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2023-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
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COMPANY REGISTRATION NUMBER:
09513824
Freeman's Venues Management Services Ltd |
|
Filleted Unaudited Financial Statements |
|
Freeman's Venues Management Services Ltd |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Freeman's Venues Management Services Ltd |
|
Officers and Professional Advisers |
|
The board of directors |
Mr A Freeman |
|
Mrs J Freeman |
|
|
Registered office |
The Gardeners Cottage |
|
High Street |
|
Duddington |
|
Stamford |
|
PE9 3QE |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Freeman's Venues Management Services Ltd |
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Freeman's Venues Management Services Ltd |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Freeman's Venues Management Services Ltd for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Freeman's Venues Management Services Ltd, as a body, in accordance with the terms of our engagement letter dated 13 July 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Freeman's Venues Management Services Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freeman's Venues Management Services Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Freeman's Venues Management Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Freeman's Venues Management Services Ltd. You consider that Freeman's Venues Management Services Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Freeman's Venues Management Services Ltd. 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 statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
30 January 2025
Freeman's Venues Management Services Ltd |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
4,618,993 |
4,449,981 |
|
|
|
|
|
Current assets
Debtors |
6 |
59,995 |
|
140,283 |
Cash at bank and in hand |
37 |
|
4,269 |
|
-------- |
|
--------- |
|
60,032 |
|
144,552 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,939,868 |
|
2,238,560 |
|
------------ |
|
------------ |
Net current liabilities |
|
2,879,836 |
2,094,008 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,739,157 |
2,355,973 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
1,200,152 |
1,174,104 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
575,092 |
618,952 |
|
|
------------ |
------------ |
Net (liabilities)/assets |
|
(
36,087) |
562,917 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
500 |
500 |
Revaluation reserve |
|
358,517 |
621,017 |
Fair value reserve |
|
1,366,759 |
1,235,839 |
Profit and loss account |
|
(
1,761,863) |
(
1,294,439) |
|
|
------------ |
------------ |
Shareholders (deficit)/funds |
|
(
36,087) |
562,917 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of financial statements
.
Freeman's Venues Management Services Ltd |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
30 January 2025
, and are signed on behalf of the board by:
Allen Freeman Director
Company registration number:
09513824
Freeman's Venues Management Services Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gardeners Cottage, High Street, Duddington, Stamford, PE9 3QE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.
Revenue recognition
Turnover is measured based upon income actually received from Rutland Point being a combination of income from serviced hotel bedrooms and income from the café. All income is stated net of VAT and any discounts allowed.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax has been recognised on the unrealised revaluation gains with the charge for the year being credited to the revaluation reserve.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as below. It has been determined that due to the ongoing increase in valuation for Rutland Point the property with the asset class of Property, Plant & Equipment will not be depreciated.
|
Fixtures, fittings & Equipment |
- |
20% reducing balance |
|
Furniture |
- |
25% reducing balance |
|
|
|
|
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
At 1 January 2023 |
Additions |
Revaluation |
At 31 December 2023 |
|
£ |
£ |
£ |
£ |
Cost or value |
|
|
|
|
Investment property |
3,297,476 |
345,771 |
174,561 |
3,817,808 |
F F & Equipment |
124,766 |
12,670 |
– |
137,436 |
Furniture |
63,800 |
– |
– |
63,800 |
Property |
1,100,000 |
– |
(
350,000) |
750,000 |
|
------------ |
--------- |
--------- |
------------ |
|
4,586,042 |
358,441 |
(
175,439) |
4,769,044 |
|
------------ |
--------- |
--------- |
------------ |
|
|
|
|
|
|
At 1 January 2023 |
Charge for the year |
At 31 December 2023 |
|
£ |
£ |
£ |
Depreciation |
|
|
|
Investment property |
– |
– |
– |
F F & Equipment |
91,353 |
9,217 |
100,570 |
Furniture |
44,708 |
4,773 |
49,481 |
|
------------ |
--------- |
--------- |
|
136,061 |
13,990 |
150,051 |
|
------------ |
--------- |
--------- |
|
|
|
|
|
At 31 December 2023 |
At 31 December 2022 |
|
£ |
£ |
Carrying amount |
|
|
Investment property |
3,817,808 |
3,297,476 |
F F & Equipment |
36,866 |
33,413 |
Furniture |
14,319 |
19,092 |
Property |
750,000 |
1,100,000 |
|
------------ |
------------ |
|
4,618,993 |
4,449,981 |
|
------------ |
------------ |
|
|
|
The Water Mill, which is group of properties, were valued in June 2023 by Nansi Rose MRICS, of Pinders Professional & Consultancy Services Ltd. The valuation of £2,900,000 was on an open market basis assuming vacant possession. The residual balance within investment property is made up of a residential property and a paddock. The director is of the opinion that there has been no material change in the value of the residential property and paddock during the period and has therefore not arranged for a formal revaluation. Included within the Company's property class of fixed assets is Rutland Point, Glaston. This property comprises of a café and a number of serviced bedrooms. This property has been revalued by the director at a market value of £750,000. The director is of the opinion that this revaluation reflects the market value of the property as at the period end.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
1,200 |
Prepayments and accrued income |
43,822 |
129,997 |
Other debtors |
16,173 |
9,086 |
|
-------- |
--------- |
|
59,995 |
140,283 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
6,620 |
5,517 |
Trade creditors |
12,796 |
9,502 |
Accruals and deferred income |
46,433 |
24,069 |
Corporation tax |
2,400 |
1,400 |
Social security and other taxes |
11,605 |
8,331 |
Obligations under finance leases and hire purchase contracts |
10,821 |
– |
Director loan accounts |
628,241 |
291,144 |
Other creditors |
2,220,952 |
1,898,597 |
|
------------ |
------------ |
|
2,939,868 |
2,238,560 |
|
------------ |
------------ |
|
|
|
Bybrook Finance Solutions Limited hold two unlimited debentures creating a fixed and floating charge over all assets of the company. The loans totalling £311,600 (2022: £306,000) are included within Other Creditors and repayable on demand. Interest charged of 8% per annum is payable on a monthly basis. Twin Finance One Limited holds a legal charge over the company assets known as Rutland Point and the freehold property known as the land lying to the north of Rutland Point. The loans totalling £89,600 (2022: £89,600) included within Other Creditors and repayable on demand. Interest charged of 12% per annum is payable on a monthly basis. During the year the company refinanced the entire Lowry Capital Limited loan with GFS 1 Limited. GFS 1Limited holds a fixed and floating charge over the property known as The Water Mill. The loan totalling £1,819,752 is included within Other Creditors and repayable on demand. Interest is charged at an annual rate of 11.04%.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
746,358 |
752,978 |
Obligations under finance leases and hire purchase contracts |
28,468 |
– |
Other creditors |
425,326 |
421,126 |
|
------------ |
------------ |
|
1,200,152 |
1,174,104 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £710,500 (2022: £710,500) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Octane Property Finance 4 Limited holds a legal charge over the company asset known as The Gardeners Cottage in respect of loan advances repayable within 5 years. Shawbrook Bank Limited holds a legal charge over the company asset known as Rutland Point in respect of loan advances repayable after 5 years.