Free Spirit Unleashed Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06679058 (England and Wales)

Unaudited Financial Statements For The Year Ended 29 August 2017

for

Free Spirit Unleashed Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A J Semple

SECRETARY:

Fuller Harvey Limited

REGISTERED OFFICE:

Mill House

58 Guildford Street

Chertsey

Surrey

KT16 9BE

REGISTERED NUMBER:

06679058 (England and Wales)

ACCOUNTANTS:

Fuller Spurling

Mill House

58 Guildford Street

Chertsey

Surrey

KT16 9BE

FIXED ASSETS

Tangible assets

4

989

-

CURRENT ASSETS

Debtors

5

8,340

28,894

CREDITORS

Amounts falling due within one year

6

9,154

28,893

NET CURRENT (LIABILITIES)/ASSETS

(814

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

175

1

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

174

-

SHAREHOLDERS' FUNDS

175

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 14 May 2018 and were signed by:

A J Semple - Director

1.	STATUTORY INFORMATION

Free Spirit Unleashed 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the directors have considered whether in applying the accounting policies required by

FRS 102 the restatement of comparative items was required, and have determined that no restatements were

required. In accordance with the requirements of FRS 102 a reconciliation of opening balances is therefore not

needed.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 29 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 September 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and is recognised when

services are delivered to customers.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Taxation

Taxation represents the sum of tax currently payable, and deferred tax if material.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax, where material, is recognised on all timing differences between the carrying amounts of assets and

liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the

extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset

to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less

from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors, provisions and accrued costs are recognised where the company has a present obligation resulting

from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

1,319

At 29 August 2017

1,319

DEPRECIATION

Charge for year

330

At 29 August 2017

330

NET BOOK VALUE

At 29 August 2017

989

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.8.17

29.8.16

£

£

Trade debtors

770

-

Directors' current accounts

5,065

25,014

Tax

2,505

3,880

8,340

28,894

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.8.17

29.8.16

£

£

Bank loans and overdrafts

1,299

272

Corporation tax

6,494

25,953

Social security and other taxes

64

714

Accrued expenses

1,297

1,954

9,154

28,893

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.8.17

29.8.16

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Retained

earnings

£

Profit for the year

8,074

Dividends

(7,900

)

At 29 August 2017

174

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 August 2017 and the period

ended 29 August 2016:

29.8.17

29.8.16

£

£

A J Semple

Balance outstanding at start of year

25,014

20,783

Amounts advanced

-

4,231

Amounts repaid

(19,949

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,065

25,014

10.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the Company has not needed to take advantage of any transitional reliefs.