Residential Freeholds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05413818 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH DECEMBER 2022

FOR

RESIDENTIAL FREEHOLDS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

L C Freilich

SECRETARY:

B Grossman

REGISTERED OFFICE:

5 Sentinel Square

Hendon

London

NW4 2EL

REGISTERED NUMBER:

05413818 (England and Wales)

ACCOUNTANTS:

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

FIXED ASSETS

Investments

4

12,084

12,084

Investment property

5

2,814,860

2,794,860

2,826,944

2,806,944

CURRENT ASSETS

Debtors

6

426,461

842,154

Cash at bank

812

1,557

427,273

843,711

CREDITORS

Amounts falling due within one year

7

(2,716,127

)

(3,186,106

)

NET CURRENT LIABILITIES

(2,288,854

)

(2,342,395

)

TOTAL ASSETS LESS CURRENT LIABILITIES

538,090

464,549

PROVISIONS FOR LIABILITIES

(83,874

)

(82,734

)

NET ASSETS

454,216

381,815

CAPITAL AND RESERVES

Called up share capital

8

100

100

Fair value reserve

9

345,224

345,224

Retained earnings

9

108,892

36,491

SHAREHOLDERS' FUNDS

454,216

381,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 20th November 2023 and were signed by:

L C Freilich - Director

1.	STATUTORY INFORMATION

Residential Freeholds 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Turnover represents invoiced ground rents on investment properties and insurance commissions.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent

Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Debtors and creditors receivable / payable within 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - NIL ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 31st December 2021

and 30th December 2022

12,084

NET BOOK VALUE

At 30th December 2022

12,084

At 30th December 2021

12,084

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31st December 2021

2,794,860

Additions

14,000

Revaluations

6,000

At 30th December 2022

2,814,860

NET BOOK VALUE

At 30th December 2022

2,814,860

At 30th December 2021

2,794,860

Fair value at 30th December 2022 is represented by:

£

Valuation in 2022

2,814,860

Investment property was valued on an open market basis on 30th December 2022 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

425,386

69,190

Amounts owed by group undertakings

-

771,889

Other debtors

1,075

1,075

426,461

842,154

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

1,639,480

1,625,480

Taxation and social security

17,813

20,175

Other creditors

1,058,834

1,540,451

2,716,127

3,186,106

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 31st December 2021

36,491

345,224

381,715

Profit for the year

172,401

172,401

Dividends

(100,000

)

(100,000

)

At 30th December 2022

108,892

345,224

454,116

10.	CONTINGENT LIABILITIES

The company joined a "VAT Group" during the year and as such is jointly and severally liable for the VAT liabilities of the whole group.

11.	RELATED PARTY DISCLOSURES

MP Group Services Ltd

A company under common control

This amount is payable on demand.

2022

2021

£

£

Amount due to related party at the balance sheet date

1,052,994

1,534,610

Moreland Property Group Ltd

The parent company

This amount is payable on demand.

2022

2021

£

£

Amount due to related party at the balance sheet date

1,612,980

1,612,980

Freehold Reversions 4 Ltd

A company under common control

This amount is payable on demand.

2022

2021

£

£

Amount due from related party at the balance sheet date

-

771,888

Robshaw South West Ltd

A company under common control

2022

2021

£

£

Amount due from related party at the balance sheet date

14,000

-

Reelstone Properties Holdings Ltd

A company under common control

2022

2021

£

£

Amount due to related party at the balance sheet date

12,500

12,500

12.	ULTIMATE PARENT COMPANY

The Moreland Property Group is regarded by the director as being the ultimate parent company.

ULTIMATE CONTROLLING PARTY

The director considers the ultimate controlling party of the company to be the board of the Moreland Property Group Limited.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Residential Freeholds Limited for the year ended 30th December 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Residential Freeholds Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Residential Freeholds Limited and state those matters that we have agreed to state to the director of Residential Freeholds Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Residential Freeholds Limited and its director for our work or for this report.

It is your duty to ensure that Residential Freeholds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Residential Freeholds Limited. You consider that Residential Freeholds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Residential Freeholds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

20th November 2023