Registration number:
Freehold Properties 38 Limited
for the Year Ended 31 October 2024
Freehold Properties 38 Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Freehold Properties 38 Limited
Company Information
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Directors |
R Steinhouse M Hayman J Jackson-Shilling D I Pither |
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Company secretary |
J Jackson-Shilling |
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Registered office |
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Accountants |
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Freehold Properties 38 Limited
(Registration number: 06060517)
Balance Sheet as at 31 October 2024
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2023 |
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Fixed assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Freehold Properties 38 Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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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 prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
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.
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.
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.
Freehold Properties 38 Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.
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.
Financial instruments
Classification
Recognition and measurement
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Impairment |
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Impairment charge |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Freehold Properties 38 Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Note |
2024 |
2023 |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
- |
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Amounts owed to group undertakings |
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Other creditors |
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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.
At the year end, the company owed £463,252 (2023 - £525,652) to its directors. The amount is interest free and payable on demand.