Freemantle Design Company Ltd 30/04/2021 iXBRL

Freemantle Design Company Ltd 30/04/2021 iXBRL

FREEMANTLE GROUP LIMITED - Company Information

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Company registration number: 10743157
Freemantle Design Company Ltd
Unaudited filleted financial statements
30 April 2021
Freemantle Design Company Ltd
Contents
Statement of financial position
Notes to the financial statements
Freemantle Design Company Ltd
Statement of financial position
30 April 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 - 116
_______ _______
- 116
Current assets
Debtors 5 23,855 100,045
Cash at bank and in hand 153,625 45,336
_______ _______
177,480 145,381
Creditors: amounts falling due
within one year 6 ( 15,571) ( 12,132)
_______ _______
Net current assets 161,909 133,249
_______ _______
Total assets less current liabilities 161,909 133,365
Creditors: amounts falling due
after more than one year 7 ( 42,094) -
_______ _______
Net assets 119,815 133,365
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 119,814 133,364
_______ _______
Shareholders funds 119,815 133,365
_______ _______
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2021 , and are signed on behalf of the board by:
Mr R H Scott
Director
Company registration number: 10743157
Freemantle Design Company Ltd
Notes to the financial statements
Year ended 30 April 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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 prepared in sterling, which is the functional currency of the entity.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Over three years - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2020 and 30 April 2021 1,583 1,583
_______ _______
Depreciation
At 1 May 2020 1,467 1,467
Charge for the year 116 116
_______ _______
At 30 April 2021 1,583 1,583
_______ _______
Carrying amount
At 30 April 2021 - -
_______ _______
At 30 April 2020 116 116
_______ _______
5. Debtors
2021 2020
£ £
Trade debtors 19,068 10,045
Other debtors 4,787 90,000
_______ _______
23,855 100,045
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 7,906 -
Trade creditors 960 960
Corporation tax 5,140 5,084
Social security and other taxes - 4,478
Other creditors 1,565 1,610
_______ _______
15,571 12,132
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 42,094 -
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Ms P L Freeman (315) - - ( 315)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Ms P L Freeman ( 534) ( 38,432) 38,650 ( 316)
_______ _______ _______ _______