General Information
Freedom Factory Limited is a private company, limited by shares, registered in England and Wales, registration number 12108474, registration address Fenlake House, Fenlake Business Centre, Peterborough, PE1 5BQ.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements, and agree not to withdraw there funding in the foreseeable future.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
0% Reducing Balance |
| Fixtures and Fittings |
20% Reducing Balance
|
| Computer Equipment |
20% Reducing Balance
|
| Improvements to property |
0% Reducing Balance |
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees including directors
Average number of employees during the year was 3 (2020 : 3).
|
| 3. |
Financial Commitments, Guarantees and Contingencies
The company has committed to the purchase of a further two properties totalling £294,635.
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Improvements to property |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2020 |
850,281 |
|
- |
|
462 |
|
88,952 |
|
939,695 |
| Additions |
2,278,690 |
|
31,826 |
|
874 |
|
471,830 |
|
2,783,220 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| Revaluations |
147,735 |
|
- |
|
- |
|
- |
|
147,735 |
| At 31 March 2021 |
3,276,706 |
|
31,826 |
|
1,336 |
|
560,782 |
|
3,870,650 |
| Depreciation |
| At 01 April 2020 |
- |
|
- |
|
15 |
|
- |
|
15 |
| Charge for year |
- |
|
2,296 |
|
191 |
|
- |
|
2,487 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2021 |
- |
|
2,296 |
|
206 |
|
- |
|
2,502 |
| Net book values |
| Closing balance as at 31 March 2021 |
3,276,706 |
|
29,530 |
|
1,130 |
|
560,782 |
|
3,868,148 |
| Opening balance as at 01 April 2020 |
850,281 |
|
- |
|
447 |
|
88,952 |
|
939,680 |
Property Revaluation
The directors of the business have revalued the properties as at 31st March 2021. |
|
Director's Loan - Benjamin Clarke
During the year Benjamin Clarke has advanced the company an Interest free loan for the foreseeable future of £2,782,410 (2020 - £1,191,733) that is repayable upon demand.
|
|
Director's Loan - Christian Clarke
During the year Christian Clarke has received from the company an Interest free loan for the foreseeable future of £5,588 that is repayable upon demand and has been repaid within nine months of the year end.
|
|
Director's Loan - Robyn Clarke
During the year Robyn Clarke has advanced the company an Interest free loan for the foreseeable future of £224,395 that is repayable upon demand.
|
| 6. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2021
£ | | 2020
£ | | 2021
£ | | 2020
£ |
|---|
| Loans | 402,137 | | 0 | | 402,137 | | 0 |
LoansDuring the year the company borrowed £400,000 from Infopoint Ltd company number 03977080 this company controlled by the same directors the interest chargeable is 10% p.a |
3
|
