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COMPANY REGISTRATION NUMBER: 12648860
N22 Freeholds Ltd
Filleted Unaudited Financial Statements
30 June 2024
N22 Freeholds Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
N22 Freeholds Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of N22 Freeholds Ltd
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N22 Freeholds Ltd for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of N22 Freeholds Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of N22 Freeholds Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N22 Freeholds Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that N22 Freeholds Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N22 Freeholds Ltd. You consider that N22 Freeholds Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of N22 Freeholds Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
27 June 2025
N22 Freeholds Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
194,200
194,200
Current assets
Debtors
5
3,525
Creditors: amounts falling due within one year
6
202,459
201,753
---------
---------
Net current liabilities
198,934
201,753
---------
---------
Total assets less current liabilities
( 4,734)
( 7,553)
-------
-------
Net liabilities
( 4,734)
( 7,553)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 4,834)
( 7,653)
-------
-------
Shareholders deficit
( 4,734)
( 7,553)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr Z Hanif
Director
Company registration number: 12648860
N22 Freeholds Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Bonhill Street, London, EC2A 4DN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The company is reliant on the support of the directors/ shareholder in order to continue in operational existence and meet its liabilities as they fall due. The directors are satisfied that the support will continue and as such the going concern basis is appropriate for the preparation of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property, which is property held to earn rentals and/or 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. Any increase in the fair value, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a fair value decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of a change in fair value, is recognised in other comprehensive income to the extent of any previously recognised fair value increase accumulated in equity in respect of that asset. Where a fair value decrease exceeds the accumulated fair value gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
4. Tangible assets
Investment property
£
Cost
At 1 July 2023 and 30 June 2024
194,200
---------
Depreciation
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
194,200
---------
At 30 June 2023
194,200
---------
The company's investment property were valued at fair value by the directors at the year end.
5. Debtors
2024
2023
£
£
Other debtors
3,525
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,917
1,786
Accruals and deferred income
946
2,371
Other creditors - Trust
197,596
197,596
---------
---------
202,459
201,753
---------
---------
7. Related party transactions
Simon Hardy is a court appointed deputy holding funds for a minor who is the beneficial owner of the share capital of the company. Simon Hardy acting in the interest of the beneficial shareholder is due £197,596 (2023: £197,597) from the company. The loan is interest free and has no fixed date of repayment.
8. Controlling party
The company was under the control of the directors throughout the period.