IRIS Accounts Production v24.2.0.383 06703059 director 1.9.22 31.8.23 31.8.23 true false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh067030592022-08-31067030592023-08-31067030592022-09-012023-08-31067030592021-08-31067030592021-09-012022-08-31067030592022-08-3106703059ns15:EnglandWales2022-09-012023-08-3106703059ns14:PoundSterling2022-09-012023-08-3106703059ns10:Director12022-09-012023-08-3106703059ns10:PrivateLimitedCompanyLtd2022-09-012023-08-3106703059ns10:SmallEntities2022-09-012023-08-3106703059ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3106703059ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3106703059ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-3106703059ns10:AbridgedAccounts2022-09-012023-08-3106703059ns10:OrdinaryShareClass12022-09-012023-08-3106703059ns10:RegisteredOffice2022-09-012023-08-3106703059ns5:CurrentFinancialInstruments2023-08-3106703059ns5:CurrentFinancialInstruments2022-08-3106703059ns5:Non-currentFinancialInstruments2023-08-3106703059ns5:Non-currentFinancialInstruments2022-08-3106703059ns5:ShareCapital2023-08-3106703059ns5:ShareCapital2022-08-3106703059ns5:RevaluationReserve2023-08-3106703059ns5:RevaluationReserve2022-08-3106703059ns5:RetainedEarningsAccumulatedLosses2023-08-3106703059ns5:RetainedEarningsAccumulatedLosses2022-08-3106703059ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-08-3106703059ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-08-3106703059ns5:Secured2023-08-3106703059ns5:Secured2022-08-3106703059ns10:OrdinaryShareClass12023-08-3106703059ns5:RevaluationReserve2022-08-31
REGISTERED NUMBER: 06703059 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

MY FREEHOLDS LIMITED

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


MY FREEHOLDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: H Kaveh Baghbadrani





REGISTERED OFFICE: 253 Wells Road
Malvern
Worcestershire
WR14 4JF





REGISTERED NUMBER: 06703059 (England and Wales)





ACCOUNTANTS: BK Plus Limited
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Investments 4 80,028 80,028
Investment property 5 2,654,000 2,654,000
2,734,028 2,734,028

CURRENT ASSETS
Debtors 1,012,244 853,485
Cash at bank 11,965 2,733
1,024,209 856,218
CREDITORS
Amounts falling due within one year (631,570 ) (582,858 )
NET CURRENT ASSETS 392,639 273,360
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,126,667

3,007,388

CREDITORS
Amounts falling due after more than
one year

6

(1,594,454

)

(1,594,498

)

PROVISIONS FOR LIABILITIES (223,367 ) (208,276 )
NET ASSETS 1,308,846 1,204,614

CAPITAL AND RESERVES
Called up share capital 8 2 2
Non-distributable reserve 9 1,052,313 1,007,042
Retained earnings 256,531 197,570
SHAREHOLDERS' FUNDS 1,308,846 1,204,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





H Kaveh Baghbadrani - Director


MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

My Freeholds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Going concern
The director has considered the working capital needs of the company for a period of greater than twelve months from the date of approval of these financial statements. The director concludes that he will be able to generate sufficient working capital funding through the support of himself and other companies that he controls to enable this company to operate as a going concern. As a result the director considers it appropriate to prepare these financial statements on the going concern basis of accounting.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

An amount equal to any upwards revaluation, net of the associated provision for deferred taxation, is transferred to a non-distributable reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 September 2022
and 31 August 2023 80,028
NET BOOK VALUE
At 31 August 2023 80,028
At 31 August 2022 80,028

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 2,654,000
Additions (60,362 )
Revaluations 60,362
At 31 August 2023 2,654,000
NET BOOK VALUE
At 31 August 2023 2,654,000
At 31 August 2022 2,654,000

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2020 40,000
Valuation in 2022 429,203
Valuation in 2023 60,362
Cost 2,124,435
2,654,000

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
31.8.23 31.8.22
£    £   
Repayable otherwise than by instalments
Bank loans 894,454 894,498

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 1,594,454 1,594,498

The bank loans are secured by legal charges over the company's freehold properties, supported by a personal guarantee from the director.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1 Ordinary £1 2 2

9. RESERVES
Non-distributable
reserve
£   
At 1 September 2022 1,007,042
Transfer to non-distributable
reserve 45,271

At 31 August 2023 1,052,313

MY FREEHOLDS LIMITED (REGISTERED NUMBER: 06703059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

10. RELATED PARTY DISCLOSURES

H Kaveh Baghbadrani
Shareholder and sole director
The director continued to advance funds to the company to enable it to purchase properties and to provide working capital funding. At the year end there was a balance owed to the director of £368,513 (2022: £345,513), which is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

Abbey College in Malvern Limited
Company in which Mr Kaveh Baghbadrani is a director
Abbey College in Malvern Limited continued to advance funds to the company to enable it to purchase properties and to provide working capital funding. At the year end was a balance owed to Abbey College in Malvern Limited of £237,691 (2022: £221,691), which is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

Crystalight Limited
Company under common control
During the year Crystalight Limited collected rents and paid expenses on the company's behalf and this company provided funding to the related party for the purchase and development of its properties and for working capital. At the year end there was a balance owed by Crystalight Limited of £1,006,653 (2022: £846,002), which is shown in 'other debtors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.

St Margaret's (Cheltenham) Limited
Wholly-owned subsidiary
During a previous year St Margaret's (Cheltenham) Limited paid expenses on the company's behalf. At the year end there was a balance owed to St Margaret's (Cheltenham) Limited of £200 (2022: £200), which is shown in 'other creditors' in these financial statements. This debt is unsecured; no terms of interest or repayment have been agreed.