Company registration number 14155468 (England and Wales)
THE FREIRE ESTATE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
THE FREIRE ESTATE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE FREIRE ESTATE LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
8,384
Investment property
4
308,162
316,546
Current assets
Cash at bank and in hand
4,167
Creditors: amounts falling due within one year
5
(21,827)
Net current liabilities
(17,660)
Total assets less current liabilities
298,886
Creditors: amounts falling due after more than one year
6
(338,420)
Net liabilities
(39,534)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(39,535)
Total equity
(39,534)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
Mr J Freire
Director
Company registration number 14155468 (England and Wales)
THE FREIRE ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
The Freire Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 First Avenue, Havant, Hampshire, PO9 2QN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the balance sheet date the company has net current liabilities of £17,660. Included in creditors are amounts totalling £359,587 which are attributable to the directors. The directors will not seek repayment of this balance until the company is in a position to do so. As such the directors believe the company will be able to meet the liabilities as they fall due and therefore the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from the tenant's of the company's investment property.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THE FREIRE ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 7 June 2022
Additions
10,389
At 30 June 2023
10,389
Depreciation and impairment
At 7 June 2022
Depreciation charged in the period
2,005
At 30 June 2023
2,005
Carrying amount
At 30 June 2023
8,384
4
Investment property
2023
£
Fair value
At 7 June 2022
Additions
308,162
At 30 June 2023
308,162
5
Creditors: amounts falling due within one year
2023
£
Other creditors
21,827
THE FREIRE ESTATE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
338,420