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£



Amounts falling due in more than one year

Bank loans
988,000
988,000


988,000
988,000


988,000
988,000



24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
8,169
8,169

Between 1-5 years
26,549
32,283

34,718
40,452

Page 38

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

25.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
4,675,114
11,151,667
-
-

Financial assets that are debt instruments measured at amortised cost
7,103,515
3,538,568
-
-

11,778,629
14,690,235
-
-


Financial liabilities

Financial liabilities measured at amortised cost
(1,389,901)
(9,386,464)
(52,350)
(47,101)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise of trade and other debtors.


Financial liabilities measured at amortised cost comprise of trade and other creditors,accruals and other loans.


26.


Deferred taxation


Group



2023


£






Charged to profit or loss
402,201



At end of year
402,201

Group
2023
£

Revaluation of investment properties
402,201

402,201

Page 39

 
FREED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

27.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



175,000 (2022 - 175,000) Ordinary class A shares of £1.00 each
175,000
175,000
75,000 (2022 - 75,000) Ordinary class B shares of £1.00 each
75,000
75,000

250,000

250,000



28.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the company's shares are issued at an amount in excess of the nominal value.

Other reserves

Other reserves includes revaluation of investment property, net of related tax.

Profit and loss account

This reserve relates to the cumulative profit earned by the company less amounts distributed to shareholders.


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £2,031 (2022: £2,031).


30.


Related party transactions

The group has taken advantage of the exemption conferred by Section 33.1A of FRS 102 not to disclose transactions with wholly owned subsidiaries of its parent undertaking Freed Holdings Limited.

 
Page 40