Freestyle Lighting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02688438 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

FOR

FREESTYLE LIGHTING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

Ms S Lamkin

Mr D Leech

SECRETARY:

Ms S Lamkin

REGISTERED OFFICE:

East Wing Goffs Oak House

Goffs Lane

Hertfordshire

EN7 5BW

BUSINESS ADDRESS:

Unit 24, The Enterprise Centre

Cranborne Road

Potters Bar

Hertfordshire

EN6 3DQ

REGISTERED NUMBER:

02688438 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Tangible assets

4

1,087

1,449

CURRENT ASSETS

Stocks

30,419

22,570

Debtors

5

102,911

64,677

Cash at bank

88,304

115,553

221,634

202,800

CREDITORS

Amounts falling due within one year

6

39,539

37,857

NET CURRENT ASSETS

182,095

164,943

TOTAL ASSETS LESS CURRENT LIABILITIES

183,182

166,392

CREDITORS

Amounts falling due after more than one year

7

(48,433

)

-

PROVISIONS FOR LIABILITIES

(189

)

(253

)

NET ASSETS

134,560

166,139

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

134,460

166,039

SHAREHOLDERS' FUNDS

134,560

166,139

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 27 January 2022 and were signed on its behalf by:

Ms S Lamkin - Director

1.	STATUTORY INFORMATION

Freestyle Lighting 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 (£).

The financial statements have been rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The Company presents its financial statements on the going concern basis. The directors regularly review turnover, profitability and balance sheet reserves and have reviewed the business for the impact of COVID-19. The business has been significantly affected by the coronavirus pandemic and has taken out a Bounce Back loan during the year. Based on the current years performance and the directors assessment of expected performance they believe that the company will continue to be profitable and have sufficient reserves to continue trading on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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 reducing balance

Government grants

The income for government grants is in respect of BIP payments and is recognised as income in the period to which the claim/grant relates.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

12,381

DEPRECIATION

At 1 May 2020

10,932

Charge for year

362

At 30 April 2021

11,294

NET BOOK VALUE

At 30 April 2021

1,087

At 30 April 2020

1,449

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

81,664

49,190

Other debtors

21,247

15,487

102,911

64,677

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

1,568

-

Trade creditors

13,885

20,329

Taxation and social security

14,371

7,528

Other creditors

9,715

10,000

39,539

37,857

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

48,433

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,773

-

8.	FINANCIAL INSTRUMENTS

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans (to)/from directors subsisted during the years ended 30 April 2021 and 30 April 2020:

2021

2020

£

£

Ms S Lamkin

Balance outstanding at start of year

(6,227

)

(4,941

)

Balance outstanding at end of year

(9,177

)

(6,227

)

Maximum balance outstanding during year

(12,053

)

(6,946

)

Mr D Leech

Balance outstanding at start of year

(6,184

)

(5,048

)

Balance outstanding at end of year

(9,086

)

(6,184

)

Maximum balance outstanding during year

(12,462

)

(6,903

)

These loans are interest free and were repaid within nine months of the year end.

11.	RELATED PARTY DISCLOSURES

During the year to 30 April 2021, dividends totalling £74,200 were declared and paid to the directors as follows:

Ms S Lamkin, £37,100 (2020: £73,100)

Mr D Leech, £37,100 (2020: £73,100)

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 Balance Sheet. 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 Freestyle Lighting Limited for the year ended 30 April 2021 which comprise the Income Statement, Balance Sheet, 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 Freestyle Lighting 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 Freestyle Lighting Limited and state those matters that we have agreed to state to the Board of Directors of Freestyle Lighting 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 Freestyle Lighting Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freestyle Lighting 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 Freestyle Lighting Limited. You consider that Freestyle Lighting 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 Freestyle Lighting 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.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

27 January 2022