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

REGISTERED NUMBER: 05658274 (England and Wales)

FREEGROVE PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr M Hirschler

Mr M I Lorincz

SECRETARY:

Mrs P Hirschler

REGISTERED OFFICE:

14 Clifton Gardens

London

N15 6AP

REGISTERED NUMBER:

05658274 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

1,743,626

1,743,626

CURRENT ASSETS

Debtors

6

7,503

7,073

Cash at bank

34,321

12,200

41,824

19,273

CREDITORS

Amounts falling due within one year

7

14,704

12,622

NET CURRENT ASSETS

27,120

6,651

TOTAL ASSETS LESS CURRENT LIABILITIES

1,770,746

1,750,277

CREDITORS

Amounts falling due after more than one year

8

(990,257

)

(990,210

)

PROVISIONS FOR LIABILITIES

10

(99,470

)

(67,820

)

NET ASSETS

681,019

692,247

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

680,530

712,180

Retained earnings

487

(19,935

)

SHAREHOLDERS' FUNDS

681,019

692,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2021 and were signed on its behalf by:

Mr M I Lorincz - Director

1.	STATUTORY INFORMATION

Freegrove 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

1,743,626

NET BOOK VALUE

At 31 December 2020

1,743,626

At 31 December 2019

1,743,626

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's directors who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 December 2020 is £963,626.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

7,503

7,073

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,620

-

Other creditors

13,084

12,622

14,704

12,622

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

990,257

990,210

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years by non-instalments

990,257

990,210

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

990,257

990,210

The bank loan is secured by a legal charge over certain of the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

99,470

67,820

Deferred

tax

£

Balance at 1 January 2020

67,820

Provided during year

31,650

Balance at 31 December 2020

99,470

Deferred tax arises from the revaluation of investment properties, reduced by the availability of tax losses carried forward.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2020

712,180

Transfer deferred tax from retained earnings

(31,650

)

At 31 December 2020

680,530