Freshfield Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01471658 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

FRESHFIELD PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P A Gooch

R B Donaldson

REGISTERED OFFICE:

125 Barnhorn Road

Bexhill-on-Sea

East Sussex

TN39 4QE

REGISTERED NUMBER:

01471658 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

333

-

Investments

5

1

1

Investment property

6

16,726

16,726

17,060

16,727

CURRENT ASSETS

Inventories

5,749

3,930

Debtors

7

38,006

29,795

Cash at bank and in hand

519

1,393

44,274

35,118

CREDITORS

Amounts falling due within one year

8

12,691

15,897

NET CURRENT ASSETS

31,583

19,221

TOTAL ASSETS LESS CURRENT LIABILITIES

48,643

35,948

CAPITAL AND RESERVES

Called up share capital

10,500

10,500

Revaluation reserve

9

9,233

9,233

Retained earnings

28,910

16,215

SHAREHOLDERS' FUNDS

48,643

35,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 28 September 2022 and were signed on its behalf by:

P A Gooch - Director

1.	STATUTORY INFORMATION

Freshfield Properties 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Freshfield Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33.33% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2021

1,215

Additions

499

At 31 December 2021

1,714

DEPRECIATION

At 1 January 2021

1,215

Charge for year

166

At 31 December 2021

1,381

NET BOOK VALUE

At 31 December 2021

333

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

1

NET BOOK VALUE

At 31 December 2021

1

At 31 December 2020

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

16,726

NET BOOK VALUE

At 31 December 2021

16,726

At 31 December 2020

16,726

Fair value at 31 December 2021 is represented by:

£

Valuation in 2003

9,233

Cost

7,493

16,726

If leasehold properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

7,493

7,493

Leasehold property was valued on an open market basis on 31 December 2021 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

38,006

29,795

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

12,691

15,897

9.

RESERVES

Revaluation

reserve

£

At 1 January 2021

and 31 December 2021

9,233

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

P A Gooch

Balance outstanding at start of year

4,462

1,297

Amounts advanced

-

6,204

Amounts repaid

(4,462

)

(3,039

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,462

The loan to the director is repayable on demand and interest is charged at all times the loan balance exceeds £10,000.