Freedom Escapes Limited Company accounts

Freedom Escapes Limited Company accounts

FREEDOM ESCAPES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12404724
Freedom Escapes Limited
Unaudited Abridged Financial Statements
31 January 2022
Freedom Escapes Limited
Abridged Financial Statements
Year ended 31 January 2022
Contents
Page
Director's report
1
Abridged statement of comprehensive income
2
Abridged statement of financial position
3
Statement of changes in equity
5
Notes to the abridged financial statements
6
Freedom Escapes Limited
Director's Report
Year ended 31 January 2022
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 January 2022 .
Director
The director who served the company during the year was as follows:
Mr P Brown
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 March 2022 and signed on behalf of the board by:
Mr P Brown
Director
Registered office:
11 Kingfisher Close
Hartlepool
England
TS26 0GA
Freedom Escapes Limited
Abridged Statement of Comprehensive Income
Year ended 31 January 2022
2022
2021
Note
£
£
Gross profit
26,118
11,030
Administrative expenses
26,874
17,928
--------
--------
Operating loss
( 756)
( 6,898)
--------
--------
Loss before taxation
4
( 756)
( 6,898)
Tax on loss
–
–
----
-------
Loss for the financial year and total comprehensive income
( 756)
( 6,898)
----
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Freedom Escapes Limited
Abridged Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
28,833
34,156
Current assets
Cash at bank and in hand
15,113
9,746
Creditors: amounts falling due within one year
51,500
50,700
--------
--------
Net current liabilities
36,387
40,954
--------
--------
Total assets less current liabilities
( 7,554)
( 6,798)
-------
-------
Net liabilities
( 7,554)
( 6,798)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 7,654)
( 6,898)
-------
-------
Shareholders deficit
( 7,554)
( 6,798)
-------
-------
These abridged financial statements have been prepared 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'.
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Freedom Escapes Limited
Abridged Statement of Financial Position (continued)
31 January 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 28 March 2022 , and are signed on behalf of the board by:
Mr P Brown
Director
Company registration number: 12404724
Freedom Escapes Limited
Statement of Changes in Equity
Year ended 31 January 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 February 2020
–
–
–
Loss for the year
( 6,898)
( 6,898)
----
-------
-------
Total comprehensive income for the year
–
( 6,898)
( 6,898)
Issue of shares
100
–
100
----
-------
-------
Total investments by and distributions to owners
100
–
100
At 31 January 2021
100
( 6,898)
( 6,798)
Loss for the year
( 756)
( 756)
----
-------
-------
Total comprehensive income for the year
–
( 756)
( 756)
----
-------
-------
At 31 January 2022
100
( 7,654)
( 7,554)
----
-------
-------
Freedom Escapes Limited
Notes to the Abridged Financial Statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Kingfisher Close, Hartlepool, TS26 0GA, England.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
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.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
6,152
6,028
-------
-------
5. Tangible assets
£
Cost
At 1 February 2021
40,184
Additions
829
--------
At 31 January 2022
41,013
--------
Depreciation
At 1 February 2021
6,028
Charge for the year
6,152
--------
At 31 January 2022
12,180
--------
Carrying amount
At 31 January 2022
28,833
--------
At 31 January 2021
34,156
--------