Company registration number 01398959 (England and Wales)
FRETLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FRETLINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FRETLINE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,173
35,250
Investment property
4
5,550,000
5,550,000
Investments
5
1
1
5,578,174
5,585,251
Current assets
Debtors
6
1,522,775
1,259,990
Cash at bank and in hand
3,072
9,899
1,525,847
1,269,889
Creditors: amounts falling due within one year
7
(671,048)
(517,141)
Net current assets
854,799
752,748
Total assets less current liabilities
6,432,973
6,337,999
Provisions for liabilities
8
(1,082,268)
(1,014,495)
Net assets
5,350,705
5,323,504
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
3,744,438
3,744,438
Profit and loss reserves
1,605,267
1,578,066
Total equity
5,350,705
5,323,504
FRETLINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
Ashby R Hartley
Director
Company registration number 01398959 (England and Wales)
FRETLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Fretline Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Meadows, Sheephill Road, Ringinglow, Sheffield, S11 7TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% straight line
Motor vehicles
20% straight line

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FRETLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the 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 and loans from fellow group companies, are initially recognised at transaction price. 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

FRETLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
7,938
35,385
43,323
Depreciation and impairment
At 1 October 2023
7,938
135
8,073
Depreciation charged in the year
-
0
7,077
7,077
At 30 September 2024
7,938
7,212
15,150
Carrying amount
At 30 September 2024
-
0
28,173
28,173
At 30 September 2023
-
0
35,250
35,250
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
5,550,000
FRETLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Investment property
(Continued)
- 6 -

The investment properties were valued on 30 September 2024 by the directors, at their estimated open market basis.

 

On a historical cost basis, freehold properties would have been included at an original cost of £869,180 (2023: £869,180), and long leasehold properties would have been included at an original cost of £366,382 (2023: £366,382).

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,730
11,050
Corporation tax recoverable
1,536
1,523
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,496,997
1,241,612
Other debtors
5,512
5,805
1,522,775
1,259,990
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,848
42,550
Amounts owed to undertakings in which the company has a participating interest
578,144
441,661
Taxation and social security
12,036
4,196
Accruals and deferred income
34,020
28,734
671,048
517,141

 

8
Provisions for liabilities
2024
2023
£
£
Other provisions
554,268
466,495
Deferred tax liabilities
528,000
548,000
1,082,268
1,014,495
FRETLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Provisions for liabilities
(Continued)
- 7 -
Movements on provisions apart from deferred tax liabilities:
Other provisions
£
At 1 October 2023
466,495
Additional provisions in the year
105,750
Utilisation of provision
(17,977)
At 30 September 2024
554,268
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Related party transactions

The company has balances with its fellow associated companies: A balance is due to ARH Management Services Limited of £578,144 (2023:£441,661) and a balance is due from Motspa Holdings Limited of £1,496,997 (2023:£1,241,612). The company and Motspa Holdings Limited each own 50% of ARH Management Services Limited. These balances are unsecured, interest free and without fixed repayment terms.

2024-09-302023-10-01falsefalsefalse23 December 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityA R HartleyAshby R HartleyC H Hartley013989592023-10-012024-09-30013989592024-09-30013989592023-09-3001398959core:FurnitureFittings2024-09-3001398959core:MotorVehicles2024-09-3001398959core:FurnitureFittings2023-09-3001398959core:MotorVehicles2023-09-3001398959core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3001398959core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3001398959core:CurrentFinancialInstruments2024-09-3001398959core:CurrentFinancialInstruments2023-09-3001398959core:ShareCapital2024-09-3001398959core:ShareCapital2023-09-3001398959core:RevaluationReserve2024-09-3001398959core:RevaluationReserve2023-09-3001398959core:RetainedEarningsAccumulatedLosses2024-09-3001398959core:RetainedEarningsAccumulatedLosses2023-09-3001398959bus:Director22023-10-012024-09-3001398959core:FurnitureFittings2023-10-012024-09-3001398959core:MotorVehicles2023-10-012024-09-30013989592022-10-012023-09-3001398959core:FurnitureFittings2023-09-3001398959core:MotorVehicles2023-09-30013989592023-09-3001398959core:WithinOneYear2024-09-3001398959core:WithinOneYear2023-09-3001398959bus:PrivateLimitedCompanyLtd2023-10-012024-09-3001398959bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3001398959bus:FRS1022023-10-012024-09-3001398959bus:AuditExemptWithAccountantsReport2023-10-012024-09-3001398959bus:Director12023-10-012024-09-3001398959bus:Director32023-10-012024-09-3001398959bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP