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03945945
FRINDSBURY PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
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FRINDSBURY PROPERTIES LIMITED
REGISTERED NUMBER:03945945
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BALANCE SHEET
AS AT 31 OCTOBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital contribution reserve
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FRINDSBURY PROPERTIES LIMITED
REGISTERED NUMBER:03945945
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BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company is a private limited company, incorporated and domiciled in England & Wales.
The Company's registered office is 94A High Street, Sevenoaks, TN13 1LP and the principal place of business is Independent House, Arnolde Close, Medway City Estates, Rochester, Kent, ME2 4QW.
The principal activity of the Company is the ownership and management of rental property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is pounds sterling. Amounts in these financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
At 31 October 2024, the Company was in a net current liability position of £1,988 (2023: £1,164,036). This has reduced significantly as the bank loans have been fully repaid during the year ended 31 October 2024. The Company has received additional loans from group companies during the year and the total amounts owed to group companies is £3,142,494 (2023: £3,592,022). Of the total liability due to group companies, £580,609 (2023: £1,640,543) is included in the creditors falling due within one year and £2,561,885 (2023: £1,951,479) is included within creditors falling due within more than one year. The Company will therefore continue to rely on group support for cash flow purposes.
Having taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.
Turnover represents rent receivable net of Value Added Tax.
Investment property is carried at fair value determined annually by either the Directors or independent valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Due after more than one year
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Prepayments and accrued income
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Details of security provided:
Barclays Bank plc holds a charge over the Company's properties at Independent House, Rochester and the ground floor, first floor and apartment at 200 Tower Bridge Road, London as security for the loan.
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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The provision for deferred taxation is made up as follows:
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Deferred tax on revaluation of investment properties
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Fair value reserve
This non-distributable reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.
Capital contribution reserve
The capital contribution reserve represents the rise in equity as a result of the Company receiving interest-free loans from its parent which have been presented at their present value under FRS 102.
Profit and loss account
The profit and loss account comprises all current and prior period retained profits and losses.
Barclays Bank plc holds cross-guarantees in respect of all accounts held in the names of the companies within the Group, and has the right to the set-off of debit and credit balances on all accounts. The amounts owed by other group companies under this guarantee at 31 October 2024 amounted to £nil (2023: £nil) in respect of overdrafts.
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FRINDSBURY PROPERTIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Commitments under operating leases - Company as lessor
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At 31 October 2024 the Company had future minimum revenue due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Included in the above are amounts due from fellow group companies totalling £480,000 (2023: £396,150) due within one year and £1,920,000 (2023: £Nil) due later than one year, but not later than five years. The lease had a break clause dated 6 November 2024 so at 31 October 2023, the commitment was only until the break date. This was not exercised, and hence the full commitment for the remaining five years of the lease has been recognised as a non-cancellable commitment at 31 October 2024.
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Ultimate parent undertaking and ultimate controlling party
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The immediate parent company is G K R Scaffolding Limited, and the ultimate parent company is G K R Logistics Limited. Both companies are registered in England and Wales.
The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.
The audit report was signed on 8 July 2025 by Matthew Neill BA (Hons) MA FCA (Senior statutory auditor) on behalf of S&W Partners Audit Limited.
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