Registration number:
Freeman & Freeman Limited
for the Year Ended 31 July 2018
18 King William Street
Monument
London
EC4N 7BP
Freeman & Freeman Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Freeman & Freeman Limited
Company Information
Directors |
Ms A Pittard Dr Vanessa Pittard |
Registered office |
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Accountants |
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Page 1 |
Freeman & Freeman Limited
Directors' Report for the Year Ended 31 July 2018
The directors present their report and the abridged financial statements for the year ended 31 July 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is other letting and operating of own or leased real estate
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Freeman & Freeman Limited
for the Year Ended 31 July 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Freeman & Freeman Limited for the year ended 31 July 2018 as set out on pages 4 to 12 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Freeman & Freeman Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Freeman & Freeman Limited and state those matters that we have agreed to state to the Board of Directors of Freeman & Freeman Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freeman & Freeman Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Freeman & Freeman Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Freeman & Freeman Limited. You consider that Freeman & Freeman 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 accounts of Freeman & Freeman 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 accounts.
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Monument
London
EC4N 7BP
Page 3 |
Freeman & Freeman Limited
Abridged Profit and Loss Account for the Year Ended 31 July 2018
Note |
2018 |
2017 |
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Gross profit |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
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( |
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Profit/(loss) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Freeman & Freeman Limited
Statement of Comprehensive Income for the Year Ended 31 July 2018
2018 |
2017 |
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Profit/(loss) for the year |
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( |
Total comprehensive income for the year |
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( |
Page 5 |
Freeman & Freeman Limited
(Registration number: 00472984)
Abridged Balance Sheet as at 31 July 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 6 |
Freeman & Freeman Limited
(Registration number: 00472984)
Abridged Balance Sheet as at 31 July 2018
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Page 7 |
Freeman & Freeman Limited
Statement of Changes in Equity for the Year Ended 31 July 2018
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 August 2017 |
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|
( |
( |
Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 July 2018 |
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( |
( |
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 August 2016 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 31 July 2017 |
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( |
( |
Page 8 |
Freeman & Freeman Limited
Notes to the Abridged Financial Statements for the Year Ended 31 July 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 9 |
Freeman & Freeman Limited
Notes to the Abridged Financial Statements for the Year Ended 31 July 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
1% Reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 10 |
Freeman & Freeman Limited
Notes to the Abridged Financial Statements for the Year Ended 31 July 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit/loss before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Page 11 |
Freeman & Freeman Limited
Notes to the Abridged Financial Statements for the Year Ended 31 July 2018
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 August 2017 |
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At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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Included within the net book value of land and buildings above is £760,943 (2017 - £768,630) in respect of freehold land and buildings.
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1,000.00 |
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1,000.00 |
Page 12 |