Free2Move Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06424553 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

FREE2MOVE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S A Georgiev

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

BUSINESS ADDRESS:

114 Norwich Road

Wisbech

Cambridgeshire

PE13 2BA

REGISTERED NUMBER:

06424553 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

50,641

3,092

CURRENT ASSETS

Debtors

5

80,479

130,576

Cash at bank

35,280

178,165

115,759

308,741

CREDITORS

Amounts falling due within one year

6

87,769

223,015

NET CURRENT ASSETS

27,990

85,726

TOTAL ASSETS LESS CURRENT LIABILITIES

78,631

88,818

CREDITORS

Amounts falling due after more than one year

7

(31,847

)

-

PROVISIONS FOR LIABILITIES

-

(600

)

NET ASSETS

46,784

88,218

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

46,783

88,217

SHAREHOLDERS' FUNDS

46,784

88,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2022 and were signed by:

S A Georgiev - Director

1.	STATUTORY INFORMATION

Free2Move 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.

The director believes that the company is well placed to manage its financial risks successfully and has reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% reducing balance

Government grants

Government grants have been recognised based on the accrual model. As such, government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2020 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 December 2020

3,540

3,400

6,940

Additions

-

57,190

57,190

At 30 November 2021

3,540

60,590

64,130

DEPRECIATION

At 1 December 2020

1,747

2,101

3,848

Charge for year

449

9,192

9,641

At 30 November 2021

2,196

11,293

13,489

NET BOOK VALUE

At 30 November 2021

1,344

49,297

50,641

At 30 November 2020

1,793

1,299

3,092

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

49,990

At 30 November 2021

49,990

DEPRECIATION

Charge for year

8,332

At 30 November 2021

8,332

NET BOOK VALUE

At 30 November 2021

41,658

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Trade debtors

4,418

10,098

Other debtors

76,061

120,478

80,479

130,576

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Bank loans and overdrafts

-

50,000

Hire purchase contracts (see note 8)

5,125

-

Trade creditors

565

424

Taxation and social security

53,929

153,296

Other creditors

28,150

19,295

87,769

223,015

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.21

30.11.20

£

£

Hire purchase contracts (see note 8)

31,847

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.21

30.11.20

£

£

Net obligations repayable:

Within one year

5,125

-

Between one and five years

31,847

-

36,972

-

Non-cancellable operating

leases

30.11.21

30.11.20

£

£

Within one year

3,000

353

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2021 and 30 November 2020:

30.11.21

30.11.20

£

£

S A Georgiev

Balance outstanding at start of year

112,754

22,701

Amounts advanced

157,609

126,329

Amounts repaid

(208,282

)

(36,276

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,081

112,754

Interest was charged on the overdrawn directors loan account balance in excess of £10,000 at 2.25% until 5 April 2021 and 2% thereafter.