Free Turn Limited - Filleted accounts

Free Turn Limited - Filleted accounts

FREE TURN LIMITED - Company Information

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Registered number
12123422
Free Turn Limited
Unaudited Financial Statements
for the year ended
30 June 2023
Free Turn Limited
Registered number: 12123422
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 5,127 2,270
Current assets
Debtors 5 252,752 235,833
Cash at bank and in hand 404,103 216,365
656,855 452,198
Creditors: amounts falling due within one year 6 (207,933) (437,206)
Net current assets 448,922 14,992
Total assets less current liabilities 454,049 17,262
Creditors: amounts falling due after more than one year 7 (533,172) (35,833)
Net liabilities (79,123) (18,571)
Capital and reserves
Called up share capital 2 2
Profit and loss account (79,125) (18,573)
Shareholders' funds (79,123) (18,571)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gemma Batterby
Director
Approved by the board on 26 February 2024
Free Turn Limited
Notes to the Accounts
for the year ended 30 June 2023
1 General Information
Free Turn Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12123422. The registered office is 12 First Floor North, Little Newport Street, London, WC2H 7JJ
2 Accounting policies
2.1. Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The following principal accounting policies have been applied:
2.2 Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
•the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
2.3 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis: Computer equipment - 25%
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 5
4 Tangible fixed assets
Computer Equipment
£
Cost
At 1 July 2022 3,330
Additions 4,919
At 30 June 2023 8,249
Depreciation
At 1 July 2022 1,060
Charge for the year 2,062
At 30 June 2023 3,122
Net book value
At 30 June 2023 5,127
At 30 June 2022 2,270
5 Debtors 2023 2022
£ £
Trade debtors 221,364 201,124
Intercompany Indebtedness 431 4,462
Rent & Security Deposit 9,643 7,837
Prepayments 8,242 338
Directors' Loan Account 13,072 22,072
252,752 235,833
6 Creditors: amounts falling due within one year 2023 2022
£ £
Wages Payable 7,812 5,438
Bank loans 10,000 10,000
Prepaid Sales - 382,001
Trade creditors 147,414 25,892
Accruals 2,228 750
Taxation and social security costs 12,642 805
VAT 26,336 11,979
Pension Contributions Payable 1,501 341
207,933 437,206
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,833 35,833
Intercompany Indebtedness 507,339 -
533,172 35,833
8 Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
2 2
9 Related party transactions
At the year end the company owed £507,339 (2022 - £4,031) to Free Turn Holdings Limted, its parent company.
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