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REGISTERED NUMBER: 01333352 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Frithgarth Properties Ltd

Frithgarth Properties Ltd (Registered number: 01333352)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Frithgarth Properties Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C J E Hall
Mrs R Hall





SECRETARY: Mrs R Hall





REGISTERED OFFICE: Unit 14 Finchley Avenue
Mildenhall Industrial Estate
Mildenhall
Suffolk
IP28 7BG





REGISTERED NUMBER: 01333352 (England and Wales)





ACCOUNTANTS: Knights Lowe
Chartered Accountants
Eldo House, Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Frithgarth Properties Ltd (Registered number: 01333352)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,036 13,106
Investment property 5 1,250,000 1,250,000
1,260,036 1,263,106

CURRENT ASSETS
Debtors 6 294,007 228,727
Cash at bank 47,715 53,911
341,722 282,638
CREDITORS
Amounts falling due within one year 7 199,809 173,591
NET CURRENT ASSETS 141,913 109,047
TOTAL ASSETS LESS CURRENT LIABILITIES 1,401,949 1,372,153

CREDITORS
Amounts falling due after more than one
year

8

(111,073

)

(128,117

)

PROVISIONS FOR LIABILITIES 10 (71,494 ) (71,654 )
NET ASSETS 1,219,382 1,172,382

CAPITAL AND RESERVES
Called up share capital 11 34,313 34,313
Non distributable reserves 12 609,772 609,772
Capital redemption reserve 10,530 10,530
Retained earnings 564,767 517,767
SHAREHOLDERS' FUNDS 1,219,382 1,172,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Frithgarth Properties Ltd (Registered number: 01333352)

Balance Sheet - continued
31 January 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





C J E Hall - Director


Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Frithgarth Properties Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income received in advance is treated as deferred income and included in other creditors. Rental income received in arrears is accrued and included within prepayments and accrued income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at fair value. Any aggregate surplus of deficit arising from changes in fair value are recognised in the profit or loss and transfered to an un-distributable reserve.

Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Impairment policy
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 23,777
DEPRECIATION
At 1 February 2023 10,671
Charge for year 3,070
At 31 January 2024 13,741
NET BOOK VALUE
At 31 January 2024 10,036
At 31 January 2023 13,106

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 1,250,000
NET BOOK VALUE
At 31 January 2024 1,250,000
At 31 January 2023 1,250,000

Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2008 381,266
Valuation in 2016 25,000
Valuation in 2022 275,000
Cost 568,734
1,250,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 568,734 568,734

The investment property was valued on a fair value basis on 31 January 2022 by the Directors .

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 237,582 172,302

Amounts falling due after more than one year:
Other debtors 56,425 56,425

Aggregate amounts 294,007 228,727

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 16,049 29,633
Other creditors 183,760 143,958
199,809 173,591

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 111,073 128,117

Amounts falling due in more than five years:

Repayable by instalments
Mortgage - over 5 years - 7,668

Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 292,533 122,222
Mortgage - 147,723
292,533 269,945

The loans are secured on the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances - 160
Property revaluation 71,494 71,494
71,494 71,654

Deferred
tax
£   
Balance at 1 February 2023 71,654
Credit to Income Statement during year (160 )
Property Revaluation
Balance at 31 January 2024 71,494

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
34,313 Ordinary Shares £1 34,313 34,313

12. RESERVES
Non
distributable
reserves
£   
At 1 February 2023
and 31 January 2024 609,772

Frithgarth Properties Ltd (Registered number: 01333352)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
C J E Hall
Balance outstanding at start of year 171,984 114,770
Amounts advanced 65,777 57,838
Amounts repaid (624 ) (624 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 237,137 171,984