Freedoms Road (UK South) Limited Filleted accounts for Companies House (small and micro)

FREEDOMS ROAD (UK SOUTH) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04569186

Freedoms Road (UK South) Limited

Filleted Unaudited Financial Statements

30 November 2021

Freedoms Road (UK South) Limited

Statement of Financial Position

30 November 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		1,719	2,022

Current assets

Debtors	6	5,082	1,544
Cash at bank and in hand		11,542	21,266
		ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
		16,624	22,810

Creditors: amounts falling due within one year	7	3,441		15,884
		ÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄ
Net current assets			13,183	6,926
			ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄ
Total assets less current liabilities			14,902	8,948

Creditors: amounts falling due after more than one year	8		14,132	17,612

Provisions

Taxation including deferred tax		327	384

Accruals and deferred income	1,560	1,560
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
Net liabilities	( 1,117)	( 10,608)
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

Freedoms Road (UK South) Limited

Statement of Financial Position (continued)

30 November 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital		1	1
Profit and loss account	10	( 1,118)	( 10,609)
		ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
Shareholders deficit		( 1,117)	( 10,608)
		ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

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 income statement has not been delivered.

For the year ending 30 November 2021 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 19 April 2022 , and are signed on behalf of the board by:

Mr M G Wilton
Director

Company registration number: 04569186

Freedoms Road (UK South) Limited

Notes to the Financial Statements

Year ended 30 November 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Red Lawns, Hornblotton, Somerset, BA4 6SF. The principal activity of the company during the year was Speech Training as part of the McGuire Programme.

2. Statement of compliance

These 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 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.

Going concern

The directors are supporting the company financially and believe that the company is a going concern and will continue to trade for the foreseeable future.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.

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:

	Equipment	-	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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 December 2020 and 30 November 2021	10,833	10,833
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Depreciation
At 1 December 2020	8,811	8,811
Charge for the year	303	303
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
At 30 November 2021	9,114	9,114
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Carrying amount
At 30 November 2021	1,719	1,719
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
At 30 November 2020	2,022	2,022
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

6. Debtors

	2021	2020
	£	£
Other debtors	5,082	1,544
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍ

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	3,441	607
Other creditors	–	15,277
	ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
	3,441	15,884
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	14,132	17,612
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

9. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	7,646	10,570
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Director's advances, credits and guarantees

The directors were loaned a total of £3,872 at the year end which was repaid within 9 months of the year end.

12. Related party transactions

There were no transactions with related parties requiring disclosure under FRS102 Section 1A.