Company No:
Contents
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 |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2024.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
|
|
|
|
|
Approved by the Board of Directors and signed on its behalf by:
A D Mann
Company secretary and director |
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.
Chartered Accountants
London
WC2A 1LS
2024 | 2023 | |||
£ | £ | |||
Turnover |
|
|
||
Administrative expenses | (
|
(
|
||
Other operating income |
|
|
||
Operating profit |
|
|
||
Income from other fixed asset investments |
|
|
||
Other non-operating income |
|
|
||
Profit before interest and taxation | 197,385 | 1,428,733 | ||
Interest receivable and similar income |
|
|
||
Interest payable and similar expenses | (
|
(
|
||
Profit before taxation |
|
|
||
Tax on profit | (
|
(
|
||
Profit for the financial year |
|
|
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
Investment property | 5 |
|
|
|
Investments | 6 |
|
|
|
21,000,221 | 20,816,162 | |||
Current assets | ||||
Debtors | 7 |
|
|
|
Cash at bank and in hand |
|
|
||
998,336 | 1,569,484 | |||
Creditors: amounts falling due within one year | 8 | (
|
(
|
|
Net current assets | 458,890 | 839,829 | ||
Total assets less current liabilities | 21,459,111 | 21,655,991 | ||
Provision for liabilities | 9 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Capital redemption reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Frys Properties Limited (registered number:
A D Mann
Company secretary and director |
Called-up share capital | Capital redemption reserve | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 01 April 2022 |
|
|
|
|
|||
Profit for the financial year |
|
|
|
|
|||
Total comprehensive income |
|
|
|
|
|||
Dividends paid on equity shares |
|
|
(
|
(
|
|||
At 31 March 2023 |
|
|
|
|
|||
At 01 April 2023 |
|
|
|
|
|||
Profit for the financial year |
|
|
|
|
|||
Total comprehensive income |
|
|
|
|
|||
Dividends paid on equity shares |
|
|
(
|
(
|
|||
At 31 March 2024 |
|
|
|
|
|||
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.
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 £.
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.
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.
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 |
|
Fixtures and fittings |
|
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
The average number of persons employed by the Company during the year, including directors |
|
|
2024 | 2023 | ||
£ | £ | ||
Current tax on profit | |||
UK corporation tax |
|
|
|
Tax attributable to investment income |
|
|
|
Total current tax |
|
|
|
Deferred tax | |||
Origination and reversal of timing differences |
|
|
|
Total deferred tax |
|
|
|
Total tax on profit |
|
|
Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Net book value | |||||
At 31 March 2024 |
|
|
|
||
At 31 March 2023 |
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
|
Additions | 90,155 |
Fair value movement | 107,588 |
As at 31 March 2024 |
|
The investment properties have been revalued to £18,561,269 (2023 - £18,253,526). Part of the investment property class was revalued at January 2020 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 (2023 - £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 £12,095,093 (2023 - £12,004,938)
Listed investments | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 April 2023 |
|
|
|
||
Additions |
|
|
|
||
Disposals | (
|
|
(
|
||
Movement in fair value | (
|
|
(
|
||
At 31 March 2024 |
|
|
|
||
Carrying value at 31 March 2024 |
|
|
|
||
Carrying value at 31 March 2023 |
|
|
|
Other investments is made up of a collection of artwork owned by the company.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to directors (note 10) |
|
|
|
Accruals and deferred income |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
|
(
|
|
Charged to the Profit and Loss Account | (
|
(
|
|
At the end of financial year | (
|
(
|
Transactions with the entity’s directors (or members of its governing body)
Amounts owed to directors
2024 | 2023 | ||
£ | £ | ||
At start of period | 287,005 | 646,718 | |
Repaid in the year | 0 | (384,555) | |
Interest transactions | 18,478 | 24,842 | |
|
|
The company has loans from its directors on which interest was due from 1 April 2023 to 30 September 2023 at a rate of 2.5% plus the base rate, and from 1 October 2023 to 31 March 2024 at a level equal to the base rate. The loans are repayable on demand and the carrying amount of the loans at the year-end was £305,483 (2023 - £287,005).
The ultimate controlling party is the directors.