Free2Move Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06424553 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

FREE2MOVE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Steele

REGISTERED OFFICE:

The Office

Chapel Farm

Hop Pole

Spalding

Lincolnshire

PE11 3DS

REGISTERED NUMBER:

06424553 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

5,948

41,460

CURRENT ASSETS

Debtors

5

146,751

87,112

Cash at bank

4,661

831

151,412

87,943

CREDITORS

Amounts falling due within one year

6

181,716

80,225

NET CURRENT (LIABILITIES)/ASSETS

(30,304

)

7,718

TOTAL ASSETS LESS CURRENT LIABILITIES

(24,356

)

49,178

CREDITORS

Amounts falling due after more than one year

7

-

(26,375

)

PROVISIONS FOR LIABILITIES

(1,100

)

-

NET (LIABILITIES)/ASSETS

(25,456

)

22,803

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(25,457

)

22,802

SHAREHOLDERS' FUNDS

(25,456

)

22,803

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

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

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 June 2024 and were signed by:

C Steele - Director

1.	STATUTORY INFORMATION

Free2Move Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

At the balance sheet date, the company had net liabilities of £25,456 by virtue of its current liabilities exceeding its current assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and this view is supported by the continuing support of the company bankers and creditors.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 118 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 December 2022

3,779

61,512

65,291

Additions

167

-

167

Disposals

-

(50,912

)

(50,912

)

At 30 November 2023

3,946

10,600

14,546

DEPRECIATION

At 1 December 2022

2,563

21,268

23,831

Charge for year

324

2,495

2,819

Eliminated on disposal

-

(18,052

)

(18,052

)

At 30 November 2023

2,887

5,711

8,598

NET BOOK VALUE

At 30 November 2023

1,059

4,889

5,948

At 30 November 2022

1,216

40,244

41,460

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2022

49,990

Disposals

(49,990

)

At 30 November 2023

-

DEPRECIATION

At 1 December 2022

16,664

Charge for year

1,111

Eliminated on disposal

(17,775

)

At 30 November 2023

-

NET BOOK VALUE

At 30 November 2023

-

At 30 November 2022

33,326

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.23

30.11.22

£

£

Trade debtors

-

2,208

Other debtors

146,751

84,904

146,751

87,112

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.23

30.11.22

£

£

Hire purchase contracts (see note 8)

-

5,472

Trade creditors

11,996

10,660

Taxation and social security

105,024

48,148

Other creditors

64,696

15,945

181,716

80,225

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.23

30.11.22

£

£

Hire purchase contracts (see note 8)

-

26,375

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.11.23

30.11.22

£

£

Net obligations repayable:

Within one year

-

5,472

Between one and five years

-

26,375

-

31,847

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23

30.11.22

£

£

S A Georgiev

Balance outstanding at start of year

73,729

62,081

Amounts advanced

256,608

134,745

Amounts repaid

(194,025

)

(123,097

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

136,312

73,729

Interest was charged on the overdrawn directors loan account balance in excess of £10,000 at 2% up to 5 April 2023 and 2.25% thereafter.

10.

DIVIDENDS

Dividends of £83,000 were paid during the year. The amount of the dividends declared was based on the best estimate of retained profits available at the time. Subsequently, it was realised that the actual retained profits available for distribution fell short of the directors' estimate by £25,457 which the directors concede is in contravention of section 830 of the Companies Act 2006.