IRIS Accounts Production v24.1.4.33 12349997 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123499972022-12-31123499972023-12-31123499972023-01-012023-12-31123499972021-12-31123499972022-01-012022-12-31123499972022-12-3112349997ns15:EnglandWales2023-01-012023-12-3112349997ns14:PoundSterling2023-01-012023-12-3112349997ns10:Director12023-01-012023-12-3112349997ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112349997ns10:SmallEntities2023-01-012023-12-3112349997ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3112349997ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112349997ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112349997ns10:FullAccounts2023-01-012023-12-3112349997ns10:OrdinaryShareClass12023-01-012023-12-3112349997ns10:Director22023-01-012023-12-3112349997ns10:RegisteredOffice2023-01-012023-12-3112349997ns5:CurrentFinancialInstruments2023-12-3112349997ns5:CurrentFinancialInstruments2022-12-3112349997ns5:Non-currentFinancialInstruments2023-12-3112349997ns5:Non-currentFinancialInstruments2022-12-3112349997ns5:ShareCapital2023-12-3112349997ns5:ShareCapital2022-12-3112349997ns5:RetainedEarningsAccumulatedLosses2023-12-3112349997ns5:RetainedEarningsAccumulatedLosses2022-12-3112349997ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112349997ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112349997ns5:Secured2023-12-3112349997ns5:Secured2022-12-3112349997ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 12349997 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FR LAND & PROPERTY LTD

FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FR LAND & PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Frampton
S P Roebuck





REGISTERED OFFICE: 28 New Elvet
Durham
DH1 3AL





REGISTERED NUMBER: 12349997 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 970,000 375,000

CURRENT ASSETS
Debtors 5 48,446 40,495
Cash at bank 50,935 179,784
99,381 220,279
CREDITORS
Amounts falling due within one year 6 384,728 358,489
NET CURRENT LIABILITIES (285,347 ) (138,210 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

684,653

236,790

CREDITORS
Amounts falling due after more than one
year

7

(590,257

)

(212,199

)

PROVISIONS FOR LIABILITIES (13,018 ) (4,403 )
NET ASSETS 81,378 20,188

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 81,376 20,186
SHAREHOLDERS' FUNDS 81,378 20,188

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





S P Roebuck - Director


FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)

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

1. STATUTORY INFORMATION

FR Land & Property 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.

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 derives from rent due from properties held for investment. Income is recognised on a receivable basis.

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.

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 375,000
Additions 558,750
Revaluations 36,250
At 31 December 2023 970,000
NET BOOK VALUE
At 31 December 2023 970,000
At 31 December 2022 375,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 970,000

The property was valued at fair value by the director on the 31 December 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 48,446 40,495

FR LAND & PROPERTY LTD (REGISTERED NUMBER: 12349997)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,890 6,890
Taxation and social security 9,693 1,407
Other creditors 358,145 350,192
384,728 358,489

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 590,257 212,199

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 517,696 184,638

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 607,147 219,089

The above bank loans are secured on the properties to which they relate, shown within Investment Properties.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RESERVES

Included within retained earnings is £40,842 of undistributable reserves. This relates to the increase in valuation of the investment property, less deferred tax, which is recognised through the Income Statement.

11. RELATED PARTY DISCLOSURES

During the year a company which is related by way of its directors and shareholders also being directors and shareholders in this company maintained an interest free loan to this company. As at 31 December 2023, the balance on this loan was £348,993 (2022: £348,993) and is repayable on demand.