Freeport Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07337895 (England and Wales)

Financial Statements for the Year Ended 30 June 2020

for

Freeport Retail Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J I Roberts

C W Milliken

REGISTERED OFFICE:

100 Pall Mall

London

SW1Y 5HP

REGISTERED NUMBER:

07337895 (England and Wales)

AUDITOR:

Ian S Anderson

Chartered Accountant & Statutory Auditor

Chartam House

16 College Avenue

Maidenhead

Berkshire

SL6 6AX

BANKERS:

Societe Generale

SG House

41 Tower Hill

London

EC3N 4SG

FIXED ASSETS

Tangible assets

4

1,896

2,393

CURRENT ASSETS

Debtors

5

64,182

177,686

Cash at bank

202,697

184,410

266,879

362,096

CREDITORS

Amounts falling due within one year

6

79,733

178,361

NET CURRENT ASSETS

187,146

183,735

TOTAL ASSETS LESS CURRENT LIABILITIES

189,042

186,128

PROVISIONS FOR LIABILITIES

7

360

70,932

NET ASSETS

188,682

115,196

CAPITAL AND RESERVES

Called up share capital

8

920

920

Capital redemption reserve

80

80

Retained earnings

187,682

114,196

SHAREHOLDERS' FUNDS

188,682

115,196

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2020 and were signed on its behalf by:

J I Roberts - Director

1.	STATUTORY INFORMATION

Freeport Retail Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The company's business activities are expected to continue as previously such that the company will continue to generate positive cash flows on its account for the foreseeable future. On the basis of enquiries made and their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. The business has suffered some impact from Covid-19, but the customer base remains and thus the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

These financial statements have been presented in sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

The Turnover shown in the profit and loss account represents fees receivable for asset management and consultancy services during the normal course of business, net of VAT and other sales related taxes. Income is recognised when invoices are raised under the terms of contractual agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement plans are charged to the profit and loss account as they fall due. Payments to individuals' own pension plans are dealt with as payments to defined contribution plans where

the company's obligations under the plans are equivalent to those arising in a defined contribution benefit

plan.

Investments

Investments are stated at cost.

Operating lease agreements

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2019

10,685

Additions

310

At 30 June 2020

10,995

DEPRECIATION

At 1 July 2019

8,292

Charge for year

807

At 30 June 2020

9,099

NET BOOK VALUE

At 30 June 2020

1,896

At 30 June 2019

2,393

The company's fixed assets investments consist of a minor historic interest in an unlisted entity at nil cost.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

59,014

173,999

Other debtors

5,168

3,687

64,182

177,686

All falling due within one year

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

326

7,475

Taxation and social security

72,807

63,710

Other creditors

6,600

107,176

79,733

178,361

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

360

522

Legal claim

-

70,410

360

70,932

Deferred

Legal

tax

claim

£

£

Balance at 1 July 2019

522

70,410

Provided during year

(162

)

-

Balance at 30 June 2020

360

70,410

The legal claim, relating to the directors' assessment of company's portion of a matter in the French Courts, was settled in the year. The provision brought forward has been utilised, with a credit of £3,968 arising.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

920

Ordinary

1.00

920

920

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Ian S Anderson BA FCA (Senior Statutory Auditor)

for and on behalf of Ian S Anderson

10.	POST BALANCE SHEET EVENTS

In common with many businesses suffering from the impact of the Covid-19 crisis, the company has seen a downturn in activity. Certain projects have "slowed" or been put on hold pending the end of restrictions, but given the company's robust business model and the performance of Outlet retail in general, the directors are budgeting for a reasonable surplus for the present financial year .

11.	ULTIMATE CONTROLLING PARTY

There is no controlling party of the company.