Registered number
05207104
FREEHOLD PROPERTY LIMITED
Unaudited Filleted Accounts
31 August 2024
FREEHOLD PROPERTY LIMITED
Registered number: 05207104
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 216 270
Investments 4 2,643,846 2,262,572
2,644,062 2,262,842
Current assets
Stocks 71,141 71,141
Debtors 5 22,251 23,061
Cash at bank and in hand 481,053 902,614
574,445 996,816
Creditors: amounts falling due within one year 6 (30,644) (131,962)
Net current assets 543,801 864,854
Net assets 3,187,863 3,127,696
Capital and reserves
Called up share capital 16,334 16,334
Profit and loss account 3,171,529 3,111,362
Shareholders' funds 3,187,863 3,127,696
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 members have 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.
P C McIlroy
Director
Approved by the board on 30 April 2025
FREEHOLD PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 August 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 represent rent received.
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 20% reducing balance
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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 - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 2,424
At 31 August 2024 2,424
Depreciation
At 1 September 2023 2,154
Charge for the year 54
At 31 August 2024 2,208
Net book value
At 31 August 2024 216
At 31 August 2023 270
4 Investments
Other
investments
£
Cost
At 1 September 2023 2,262,572
Additions 381,274
At 31 August 2024 2,643,846
5 Debtors 2024 2023
£ £
Trade debtors 11,653 10,631
Other debtors 10,598 12,430
22,251 23,061
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 19,162 110,909
Other creditors 11,482 21,053
30,644 131,962
7 Other information
FREEHOLD PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
London
N7 8GR
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