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REGISTERED NUMBER: 05103965 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FREEGATE LTD

FREEGATE LTD (REGISTERED NUMBER: 05103965)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FREEGATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: I Krausz





REGISTERED OFFICE: 115 Craven Park Road
London
N15 6BL





REGISTERED NUMBER: 05103965 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

FREEGATE LTD (REGISTERED NUMBER: 05103965)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 7,313 8,603
Investments 6 1 1
Investment property 7 4,007,500 4,007,500
4,014,814 4,016,104

CURRENT ASSETS
Debtors 8 2,382,354 2,385,768
Investments 9 14,000 14,000
Cash at bank 29,851 54,470
2,426,205 2,454,238
CREDITORS
Amounts falling due within one year 10 (2,062,424 ) (2,074,870 )
NET CURRENT ASSETS 363,781 379,368
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,378,595

4,395,472

CREDITORS
Amounts falling due after more than one
year

11

(1,993,807

)

(2,019,947

)

PROVISIONS FOR LIABILITIES (263,896 ) (263,896 )
NET ASSETS 2,120,892 2,111,629

CAPITAL AND RESERVES
Called up share capital 14 2 2
Revaluation reserve 15 1,430,506 1,430,506
Retained earnings 15 690,384 681,121
SHAREHOLDERS' FUNDS 2,120,892 2,111,629

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 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.

FREEGATE LTD (REGISTERED NUMBER: 05103965)

STATEMENT OF FINANCIAL POSITION - 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 and authorized for issue by the director and authorised for issue on 28 October 2024 and were signed by:





I Krausz - Director


FREEGATE LTD (REGISTERED NUMBER: 05103965)

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

1. STATUTORY INFORMATION

Freegate 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable, excluding 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.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

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.

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 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.

FREEGATE LTD (REGISTERED NUMBER: 05103965)

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

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 21,885 456 22,341
DEPRECIATION
At 1 February 2023 13,282 456 13,738
Charge for year 1,290 - 1,290
At 31 January 2024 14,572 456 15,028
NET BOOK VALUE
At 31 January 2024 7,313 - 7,313
At 31 January 2023 8,603 - 8,603

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1
NET BOOK VALUE
At 31 January 2024 1
At 31 January 2023 1

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 4,007,500
NET BOOK VALUE
At 31 January 2024 4,007,500
At 31 January 2023 4,007,500

FREEGATE LTD (REGISTERED NUMBER: 05103965)

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

7. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2016 305,563
Valuation in 2021 1,388,929
Cost 2,313,008
4,007,500

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 15,771 19,185
Amounts owed by group undertakings 59,999 59,999
Other debtors 2,306,584 2,306,584
2,382,354 2,385,768

9. CURRENT ASSET INVESTMENTS
31.1.24 31.1.23
£    £   
Unlisted investments 14,000 14,000

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Taxation and social security 69,352 77,298
Other creditors 1,993,072 1,997,572
2,062,424 2,074,870

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 12) 1,993,807 2,019,947

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loan 1,993,807 -

Repayable by instalments
Bank loans more 5 yr by instal - 2,019,947

FREEGATE LTD (REGISTERED NUMBER: 05103965)

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

12. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loan 1,993,807 -

Repayable by instalments
Bank loans more 5 yr by instal - 2,019,947

13. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 1,993,807 2,019,947

Bank loan is secured by the way of first charge against the company's investment properties.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
2 Ordinary £1 2 2

15. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2023 681,121 1,430,506 2,111,627
Profit for the year 9,263 9,263
At 31 January 2024 690,384 1,430,506 2,120,890