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Registered number: 12605731
Freetown Investments Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
IAK ACCOUNTANTS AND CONSULTANTS LTD
Cuffley Place Office 112
Sopers Road
Cuffley
EN6 4SG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12605731
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,302,525 1,277,530
1,302,525 1,277,530
CURRENT ASSETS
Cash at bank and in hand - 30,124
- 30,124
Creditors: Amounts Falling Due Within One Year 6 (5,780 ) (27,972 )
NET CURRENT ASSETS (LIABILITIES) (5,780 ) 2,152
TOTAL ASSETS LESS CURRENT LIABILITIES 1,296,745 1,279,682
Creditors: Amounts Falling Due After More Than One Year 7 (1,365,446 ) (1,323,988 )
NET LIABILITIES (68,701 ) (44,306 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (68,801 ) (44,406 )
SHAREHOLDERS' FUNDS (68,701) (44,306)
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Marina Kyprianou Issaia
Director
15th January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Freetown Investments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12605731 . The registered office is Cuffley Place, Office Suite 112, Sopers Road, Cuffley, EN6 4SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 20% on reducing basis
Fixtures & Fittings 20% on reducing basis
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 1,252,500 26,252 30,630 1,309,382
Additions 30,000 - - 30,000
As at 31 May 2024 1,282,500 26,252 30,630 1,339,382
Depreciation
As at 1 June 2023 - 14,700 17,152 31,852
Provided during the period - 2,310 2,695 5,005
As at 31 May 2024 - 17,010 19,847 36,857
Net Book Value
As at 31 May 2024 1,282,500 9,242 10,783 1,302,525
As at 1 June 2023 1,252,500 11,552 13,478 1,277,530
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,499 21,766
Bank loans and overdrafts 4,281 1,222
Other creditors (1) - 4,984
5,780 27,972
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 605,000 605,000
Other Loans 225,158 -
Directors loan account 535,288 46,888
Amounts owed to group undertakings - 672,100
1,365,446 1,323,988
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4