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REGISTERED NUMBER: 07673615 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FIRETRIBE PROPERTIES LIMITED

FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FIRETRIBE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: D Arazy
M L Wyman





SECRETARY: H Wyman





REGISTERED OFFICE: Unit 3 Delta Court
Manor Way
Borehamwood
Hertfordshire
WD6 1FJ





REGISTERED NUMBER: 07673615 (England and Wales)





ACCOUNTANTS: MGR Weston Kay LLP
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL

FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Investment property 4 840,000 750,000

CURRENT ASSETS
Debtors 5 4,155 5,144
Investments 6 20,000 40,000
Cash at bank and in hand 22,831 10,850
46,986 55,994
CREDITORS
Amounts falling due within one
year

7

(119,768

)

(122,013

)
NET CURRENT LIABILITIES (72,782 ) (66,019 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

767,218

683,981

CREDITORS
Amounts falling due after more
than one year

8

(325,606

)

(338,606

)

PROVISIONS FOR LIABILITIES 9 (72,928 ) (55,428 )
NET ASSETS 368,684 289,947

CAPITAL AND RESERVES
Called up share capital 10 610 610
Capital redemption reserve 390 390
Retained earnings 367,684 288,947
SHAREHOLDERS' FUNDS 368,684 289,947

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

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

FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

BALANCE SHEET - continued
31 AUGUST 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 2 May 2025 and were signed on its behalf by:




D Arazy - Director



M L Wyman - Director


FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

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


1. STATUTORY INFORMATION

Firetribe Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Delta Court, Manor Way, Borehamwood, Hertfordshire, WD6 1FJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents rents receivable from tenants.

Investment properties
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 reporting end date. Changes in fair value are recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

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.

FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

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


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 750,000
Revaluations 90,000
At 31 August 2024 840,000
NET BOOK VALUE
At 31 August 2024 840,000
At 31 August 2023 750,000

The valuation of the investment properties was made as at 31 August 2024 by the directors of the company on an open market value basis. No depreciation is provided in respect of these properties.

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 371,659
Cost 468,341
840,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 2,746 2,836
Other debtors 1,409 2,308
4,155 5,144

6. CURRENT ASSET INVESTMENTS
31.8.24 31.8.23
£    £   
Other investments 20,000 40,000

The valuation of the joint ventures was made as at 31 August 2024 by the directors of the company on an open market value basis. No depreciation is provided in respect of these properties.

On an historical cost basis the properties would have been included at an original cost of £40,000 (2023: £40,000).

FIRETRIBE PROPERTIES LIMITED (REGISTERED NUMBER: 07673615)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Taxation and social security 8,596 4,566
Other creditors 111,172 117,447
119,768 122,013

Included in other creditors are amounts of £104,916 (2023: £109,916) owed to connected companies in which D Arazy and M L Wyman are both directors and shareholders. These loans are interest free and payable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Other creditors 325,606 338,606

Loans totalling £325,606 (2023: £338,606) are secured against investment properties held by the company.

9. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 72,928 55,428

Deferred
tax
£   
Balance at 1 September 2023 55,428
Provided during year 17,500
Balance at 31 August 2024 72,928

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
610 Ordinary 1 610 610