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Registration number: 02928601

Freehold Securities Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Freehold Securities Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Freehold Securities Limited

Company Information

Directors

R Steinhouse

J Jackson-Shilling

Company secretary

S Whybrow

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Freehold Securities Limited

(Registration number: 02928601)
Balance Sheet as at 31 October 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

39,300

 

54,761

Investments

5

 

61,428

 

76,428

   

100,728

 

131,189

Current assets

   

 

Stocks

6

568,055

 

583,139

 

Debtors

7

5,908,624

 

5,341,463

 

Cash at bank and in hand

 

820,666

 

1,347,921

 

 

7,297,345

 

7,272,523

 

Creditors: Amounts falling due within one year

8

(7,076,263)

 

(7,108,219)

 

Net current assets

   

221,082

 

164,304

Total assets less current liabilities

   

321,810

 

295,493

Provisions for liabilities

 

(7,283)

 

(10,800)

Net assets

   

314,527

 

284,693

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

314,427

 

284,593

 

Total equity

   

314,527

 

284,693

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

 

Freehold Securities Limited

(Registration number: 02928601)
Balance Sheet as at 31 October 2024

.........................................
R Steinhouse
Director

 

Freehold Securities Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for ground rent, lease extensions, fees, insurance premiums and freehold sales. Ground rent is recognised in the period to which it relates. Insurance premium income is recognised at the point of renewal inception. Fees are recognised when the service is performed. Freehold sales and lease extensions are recognised when the transaction is completed. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax together with the value of tax losses surrendered or relieved as appropriate, charged on a £1 for £1 basis. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Freehold Securities Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor vehicles

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Freehold Securities Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks of ground rents are acquired and held with the intention of resale and are valued at the lower of cost and net realisable value. Professional fees and taxes associated with the purchase of stock, are expensed at the time of purchase.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Freehold Securities Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

1,508

60,335

61,843

At 31 October 2024

1,508

60,335

61,843

Depreciation

At 1 November 2023

797

6,285

7,082

Charge for the year

377

15,084

15,461

At 31 October 2024

1,174

21,369

22,543

Carrying amount

At 31 October 2024

334

38,966

39,300

At 31 October 2023

711

54,050

54,761

5

Investments

2024
£

2023
£

Other investments

61,428

76,428

Other investments

£

Cost

At 1 November 2023

148,745

At 31 October 2024

148,745

Impairment

At 1 November 2023

72,317

Impairment charge

15,000

At 31 October 2024

87,317

Carrying amount

At 31 October 2024

61,428

At 31 October 2023

76,428

 

Freehold Securities Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

6

Stocks

2024
£

2023
£

Freehold property stock

568,055

583,139

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

8,933

12,848

Amounts owed by group undertakings

9

4,234,425

3,649,040

Other debtors

 

1,664,308

1,678,636

Prepayments

 

522

502

Accrued income

 

436

437

   

5,908,624

5,341,463

Less non-current portion

 

(373,726)

(514,275)

 

5,534,898

4,827,188

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

12

1,359

Amounts owed to group undertakings

9

6,732,386

6,706,652

Taxation and social security

 

21,681

85,964

Accruals and deferred income

 

5,500

7,500

Other creditors

 

316,684

306,744

 

7,076,263

7,108,219

9

Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 1AC.35 from disclosing transactions with other group companies wholly owned within the group.