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Registered number: 00592803 FRETCO LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FRETCO LIMITED REGISTERED NUMBER: 00592803 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 84,526 |  | 107,740
Investment property | 5 |  | 1,000,000 |  | 1,100,000
|  |  | 1,084,526 |  | 1,207,740
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 223,084 |  | 176,492 |
Cash at bank and in hand |  | 17,638 |  | 7,991 |
|  | 240,722 |  | 184,483 |
Creditors: amounts falling due within one year | 7 | (360,051) |  | (334,423) |
Net current liabilities |  |  | (119,329) |  | (149,940)
Total assets less current liabilities |  |  | 965,197 |  | 1,057,800
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 |  | (222,333) |  | (247,333)
Net assets |  |  | 742,864 |  | 810,467
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 3,000 |  | 3,000
Revaluation reserve |  |  | 717,337 |  | 792,337
Profit and loss account |  |  | 22,527 |  | 15,130
|  |  | 742,864 |  | 810,467
Page 1
FRETCO LIMITED REGISTERED NUMBER: 00592803 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 on 19 March 2026.
O Gualtieri
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Fretco Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Lockfield Avenue, Enfield, EN3 7PX. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.3 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following annual basis:
|  |  |  | Plant and machinery | - | 20% reducing balance
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 the statement of comprehensive income.
| 2.4 | Investment property
Investment property is carried at fair value 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 statement of comprehensive income.
| 2.5 | Debtors
Short term debtors are measured at transaction price, less any impairment. Page 3
FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Creditors
Short term creditors are measured at the transaction price.
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.8 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.9 | Operating leases: the Company as lessor
Rental income from operating leases is credited to the statement of comprehensive income on a straight line basis over the term of the relevant lease.
| 2.10 | Finance costs
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 4
FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost |
| At 1 April 2024 | 429,501
| Disposals | (17,561)
| At 31 March 2025 | 411,940
| Depreciation |
| At 1 April 2024 | 321,761
| Charge for the year on owned assets | 21,548
| Disposals | (15,895)
| At 31 March 2025 | 327,414
| Net book value |
| At 31 March 2025 | 84,526
| At 31 March 2024 | 107,740
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 1,100,000
| Deficit on revaluation | (100,000)
| At 31 March 2025 | 1,000,000
The 2025 valuations were made by the directors, on an open market value basis. The historic cost of the investment property is £69,910 (2024 - £69,910).
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FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 20,000 | 19,005
| Other debtors | 154,084 | 147,487
| Prepayments and accrued income | 49,000 | 10,000
|  | 223,084 | 176,492
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 4,166 | -
| Corporation tax | 22,633 | 17,709
| Other taxation and social security | 1,800 | 29,214
| Other creditors | 318,024 | 279,284
| Accruals and deferred income | 13,428 | 8,216
|  | 360,051 | 334,423
8. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 247,333 | 247,333
| Credited to profit or loss | (25,000) | -
| At end of year | 222,333 | 247,333
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gain on revaluation of investment properties | 222,333 | 247,333
Page 7
FRETCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the balance sheet date.
| At 31 March 2025 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 40,000 | 43,958
| Later than 1 year and not later than 5 years | 140,000 | 18,750
|  | 180,000 | 62,708
10.Other financial commitments The Company has a cross guarantee agreement with companies under common control, Byron & Byron Limited, Byron & Byron Holdings Limited and Thane Gateway Limited, for bank borrowings. The amount guaranteed at the year end was £8,619,814 (2024 - £9,490,063).
Page 8