Registered number
13440370
FRAYSLEA LIMITED
Filleted Accounts
30 June 2024
FRAYSLEA LIMITED
Registered number: 13440370
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 911 -
Investments 4 295,315 295,315
296,226 295,315
Current assets
Debtors 5 898 81
Cash at bank and in hand 1,240 4,474
2,138 4,555
Creditors: amounts falling due within one year 6 (135,601) (140,256)
Net current liabilities (133,463) (135,701)
Total assets less current liabilities 162,763 159,614
Creditors: amounts falling due after more than one year 7 (158,532) (156,021)
Net assets 4,231 3,593
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 3,231 2,593
Shareholder's funds 4,231 3,593
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nadesan Mylvaganam
Director
Approved by the board on 16 March 2025
FRAYSLEA LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover derives from rental income. Rental income is recognised on an accruals basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years straight line basis.
Investments
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. The profit or loss on revaluation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,139
At 30 June 2024 1,139
Depreciation
Charge for the year 228
At 30 June 2024 228
Net book value
At 30 June 2024 911
4 Investment Property
Other
investments
£
Cost
At 1 July 2023 295,315
At 30 June 2024 295,315
The company's investment property was subject to revaluation at open market value at the period end, carried out by the director.
5 Debtors 2024 2023
£ £
Other debtors 898 81
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 170 511
Other creditors 135,431 139,745
135,601 140,256
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 158,532 156,021
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 158,532 156,021
The bank loan is secured by first legal charge over the investment property of the company.
9 Related party transactions
Other creditors include an amount of £134,636 (2023: £139,070) due to the director of the company and it is repayable on demand.
10 Other information
FRAYSLEA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
6 Milton Close
Hayes
Middlesex
UB4 0DE
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