Freeman Finance (North East) Limited - Period Ending 2022-03-31

Freeman Finance (North East) Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 4

Freeman Finance (North East) Limited

Company Information

Directors

J R Freeman (Snr) D. G. Freeman J. R. Freeman (Jnr)

Registered office

353 Dukesway Court Team Valley Trading Estate Gateshead NE11 0BH

Bankers

Barclays Bank PLC 1 King Street South Shields Tyne and Wear NE33 1DA

Accountants

Azets Bulman House Regent Centre Newcastle upon Tyne NE3 3LS

Freeman Finance (North East) Limited

(Registration number: 09316941)
Statement of Financial Position as at 31 March 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	642,574	490,950
Cash at bank and in hand		279,896	407,297
		922,470	898,247
Creditors: Amounts falling due within one year	5	(9,376)	(7,502)
Net assets		913,094	890,745
Capital and reserves
Called up share capital		1	1
Share premium reserve		781,000	781,000
Profit and loss account		132,093	109,744
Total equity		913,094	890,745

For the financial year ending 31 March 2022 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; and
•	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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the Board on 24 March 2023 and signed on its behalf by:
 

......................................... D. G. Freeman Company secretary and director

Freeman Finance (North East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is 353 Dukesway Court, Team Valley Trading Estate, Gateshead, NE11 0BH.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Revenue recognition

Turnover represents interest received on commercial loans provided and is recognised in line with the loan agreements.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Freeman Finance (North East) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2021 - 1).

4

Debtors

	2022 £	2021 £
Directors loan accounts	13,279	3,487
Other debtors	629,295	487,463
	642,574	490,950
Less non-current portion	(522,708)	(387,182)
	119,866	103,768

5

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Accruals and deferred income	4,134	2,769
Corporation tax liability	5,242	4,733
	9,376	7,502

6	Related party transactions

Transactions with directors

2022	At 1 April 2021 £	Advances to director £	Repayments by director £	At 31 March 2022 £
J. R. Freeman (Jnr)
Loan	3,487	12,150	(2,358)	13,279

2021	At 1 April 2020 £	Advances to director £	Repayments by director £	At 31 March 2021 £
J. R. Freeman (Jnr)
Loan	1,958	9,084	(7,555)	3,487