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REGISTERED NUMBER: 06190480 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

FREETOWN PROPERTY MANAGEMENT LIMITED

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREETOWN PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: R A Hornby
D A Hornby





SECRETARY: D A Hornby





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 06190480 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,856 3,962
Investment property 5 1,110,000 1,325,819
1,113,856 1,329,781

CURRENT ASSETS
Debtors 6 10,425 1,286
Cash at bank 8,722 22,938
19,147 24,224
CREDITORS
Amounts falling due within one year 7 298,189 479,025
NET CURRENT LIABILITIES (279,042 ) (454,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

834,814

874,980

CREDITORS
Amounts falling due after more than one
year

8

(220,850

)

(300,948

)

PROVISIONS FOR LIABILITIES (41,774 ) (31,748 )
NET ASSETS 572,190 542,284

CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 125,322 135,348
Retained earnings 446,867 406,935
SHAREHOLDERS' FUNDS 572,190 542,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

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

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

BALANCE SHEET - continued
31 JULY 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 29 January 2025 and were signed on its behalf by:




R A Hornby - Director



D A Hornby - Director


FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

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

1. STATUTORY INFORMATION

Freetown Property Management Limited 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 represents property rent recorded on a rent receivable basis.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income and retained earnings.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 18,146
Additions 514
At 31 July 2024 18,660
DEPRECIATION
At 1 August 2023 14,184
Charge for year 620
At 31 July 2024 14,804
NET BOOK VALUE
At 31 July 2024 3,856
At 31 July 2023 3,962

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 1,325,819
Disposals (215,819 )
At 31 July 2024 1,110,000
NET BOOK VALUE
At 31 July 2024 1,110,000
At 31 July 2023 1,325,819

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2024 167,096
Cost 942,904
1,110,000

If investment property had not been revalued it would have been included at the following historical cost:

31.7.24 31.7.23
£    £   
Cost 942,904 1,158,723

Investment property was valued on an open market basis on 31 July 2024 by the directors .

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 128 -
Other debtors 10,297 1,286
10,425 1,286

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 80,098 24,410
Trade creditors 889 2,720
Amounts owed to group undertakings 194,411 194,411
Taxation and social security 12,502 6,907
Other creditors 10,289 250,577
298,189 479,025

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 220,850 300,948

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 139,410 203,308

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 300,948 325,358

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
1 Ordinary £1 1 1

FREETOWN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 06190480)

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

11. RESERVES
Fair
value
reserve
£   
At 1 August 2023 135,348
Transfer non distributable reserve (10,026 )

At 31 July 2024 125,322

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
R A Hornby and D A Hornby
Balance outstanding at start of year - -
Amounts advanced 8,462 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,462 -

The above advance is due for permanent repayment on 15 April 2025.