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

FREEPLAY ENERGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07316295

Freeplay Energy Ltd

Filleted Financial Statements

31 December 2021

Freeplay Energy Ltd

Statement of Financial Position

31 December 2021

	2021		2020
Note	$	$	$	$

Current Assets

Stocks		69,801	30,290
Debtors	7	80,371	81,660
Cash at bank and in hand		26,832	53,973
		----------	----------
		177,004	165,923

Creditors: amounts falling due within one year	8	1,459,528		1,541,665
		-------------		-------------
Net Current Liabilities			1,282,524		1,375,742
			-------------		-------------
Total Assets Less Current Liabilities			( 1,282,524)		( 1,375,742)
			-------------		-------------
Net Liabilities			( 1,282,524)		( 1,375,742)
			-------------		-------------

Capital and Reserves

Called up share capital	9	2	2
Profit and loss account		( 1,282,526)	( 1,375,744)
		-------------	-------------
Shareholders Deficit		( 1,282,524)	( 1,375,742)
		-------------	-------------

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 14 October 2022 , and are signed on behalf of the board by:

Y Y Chan	J J McGrath
Director	Director

Company registration number: 07316295

Freeplay Energy Ltd

Notes to the Financial Statements

Year ended 31st December 2021

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 (2020: 2 ).

5. Intangible Assets

	Tooling and design rights
	$
Cost
At 1st January 2021 and 31st December 2021	278,857
	----------
Amortisation
At 1st January 2021 and 31st December 2021	278,857
	----------
Carrying amount
At 31st December 2021	–
	----------
At 31st December 2020	–
	----------

6. Tangible Assets

	Plant and machinery	Total
	$	$
Cost
At 1st January 2021 and 31st December 2021	202,297	202,297
	----------	----------
Depreciation
At 1st January 2021 and 31st December 2021	202,297	202,297
	----------	----------
Carrying amount
At 31st December 2021	–	–
	----------	----------
At 31st December 2020	–	–
	----------	----------

7. Debtors

	2021	2020
	$	$
Trade debtors	70,311	70,477
Other debtors	10,060	11,183
	---------	---------
	80,371	81,660
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	$	$
Trade creditors	2,337	5,769
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,417,246	1,492,035
Social security and other taxes	1,172	12,775
Other creditors	38,773	31,086
	-------------	-------------
	1,459,528	1,541,665
	-------------	-------------

9. Called Up Share Capital

Issued, called up and fully paid

	2021		2020
	No.	$	No.	$
Ordinary shares of $ 2 each	1	2	1	2
	----	----	----	----

10. Summary Audit Opinion

The auditor's report for the year dated 14 October 2022 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 Binatone Industries Limited ("BIL"), the immediate parent company, was owed $1,300,000 (2020: $1,350,000).

12. Controlling Party

The company's immediate parent undertaking is Binatone Industries Limited, a company registered in Turks & Caicos Islands 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