Freeplay Energy Ltd Filleted accounts for Companies House (small and micro)

Freeplay Energy Ltd Filleted accounts for Companies House (small and micro)

FREEPLAY ENERGY LIMITED - Company Information

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2 false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 278,857 278,857 202,297 190,646 6,250 196,896 5,401 11,651 xbrli:pure xbrli:shares iso4217:GBP iso4217:USD 07316295 2019-01-01 2019-12-31 07316295 2019-12-31 07316295 2018-12-31 07316295 2018-01-01 2018-12-31 07316295 2018-12-31 07316295 core:PlantMachinery 2019-01-01 2019-12-31 07316295 bus:OrdinaryShareClass1 2019-01-01 2019-12-31 07316295 bus:Director3 2019-01-01 2019-12-31 07316295 core:PlantMachinery 2018-12-31 07316295 core:PlantMachinery 2019-12-31 07316295 core:WithinOneYear 2019-12-31 07316295 core:WithinOneYear 2018-12-31 07316295 core:ShareCapital 2019-12-31 07316295 core:ShareCapital 2018-12-31 07316295 core:RetainedEarningsAccumulatedLosses 2019-12-31 07316295 core:RetainedEarningsAccumulatedLosses 2018-12-31 07316295 core:PlantMachinery 2018-12-31 07316295 bus:SmallEntities 2019-01-01 2019-12-31 07316295 bus:Audited 2019-01-01 2019-12-31 07316295 bus:FullAccounts 2019-01-01 2019-12-31 07316295 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 07316295 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 07316295 bus:OrdinaryShareClass1 2019-12-31 07316295 bus:OrdinaryShareClass1 2018-12-31 07316295 core:IntangibleAssetsOtherThanGoodwill 2019-01-01 2019-12-31 07316295 core:IntangibleAssetsOtherThanGoodwill 2019-12-31 07316295 core:EntityControlledByKeyManagementPersonnel1 2018-01-01 2018-12-31 07316295 core:EntityControlledByKeyManagementPersonnel1 2018-12-31 07316295 core:EntityControlledByKeyManagementPersonnel1 2019-01-01 2019-12-31 07316295 core:EntityControlledByKeyManagementPersonnel2 2018-01-01 2018-12-31 07316295 core:EntityControlledByKeyManagementPersonnel2 2018-12-31 07316295 core:EntityControlledByKeyManagementPersonnel2 2019-01-01 2019-12-31 07316295 core:EntityControlledByKeyManagementPersonnel2 2019-12-31 07316295 core:EntityControlledByKeyManagementPersonnel3 2019-01-01 2019-12-31 07316295 core:EntityControlledByKeyManagementPersonnel3 2019-12-31
COMPANY REGISTRATION NUMBER: 07316295
Freeplay Energy Ltd
Filleted Financial Statements
31 December 2019
Freeplay Energy Ltd
Statement of Financial Position
31 December 2019
2019
2018
Note
$
$
$
Fixed Assets
Tangible assets
6
5,401
11,651
Current Assets
Stocks
45,042
72,719
Debtors
7
117,068
64,720
Cash at bank and in hand
2,120
12,294
----------
----------
164,230
149,733
Creditors: amounts falling due within one year
8
1,634,700
1,578,003
-------------
-------------
Net Current Liabilities
1,470,470
1,428,270
-------------
-------------
Total Assets Less Current Liabilities
( 1,465,069)
( 1,416,619)
-------------
-------------
Net Liabilities
( 1,465,069)
( 1,416,619)
-------------
-------------
Capital and Reserves
Called up share capital
9
2
2
Profit and loss account
( 1,465,071)
( 1,416,621)
-------------
-------------
Shareholders Deficit
( 1,465,069)
( 1,416,619)
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 December 2020 , and are signed on behalf of the board by:
J J McGrath
Director
Company registration number: 07316295
Freeplay Energy Ltd
Notes to the Financial Statements
Year ended 31st December 2019
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House North, Shrewsbury Business Park, Shrewsbury, SY2 6LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in US dollars which is the functional currency of the company and rounded to the nearest $.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Tooling and design rights
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Intangible Assets
Tooling and design rights
$
Cost
At 1st January 2019 and 31st December 2019
278,857
----------
Amortisation
At 1st January 2019 and 31st December 2019
278,857
----------
Carrying amount
At 31st December 2019
–
----------
At 31st December 2018
–
----------
6. Tangible Assets
Plant and machinery
Total
$
$
Cost
At 1st January 2019 and 31st December 2019
202,297
202,297
----------
----------
Depreciation
At 1st January 2019
190,646
190,646
Charge for the year
6,250
6,250
----------
----------
At 31st December 2019
196,896
196,896
----------
----------
Carrying amount
At 31st December 2019
5,401
5,401
----------
----------
At 31st December 2018
11,651
11,651
----------
----------
7. Debtors
2019
2018
$
$
Trade debtors
85,405
62,876
Other debtors
31,663
1,844
----------
---------
117,068
64,720
----------
---------
8. Creditors: amounts falling due within one year
2019
2018
$
$
Trade creditors
1,175
23,591
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,622,477
1,525,195
Social security and other taxes
6,668
10,049
Other creditors
4,380
19,168
-------------
-------------
1,634,700
1,578,003
-------------
-------------
9. Called Up Share Capital
Issued, called up and fully paid
2019
2018
No.
$
No.
$
Ordinary shares of $ 2 each
1
2
1
2
----
----
----
----
10. Summary Audit Opinion
The auditor's report for the year dated 30 December 2020 was unqualified.
The senior statutory auditor was Jonathon Dale BA(Hons) FCA , for and on behalf of Independent Auditors LLP .
11. Related Party Transactions
At the balance sheet date the company's parent company, Euro Suisse Corporation Limited , a company registered in England and Wales was owed $Nil (2018: $ 34,999 ) by the company. During the year a balance to Euro Suisse Corporation Limited totalling £34,989 (2018 - £Nil) was written off. Binatone Industries Limited ("BIL"), the ultimate parent company, was owed $ 1,450,000 (2018: $ 1,450,000 ) at the balance sheet date. During the year a balance owed by Aggrico Ltd , a company with common ultimate owners totalling $ 28,386 (2018 - $Nil) was written off.
12. Controlling Party
The company's immediate parent undertaking is Euro Suisse Corporation Limited , a company registered in England and Wales by virtue of its 100% shareholder. The ultimate parent undertaking is Binatone Lifestyle Group Limited , a company incorporated in The British Virgin Islands by virtue of their 100% indirect shareholder. Copies of the group accounts are available upon request from the ultimate parent undertaking.
13. Going Concern
Binatone Industries Limited have indicated their willingness to continue to support the company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would arise as a result of a withdrawal of the support by Binatone Industries Limited