Freestone Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Freestone Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12758322 . The registered office is 15 Grove Street, Bath, BA2 6PJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	33% SL
Fixtures & Fittings	15% SL
Computer Equipment	33% SL

2.4. Investment Properties

All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

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Freestone Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	-	600	600
Additions	599	809	1,408

As at 31 March 2025	599	1,409	2,008

Depreciation
As at 1 April 2024	-	297	297
Provided during the period	66	309	375

As at 31 March 2025	66	606	672

Net Book Value
As at 31 March 2025	533	803	1,336

As at 1 April 2024	-	303	303

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024	787,987
Additions	31,875
Disposals	(19,536 )
Revaluations	179,674

As at 31 March 2025	980,000

6. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	192	121
Other debtors	250	-
Other taxes and social security	1,229	-

	1,671	121

7. Current Asset Investments

	2025	2024
	£	£
Short term deposits	10,175	570

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Freestone Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	7,096	7,301
Accruals and deferred income	5,891	-

	12,987	7,301

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	802,548	502,587
Directors loan account	138,383	225,933
Amounts owed to associates	156,995	162,876

	1,097,926	891,396

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

11. Related Party Transactions

Rhys Freestone

Director

Rhys Freestone has provided Freestone Properties Ltd with a loan. The balance at the year end was £52,732 (2024 £76,722). There is no interest charged and the loan is repayable on demand.

Freestone Property Management Ltd

Company under common control

Freestone Property Management Ltd has provided Freestone Properties Ltd with a loan. The balance at the year end was £21,395 (2024 £26,477). There is no interest charged and the loan is repayble on demand.

Freestone Marketing Ltd

Company under common control

Freestone Marketing Ltd has provided Freestone Properties Ltd with a loan. The balance at the year end was £135,600 (2024 £136,399). There is no interest charged and the loan is repayble on demand.

Aran Freestone

Director

Aran Freestone has provided Freestone Properties Ltd with a loan. The balance at the year end was £85,650 (2024 £149,211). There is no interest charged and the loan is repayable on demand.

12. Ultimate Controlling Party

The company's ultimate controlling party is Aran Freestone and Rhys Freestone by virtue of their ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,336		303
Investment Properties	5		980,000		787,987

			981,336		788,290
CURRENT ASSETS
Debtors	6	1,671		121
Investments	7	10,175		570
Cash at bank and in hand		14,337		823

		26,183		1,514
Creditors: Amounts Falling Due Within One Year	8	(12,987 )		(7,301 )

NET CURRENT ASSETS (LIABILITIES)			13,196		(5,787 )

TOTAL ASSETS LESS CURRENT LIABILITIES			994,532		782,503

Creditors: Amounts Falling Due After More Than One Year	9		(1,097,926 )		(891,396 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(48,421 )		(14,283 )

NET LIABILITIES			(151,815 )		(123,176 )

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			(151,915 )		(123,276 )

SHAREHOLDERS' FUNDS			(151,815)		(123,176)