Freedom Factory Limited - Accounts

Freedom Factory Limited - Accounts

FREEDOM FACTORY LIMITED - Company Information

Print Friendly Version

2022-04-01 2023-03-31 false Capium Accounts Production 1.1 12108474 bus:AbridgedAccounts 2022-04-01 2023-03-31 12108474 bus:FRS102 2022-04-01 2023-03-31 12108474 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12108474 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12108474 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12108474 2022-04-01 2023-03-31 12108474 2023-03-31 12108474 bus:RegisteredOffice 2022-04-01 2023-03-31 12108474 core:WithinOneYear 2023-03-31 12108474 core:AfterOneYear 2023-03-31 12108474 bus:Director1 2022-04-01 2023-03-31 12108474 bus:Director1 2023-03-31 12108474 bus:Director1 2021-04-01 2022-03-31 12108474 bus:Director2 2022-04-01 2023-03-31 12108474 bus:Director2 2023-03-31 12108474 bus:Director2 2021-04-01 2022-03-31 12108474 bus:Director3 2022-04-01 2023-03-31 12108474 bus:Director3 2023-03-31 12108474 bus:Director3 2021-04-01 2022-03-31 12108474 2021-04-01 12108474 bus:CompanySecretary1 2022-04-01 2023-03-31 12108474 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 12108474 2021-04-01 2022-03-31 12108474 2022-03-31 12108474 core:WithinOneYear 2022-03-31 12108474 core:AfterOneYear 2022-03-31 12108474 bus:EntityAccountantsOrAuditors 2021-04-01 2022-03-31 12108474 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12108474 bus:OrdinaryShareClass1 2023-03-31 12108474 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 12108474 bus:OrdinaryShareClass1 2022-03-31 12108474 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 12108474 bus:OrdinaryShareClass2 2023-03-31 12108474 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 12108474 bus:OrdinaryShareClass2 2022-03-31 12108474 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 12108474 bus:OrdinaryShareClass3 2023-03-31 12108474 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 12108474 bus:OrdinaryShareClass3 2022-03-31 12108474 core:LandBuildings 2022-04-01 2023-03-31 12108474 core:LandBuildings 2023-03-31 12108474 core:LandBuildings 2022-03-31 12108474 core:PlantMachinery 2022-04-01 2023-03-31 12108474 core:PlantMachinery 2023-03-31 12108474 core:PlantMachinery 2022-03-31 12108474 core:MotorCars 2022-04-01 2023-03-31 12108474 core:MotorCars 2023-03-31 12108474 core:MotorCars 2022-03-31 12108474 core:FurnitureFittings 2022-04-01 2023-03-31 12108474 core:FurnitureFittings 2023-03-31 12108474 core:FurnitureFittings 2022-03-31 12108474 core:ComputerEquipment 2022-04-01 2023-03-31 12108474 core:ComputerEquipment 2023-03-31 12108474 core:ComputerEquipment 2022-03-31 12108474 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-03-31 12108474 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-03-31 12108474 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 12108474 core:OtherResidualIntangibleAssets 2023-03-31 12108474 core:OtherResidualIntangibleAssets 2022-03-31 12108474 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 12108474 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 12108474 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 12108474 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2023-03-31 12108474 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2023-03-31 12108474 core:Non-currentFinancialInstruments 2023-03-31 12108474 core:Non-currentFinancialInstruments 2022-03-31 12108474 core:ShareCapital 2023-03-31 12108474 core:ShareCapital 2022-03-31 12108474 core:RevaluationReserve 2023-03-31 12108474 core:RevaluationReserve 2022-03-31 12108474 core:RetainedEarningsAccumulatedLosses 2023-03-31 12108474 core:RetainedEarningsAccumulatedLosses 2022-03-31 12108474 dpl:Item1 2022-04-01 12108474 dpl:Item1 2023-03-31 12108474 dpl:Item1 2021-04-01 12108474 dpl:Item1 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: 12108474
England and Wales

 

 

 

FREEDOM FACTORY LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

Freedom Factory Limited
Contents Page
For the year ended 31 March 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Freedom Factory Limited for the year ended 31 March 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Freedom Factory Limited for the year ended 31 March 2023, which comprise of the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Freedom Factory Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2015. Our work has been undertaken solely to prepare for your approval the accounts of Freedom Factory Limited and state those matters that we have agreed to state to the Board of Directors of Freedom Factory Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freedom Factory Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Freedom Factory Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Freedom Factory Limited . You consider that Freedom Factory Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Freedom Factory Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts 31 March 2023



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate, Peterborough,
Cambridgeshire
PE1 5BQ
19 March 2024
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Intangible fixed assets 3 0    8,165 
Tangible fixed assets 4 5,326,247    5,054,568 
5,326,247    5,062,733 
Current assets      
Debtors 371,995    405,803 
Cash at bank and in hand 880,077    348,203 
1,252,072    754,006 
Creditors: amount falling due within one year (14,025)   (14,196)
Net current assets 1,238,047    739,810 
 
Total assets less current liabilities 6,564,294    5,802,543 
Creditors: amount falling due after more than one year (6,089,190)   (5,639,624)
Provisions for liabilities (48,854)   (13,226)
Net assets 426,250    149,693 
 

Capital and reserves 		     
Called up share capital 5 500    500 
Reserves 6 545,092    339,609 
Profit and loss account (119,342)   (190,416)
Shareholder's funds 426,250    149,693 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 March 2024 and were signed on its behalf by:


-------------------------------
Benjamin Nathaniel Villar Clarke
Director
2
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 , Fengate, Peterborough, Cambridgeshire, 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)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 4 years.
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:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% 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.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees including directors

Average number of employees during the year was 3 (2022 : 3).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 April 2022 8,339    8,339 
Additions -    - 
Disposals (8,339)   (8,339)
At 31 March 2023 -    - 
Amortisation
At 01 April 2022 174    174 
Charge for year -    - 
On disposals (174)   (174)
At 31 March 2023 -    - 
Net book values
At 31 March 2023 -    - 
At 31 March 2022 8,165    8,165 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures & Fittings   Computer Equipment   Improvements to Property   Total
  £   £   £   £   £   £   £
At 01 April 2022 4,127,514    548    -    78,905    2,536    855,679    5,065,182 
Additions -    -    45,411    1,148    -    56,650    103,209 
Disposals -    -    -    -    -    -    - 
Revaluations 187,519    -    -    -    -    -    187,519 
At 31 March 2023 4,315,033    548    45,411    80,053    2,536    912,329    5,355,910 
Depreciation
At 01 April 2022 -    73    -    10,087    453    -    10,613 
Charge for year -    95    4,541    13,994    420    -    19,050 
On disposals -    -    -    -    -    -    - 
At 31 March 2023 -    168    4,541    24,081    873    -    29,663 
Net book values
Closing balance as at 31 March 2023 4,315,033    380    40,870    55,972    1,663    912,329    5,326,247 
Opening balance as at 01 April 2022 4,127,514    475    -    68,817    2,083    855,679    5,054,568 


5.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
255 Class A shares of £1.00 each 255    255 
235 Class B shares of £1.00 each 235    235 
10 Class C shares of £1.00 each 10    10 
500    500 

3