Freelove Group Limited - Accounts to registrar (filleted) - small 18.2

Freelove Group Limited - Accounts to registrar (filleted) - small 18.2

FREELOVE GROUP LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.1.6.35 05599615 Board of Directors 1.10.19 30.9.20 30.9.20 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure055996152019-09-30055996152020-09-30055996152019-10-012020-09-30055996152018-09-30055996152018-10-012019-09-30055996152019-09-3005599615ns16:EnglandWales2019-10-012020-09-3005599615ns15:PoundSterling2019-10-012020-09-3005599615ns11:Director12019-10-012020-09-3005599615ns11:PrivateLimitedCompanyLtd2019-10-012020-09-3005599615ns11:SmallEntities2019-10-012020-09-3005599615ns11:AuditExemptWithAccountantsReport2019-10-012020-09-3005599615ns11:SmallCompaniesRegimeForDirectorsReport2019-10-012020-09-3005599615ns11:SmallCompaniesRegimeForAccounts2019-10-012020-09-3005599615ns11:AbridgedAccounts2019-10-012020-09-3005599615ns11:OrdinaryShareClass12019-10-012020-09-3005599615ns11:Director22019-10-012020-09-3005599615ns11:CompanySecretary12019-10-012020-09-3005599615ns11:RegisteredOffice2019-10-012020-09-3005599615ns6:CurrentFinancialInstruments2020-09-3005599615ns6:CurrentFinancialInstruments2019-09-3005599615ns6:Non-currentFinancialInstruments2020-09-3005599615ns6:Non-currentFinancialInstruments2019-09-3005599615ns6:ShareCapital2020-09-3005599615ns6:ShareCapital2019-09-3005599615ns6:RetainedEarningsAccumulatedLosses2020-09-3005599615ns6:RetainedEarningsAccumulatedLosses2019-09-3005599615ns6:PlantMachinery2019-10-012020-09-3005599615ns11:OrdinaryShareClass12020-09-30
REGISTERED NUMBER: 05599615 (England and Wales)















FREELOVE GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020





Wags LLP t/a Wagstaffs
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP








FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2020










Page

Company Information 1

Accountants' Report 2 to 3

Abridged Statement of Financial Position 4 to 5

Notes to the Financial Statements 6 to 8


FREELOVE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2020







DIRECTORS: M Valentine
S Valentine





SECRETARY: M Valentine





REGISTERED OFFICE: Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP





REGISTERED NUMBER: 05599615 (England and Wales)





ACCOUNTANTS: Wags LLP t/a Wagstaffs
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP
Page 1
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FREELOVE GROUP LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Freelove Group Limited for the year ended 30th September 2020 which comprise the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Freelove Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Freelove Group Limited and state those matters that we have agreed to state to the Board of Directors of Freelove Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freelove Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freelove Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Freelove Group Limited. You consider that Freelove Group 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 financial statements of Freelove Group 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 financial statements.






Wags LLP t/a Wagstaffs
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP



This page does not form part of the statutory financial statements

Page 2
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FREELOVE GROUP LIMITED


21st July 2021

This page does not form part of the statutory financial statements

Page 3
FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

ABRIDGED STATEMENT OF FINANCIAL POSITION
30TH SEPTEMBER 2020

2020 2019
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 69,057 109,183

CURRENT ASSETS
Debtors 2,908 23,330
Cash at bank and in hand 55,486 2,515
58,394 25,845
CREDITORS
Amounts falling due within one year (112,832 ) (181,137 )
NET CURRENT LIABILITIES (54,438 ) (155,292 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
14,619
(46,109
)

CREDITORS
Amounts falling due after more than
one year
(46,667
)
-
NET LIABILITIES (32,048 ) (46,109 )

CAPITAL AND RESERVES
Called up share capital 6 1 1
Retained earnings (32,049 ) (46,110 )
SHAREHOLDERS' FUNDS (32,048 ) (46,109 )

The notes form part of these financial statements

Page 4
FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
30TH SEPTEMBER 2020


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2020 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 21st July 2021 and were signed on its behalf by:





M Valentine - Director


The notes form part of these financial statements

Page 5
FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


1. STATUTORY INFORMATION

Freelove Group 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates
No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Revenue
Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.

Revenue recognition
Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 10% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Page 6
FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


3. ACCOUNTING POLICIES - continued
Tax
Tax 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 tax 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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 the income statement in the period to which they relate.

Going concern
The directors have undertaken to continue their financial support of the company for the foreseeable future. On this basis the directors believes it as appropriate to prepare these accounts on a going concern basis.

The directors have assessed the Balance sheet and likely future cash flows at the date of approving these financial statements. During the year, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The director continues to monitor the impact of the virus on the business as more information about the pandemic emerges. The director is confident that the company has sufficient funds available to meet liabilities as they fall due within the next 12 months; however the director acknowledges that the position is changing day by day.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

Page 7
FREELOVE GROUP LIMITED (REGISTERED NUMBER: 05599615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2020


5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
Cost
At 1st October 2019 843,880
Additions 39,845
At 30th September 2020 883,725
Depreciation
At 1st October 2019 734,697
Charge for year 79,971
At 30th September 2020 814,668
Net book value
At 30th September 2020 69,057
At 30th September 2019 109,183

6. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
1 Ordinary £1 1 1

Page 8