Freedom Green Energy Limited - Accounts to registrar (filleted) - small 23.2.5

Freedom Green Energy Limited

Financial Statements for the Year Ended 30 June 2023

DIRECTORS:

R D Dalley

R B Sherwin

REGISTERED OFFICE:

Ffrwdgrech Industrial Estate

Ffrwdgrech Road

Brecon

LD3 8LA

REGISTERED NUMBER:

07991922 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Freedom Green Energy Limited for the year ended 30 June 2023 which comprise the Profit and Loss account, 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Freedom Green Energy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Freedom Green Energy Limited and state those matters that we have agreed to state to the Board of Directors of Freedom Green Energy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freedom Green Energy Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freedom Green Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Freedom Green Energy Limited. You consider that Freedom Green Energy 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 financial statements of Freedom Green Energy 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 financial statements.

BPU Limited

Chartered Accountants

28 March 2024

FIXED ASSETS

Tangible assets

3

5,997

13,528

CURRENT ASSETS

Stocks

567,150

414,930

Debtors

4

576,523

595,115

Cash at bank

311,331

580,354

1,455,004

1,590,399

CREDITORS

Amounts falling due within one year

5

342,434

581,275

NET CURRENT ASSETS

1,112,570

1,009,124

TOTAL ASSETS LESS CURRENT LIABILITIES

1,118,567

1,022,652

PROVISIONS FOR LIABILITIES

1,500

3,000

NET ASSETS

1,117,067

1,019,652

CAPITAL AND RESERVES

Called up share capital

80

80

Retained earnings

1,116,987

1,019,572

SHAREHOLDERS' FUNDS

1,117,067

1,019,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:

R B Sherwin - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2022

22,517

15,000

8,829

46,346

Additions

515

-

2,225

2,740

Disposals

-

(15,000

)

-

(15,000

)

At 30 June 2023

23,032

-

11,054

34,086

DEPRECIATION

At 1 July 2022

18,366

6,562

7,890

32,818

Charge for year

1,102

527

731

2,360

Eliminated on disposal

-

(7,089

)

-

(7,089

)

At 30 June 2023

19,468

-

8,621

28,089

NET BOOK VALUE

At 30 June 2023

3,564

-

2,433

5,997

At 30 June 2022

4,151

8,438

939

13,528

4.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

255,534

204,728

Other debtors & prepayments

140,024

306,496

395,558

511,224

Amounts falling due after more than one year:

Other debtors

180,965

83,891

Aggregate amounts

576,523

595,115

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

3,542

6,059

Trade creditors

169,952

257,654

Taxes & social security costs

144,496

162,459

Other creditors & accruals

24,444

155,103

342,434

581,275

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There was an overdrawn directors loan account of £61,931 at the year end, which was repaid within nine months.