Fresh Thinking Management Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10975463 (England and Wales)

FRESH THINKING MANAGEMENT LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms M A Hird

A J Walls

REGISTERED OFFICE:

Park House

Park Square West

Leeds

West Yorkshire

LS1 2PW

REGISTERED NUMBER:

10975463 (England and Wales)

ACCOUNTANTS:

Duncan Chartered Accountants

5 Cherrytree

Union Road

Sheffield

South Yorkshire

S11 9EF

FIXED ASSETS

Intangible assets

4

-

1,387

Tangible assets

5

634

15,851

Investments

6

1,999

1,301

2,633

18,539

CURRENT ASSETS

Debtors

7

1,314,282

8,547

Cash at bank and in hand

3,375,860

681,512

4,690,142

690,059

CREDITORS

Amounts falling due within one year

8

3,811,939

3,456,500

NET CURRENT ASSETS/(LIABILITIES)

878,203

(2,766,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

880,836

(2,747,902

)

CREDITORS

Amounts falling due after more than one year

9

-

43,689

NET ASSETS/(LIABILITIES)

880,836

(2,791,591

)

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

879,836

(2,792,591

)

SHAREHOLDERS' FUNDS

880,836

(2,791,591

)

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 11 May 2022 and were signed on its behalf by:

Ms M A Hird - Director

A J Walls - Director

1.	STATUTORY INFORMATION

Fresh Thinking Management Ltd 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

4,200

AMORTISATION

At 1 January 2021

2,813

Charge for year

1,387

At 31 December 2021

4,200

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

1,387

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2021

50,644

Additions

2,262

At 31 December 2021

52,906

DEPRECIATION

At 1 January 2021

34,793

Charge for year

17,479

At 31 December 2021

52,272

NET BOOK VALUE

At 31 December 2021

634

At 31 December 2020

15,851

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

1,301

Additions

698

At 31 December 2021

1,999

NET BOOK VALUE

At 31 December 2021

1,999

At 31 December 2020

1,301

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Fresh Thinking Capital Ltd

Registered office: Park House, Park Square West, Leeds LS1 2PW

Nature of business: Other Financial , Except Insurance And P

%

Class of shares:

holding

Ordinary

100.00

31.12.21

31.12.20

£

£

Aggregate capital and reserves

1,317,349

5,030,937

Profit for the year

1,286,412

2,247,154

Fresh Thinking Capital Two Ltd

Registered office: Park House, Park Square West, Leeds, LS1 2PW

Nature of business: Credit granting by non-deposit taking

%

Class of shares:

holding

A Ordinary

100.00

31.12.21

£

Aggregate capital and reserves

171,898

Profit for the year

170,898

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed by group undertakings

1,292,561

-

Other debtors

21,721

8,547

1,314,282

8,547

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

-

6,312

Trade creditors

30,388

23,297

Amounts owed to group undertakings

3,552,517

-

Social security and other taxes

6,678

11,036

Other creditors

9,683

2,946,108

Accrued expenses

212,673

469,747

3,811,939

3,456,500

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

-

43,689

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

500

Ordinary A

1

1,000

500

500

Ordinary B

1

-

500

1,000

1,000

11.	ULTIMATE CONTROLLING PARTY

The controlling party is We Are Finance Ltd.