Free Spirit Solutions Limited Company Accounts

Free Spirit Solutions Limited Company Accounts

FREE SPIRIT SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03536325
FREE SPIRIT SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2018
FREE SPIRIT SOLUTIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
FREE SPIRIT SOLUTIONS LIMITED
BALANCE SHEET
30 April 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
951
1,062
Current assets
Debtors
6
2,295
–
Cash at bank and in hand
165,553
214,444
------------
------------
167,848
214,444
Creditors: amounts falling due within one year
7
( 6,755)
( 15,205)
------------
------------
Net current assets
161,093
199,239
------------
------------
Total assets less current liabilities
162,044
200,301
------------
------------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
162,043
200,300
------------
------------
Members funds
162,044
200,301
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 May 2018 , and are signed on behalf of the board by:
Mr R L Hardman
Director
Company registration number: 03536325
FREE SPIRIT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Oakley Road, Warlingham, Surrey, CR6 9BE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Computer equipment
£
Cost
At 1 May 2017
5,343
Additions
970
------------
At 30 April 2018
6,313
------------
Depreciation
At 1 May 2017
4,281
Charge for the year
1,081
------------
At 30 April 2018
5,362
------------
Carrying amount
At 30 April 2018
951
------------
At 30 April 2017
1,062
------------
6. Debtors
2018
2017
£
£
Corporation tax repayable
2,245
–
Other debtors
50
–
------------
------------
2,295
–
------------
------------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
–
12,867
Social security and other taxes
–
464
Company credit card
–
480
Director's loan account
6,755
1,394
------------
------------
6,755
15,205
------------
------------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
9. Related party transactions
The director's loan of £6,755 (2017: £1,394) set out above is unsecured, repayable on demand and currently interest free. The company is controlled by the director.