Company registration number 01843145 (England and Wales)
FRESHSHIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FRESHSHIRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FRESHSHIRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,620,000
3,800,000
Current assets
Debtors
4
105,403
-
0
Cash at bank and in hand
76,555
516,069
181,958
516,069
Creditors: amounts falling due within one year
5
(629,632)
(1,211,667)
Net current liabilities
(447,674)
(695,598)
Total assets less current liabilities
3,172,326
3,104,402
Provisions for liabilities
6
(468,251)
(513,251)
Net assets
2,704,075
2,591,151
Capital and reserves
Called up share capital
8
1,000
1,000
Non-distributable profits reserve
1,592,922
1,727,922
Distributable profit and loss reserves
1,110,153
862,229
Total equity
2,704,075
2,591,151

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 March 2025 and are signed on its behalf by:
A B Zogolovitch
Director
Company registration number 01843145 (England and Wales)
FRESHSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Freshshire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.3
Investment property

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. Changes in fair value are recognised in profit or loss.

The cumulative revaluation surplus relating to investment properties is voluntarily transferred to a nondistributable profit reserve from the profit and loss reserve net of any deferred tax provision on the gain. Upon realisation of the gain, the surplus relating to the profit is transferred back to the profit and loss reserve.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FRESHSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
FRESHSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 October 2023
3,800,000
Revaluations
(180,000)
At 30 September 2024
3,620,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an fair value basis by reference to market evidence of transaction prices for similar properties. The original cost of the investment property is £1,558,827 (2023: £1,558,827).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,038
-
0
Other debtors
79,365
-
0
105,403
-
0
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
486,000
1,018,000
Corporation tax
-
0
52,866
Other taxation and social security
12,523
12,574
Other creditors
131,109
128,227
629,632
1,211,667
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
468,251
513,251
FRESHSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Unrealised capital gain
468,251
513,251
2024
Movements in the year:
£
Liability at 1 October 2023
513,251
Credit to profit or loss
(45,000)
Liability at 30 September 2024
468,251
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between members of the group provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

10
Parent company

The intermediate parent company is Lake Estates Limited, a company incorporated in the UK. It's registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.

 

The company has no ultimate controlling party.

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