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REGISTERED NUMBER: OC373454 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FREEDOM FIRE PROPERTIES LLP

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FREEDOM FIRE PROPERTIES LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: I R Sterland
Mrs S M Sterland





REGISTERED OFFICE: Great Northern House
Great Northern Terrace
Lincoln
Lincolnshire
LN5 8HJ





REGISTERED NUMBER: OC373454 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 780 2,694
Investment property 5 717,534 697,250
718,314 699,944

CURRENT ASSETS
Debtors 6 12,953 6,450
Cash at bank 47,407 43,884
60,360 50,334
CREDITORS
Amounts falling due within one year 7 22,066 11,968
NET CURRENT ASSETS 38,294 38,366
TOTAL ASSETS LESS CURRENT LIABILITIES 756,608 738,310

CREDITORS
Amounts falling due after more than one
year

8

104,350

124,735
NET ASSETS ATTRIBUTABLE TO MEMBERS 652,258 613,575

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

652,258

613,575

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 652,258 613,575

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 3 September 2024 and were signed by:





I R Sterland - Designated member

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Freedom Fire Properties LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting for Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income received net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement.

3. EMPLOYEE INFORMATION

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

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 8,051
DEPRECIATION
At 1 April 2023 5,357
Charge for year 1,914
At 31 March 2024 7,271
NET BOOK VALUE
At 31 March 2024 780
At 31 March 2023 2,694

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 697,250
Additions 20,284
At 31 March 2024 717,534
NET BOOK VALUE
At 31 March 2024 717,534
At 31 March 2023 697,250

The investment properties have been included at fair value which has been reliably measured by the members No professional valuation has been obtained.

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,058 3,150
Other debtors 10,895 3,300
12,953 6,450

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 15,951 10,658
Trade creditors 321 (1,701 )
Taxation and social security 3,734 691
Other creditors 2,060 2,320
22,066 11,968

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 104,350 124,735

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by installments 32,943 77,023
32,943 77,023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 120,301 135,393

FREEDOM FIRE PROPERTIES LLP (REGISTERED NUMBER: OC373454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.24 31.3.23
£    £   
Amounts owed to members in respect of profits 313,034 274,351
Fair value account 339,224 339,224
652,258 613,575

Falling due within one year 652,258 613,575

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.