Registration number: 01223322

Firestone Investments Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Firestone Investments Limited

(Registration number: 01223322 )
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	5,275	7,985
Investment property	5	2,690,000	2,840,000
Investments	6	1,419,579	1,404,962
		4,114,854	4,252,947
Current assets
Stocks	7	762,700	762,700
Debtors	8	40,854	106,773
Cash at bank and in hand		399,102	1,056,963
		1,202,656	1,926,436
Creditors: Amounts falling due within one year	9	(1,828,871)	(2,328,089)
Net current liabilities		(626,215)	(401,653)
Total assets less current liabilities		3,488,639	3,851,294
Provisions for liabilities		(18,050)	(36,100)
Net assets		3,470,589	3,815,194
Capital and reserves
Called up share capital		12,000	12,000
Profit and loss account - non-distributable		165,737	308,044
Profit and loss account - distributable		3,292,852	3,495,150
Shareholders' funds		3,470,589	3,815,194

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Firestone Investments Limited

(Registration number: 01223322 )
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

.........................................

Mrs Rachel Catherine Abbott

Director

Firestone Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital incorporated in England. The address of the registered office is 29 Bridge Street, Belper, Derby, DE56 1AY.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with FRS102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS102) and the requirements of the Companies Act 2006 as applicable to the small companies regime. The requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The 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 principal accounting policies adopted are set out below.

Revenue recognition

Turnover represents gross sale of completed property developments and rental income generated from the company's investment property portfolio. Revenue from property development sales is recognised on legal completion. Rental income is recognised in accordance with the terms of the property leases.

Interest income and dividends on equity securities are recognised in income when receivable.

Tax

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

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.

It also represents any over/under provision of corporation tax for a prior year.

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

Firestone Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office and computer equipment	33.3% Straight line
Plant and equipment	25% Reducing balance

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors and creditors receivable/payable in one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

Firestone Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Office and computer equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	11,530	6,215	17,745
Additions	482	-	482
At 31 December 2024	12,012	6,215	18,227
Depreciation
At 1 January 2024	7,786	1,974	9,760
Charge for the year	2,132	1,060	3,192
At 31 December 2024	9,918	3,034	12,952
Carrying amount
At 31 December 2024	2,094	3,181	5,275
At 31 December 2023	3,744	4,241	7,985

5	Investment properties

	2024 £
Fair value
At 1 January 2024	2,840,000
Additions	16,675
Fair value adjustments	(166,675)
At 31 December 2024	2,690,000

The fair value of the freehold investment properties was determined by David Brown MRICS at 31 December 2022 on an open market basis with consideration for the nature and condition of the properties and subject to existing tenancies and by reference to similar properties. The director's have considered the fair values as at 31 December 2024 and are of the opinion that there has been some movement in property values when considering the same criteria. The historical cost is £2,820,681 (2023 - £2,804,006).

Firestone Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6	Investments

	2024 £	2023 £
Shares in participating interests	277,842	277,842
Listed investments	1,141,737	1,127,120
	1,419,579	1,404,962

Shares in participating interests	£
Cost or valuation
At 1 January 2024	277,842
At 31 December 2024	277,842

Listed Investments	£
Valuation
At 1 January 2024	1,127,120
Revaluation	45,131
Additions	87,002
Disposals	(117,516)
At 31 December 2024	1,141,737

7

Stocks

	2024 £	2023 £
Developments in progress	762,700	762,700

Firestone Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Debtors

	2024 £	2023 £
Trade debtors	15,120	30,717
Prepayments	10,390	12,160
Other debtors	15,344	63,896
	40,854	106,773

9

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	778	435,000
Taxation and social security	7,395	7,879
Accruals and deferred income	292,433	292,406
Other creditors	1,528,265	1,592,804
	1,828,871	2,328,089

10	Related party transactions

Expenditure with and payables to related parties

2024	Key management £
Amounts payable to related party	1,528,265

2023	Key management £
Amounts payable to related party	1,592,804