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03945945







FRINDSBURY PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 OCTOBER 2024

































FRINDSBURY PROPERTIES LIMITED
REGISTERED NUMBER:03945945

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,676
22,004

Investments
 5 
10
10

Investment property
 6 
6,885,000
6,885,000

  
6,899,686
6,907,014

Current assets
  

Debtors: amounts falling due after more than one year
 7 
-
464,928

Debtors: amounts falling due within one year
 7 
567,436
11,110

Cash at bank and in hand
  
11,185
469

  
578,621
476,507

Creditors: amounts falling due within one year
 8 
(580,609)
(1,640,543)

Net current liabilities
  
 
 
(1,988)
 
 
(1,164,036)

Total assets less current liabilities
  
6,897,698
5,742,978

Creditors: amounts falling due after more than one year
 9 
(2,561,885)
(1,951,479)

Provisions for liabilities
  

Deferred tax
 11 
(292,315)
(292,315)

  
 
 
(292,315)
 
 
(292,315)

Net assets
  
4,043,498
3,499,184


Capital and reserves
  

Called up share capital 
  
1
1

Fair value reserve
 12 
1,245,321
1,245,321

Capital contribution reserve
 12 
656,505
455,330

Profit and loss account
 12 
2,141,671
1,798,532

  
4,043,498
3,499,184


Page 1

FRINDSBURY PROPERTIES LIMITED
REGISTERED NUMBER:03945945
    
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: 




L Rowswell
Director

Date: 2 July 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Revenue

Turnover represents rent receivable net of Value Added Tax.

 
2.4

Investment property

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.

 
2.5

Debtors

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.

Page 3

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Creditors

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.

 
2.7

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.8

Current and deferred taxation

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.

 
2.9

 Tangible fixed assets

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.

Page 4

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.9
 Tangible fixed assets (continued)

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:

Fixtures and fittings
-
33%

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.

 
2.10

 Financial instruments

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 November 2023
250,000



At 31 October 2024

250,000



Depreciation


At 1 November 2023
227,996


Charge for the year
7,328



At 31 October 2024

235,324



Net book value



At 31 October 2024
14,676



At 31 October 2023
22,004


5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 November 2023
10



At 31 October 2024
10




Page 6

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
6,885,000



At 31 October 2024
6,885,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
As restated 2023
£
£


Historic cost
5,347,369
5,347,369

Accumulated depreciation and impairments
(695,070)
(588,122)

4,652,299
4,759,247


7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
464,928


2024
2023
£
£

Due within one year

Trade debtors
9,000
4,500

Other debtors
534,668
-

Prepayments and accrued income
23,768
6,610

567,436
11,110


Page 7

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
1,292,818

Trade creditors
26,207
8,867

Amounts owed to group undertakings
387,925
214,133

Corporation tax
116,823
75,214

Other taxation and social security
33,850
29,411

Accruals and deferred income
15,804
20,100

580,609
1,640,543



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
2,561,885
1,951,479



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
1,292,818




-
1,292,818


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.

Page 8

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Deferred taxation




2024


£






At beginning of year
292,315



At end of year
292,315

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revaluation of investment properties
292,315
292,315


12.


Reserves

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.


13.


Contingent liabilities

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. 

Page 9

FRINDSBURY PROPERTIES LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Commitments under operating leases - Company as lessor

At 31 October 2024 the Company had future minimum revenue due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
525,000
441,150

Later than 1 year and not later than 5 years
1,935,000
60,000

2,460,000
501,150

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.


15.


Ultimate parent undertaking and ultimate controlling party

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. 


16.


Auditors' information

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.

 
Page 10