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REGISTERED NUMBER: NI024700 (Northern Ireland)













FREEWAY DEVELOPMENTS (N I) LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


FREEWAY DEVELOPMENTS (N I) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: P M Rainey
M G Rainey



SECRETARY: P M Rainey



REGISTERED OFFICE: 37a Malone Park
Belfast
BT9 6NL



REGISTERED NUMBER: NI024700 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Santander Business Banking
Bridle Road
Bootle
Liverpool
L30 4GB

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FREEWAY DEVELOPMENTS (N I) LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


21 January 2025

FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 575 986
Investment property 5 9,665,865 9,665,865
9,666,440 9,666,851

CURRENT ASSETS
Debtors 6 107,957 30,809
Cash at bank 889,931 1,003,172
997,888 1,033,981
CREDITORS
Amounts falling due within one year 7 123,206 108,247
NET CURRENT ASSETS 874,682 925,734
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,541,122

10,592,585

CREDITORS
Amounts falling due after more than one year 8 (7,044,870 ) (7,045,631 )

PROVISIONS FOR LIABILITIES (481,371 ) (481,371 )
NET ASSETS 3,014,881 3,065,583

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,014,879 3,065,581
SHAREHOLDERS' FUNDS 3,014,881 3,065,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)

BALANCE SHEET - continued
30 APRIL 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 21 January 2025 and were signed on its behalf by:





P M Rainey - Director


FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Freeway Developments (N I) Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% straight line
Fixtures & fittings - 10% straight line
Computer equipment - 25% straight line

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 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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Freehold Fixtures Computer
property & fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023
and 30 April 2024 144,605 4,113 1,159 149,877
DEPRECIATION
At 1 May 2023 144,605 3,127 1,159 148,891
Charge for year - 411 - 411
At 30 April 2024 144,605 3,538 1,159 149,302
NET BOOK VALUE
At 30 April 2024 - 575 - 575
At 30 April 2023 - 986 - 986

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 9,665,865
NET BOOK VALUE
At 30 April 2024 9,665,865
At 30 April 2023 9,665,865

Investment property was valued on an open market basis on 30 April 2010 by Craig Sheenan Chartered Surveyors.

The directors have determined that valuations of the investment properties remain unchanged up to 30 April 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,500 3,300
Other debtors 92,457 27,509
107,957 30,809

FREEWAY DEVELOPMENTS (N I) LTD (REGISTERED NUMBER: NI024700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,866 7,334
Taxation and social security 1,242 9,302
Other creditors 111,098 91,611
123,206 108,247

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,044,870 7,045,631

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 7,044,870 7,045,631

9. RELATED PARTY DISCLOSURES

The beneficial interest in the properties mentioned in note 7 belongs to Freeway Developments (Nl) Limited. The loans shown on note 10 of £7,044,870 on some / all of these properties, have been taken out in the names of Mr P M Rainey, Mrs M J Rainey and / or Mr M G Rainey to facilitate financing of the property purchases only. Mr P M Rainey and Mr M G Rainey are directors of Freeway Developments (Nl) Limited, and Mrs M J Rainey is Mr P M Rainey's wife.

At 30 April 2024 the company owed members of key management personnel £150 (£19 at 30 April 2023). No interest is being charged on this loan. The loan is presented within creditors: amounts falling due within one year.