Company Registration No. 11600091 (England and Wales)
Freeborne Media Limited
Unaudited accounts
for the year ended 31 December 2021
Freeborne Media Limited
Unaudited accounts
Contents
Freeborne Media Limited
Company Information
for the year ended 31 December 2021
Directors
J C Honeyborne
JA R Godfrey
Company Number
11600091 (England and Wales)
Registered Office
St Stephens House
Colston Avenue
Bristol
BS1 4ST
Accountants
Hewitt Accountancy Ltd
40 Harcourt Road
Redland
Bristol
BS6 7RE
Freeborne Media Limited
Statement of financial position
as at 31 December 2021
Tangible assets
2,281
5,746
Cash at bank and in hand
447,404
242,036
Creditors: amounts falling due within one year
(268,488)
(250,920)
Net current assets
182,535
183,946
Total assets less current liabilities
184,917
189,793
Provisions for liabilities
Net assets
184,484
188,701
Called up share capital
100
100
Profit and loss account
184,384
188,601
Shareholders' funds
184,484
188,701
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by
J C Honeyborne
Director
Company Registration No. 11600091
Freeborne Media Limited
Notes to the Accounts
for the year ended 31 December 2021
Freeborne Media Limited is a private company, limited by shares, registered in England and Wales, registration number 11600091. The registered office is St Stephens House, Colston Avenue, Bristol, BS1 4ST.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2020 comparative financial information
The comparative financial information included in these accounts is for the period 1 November 2019 to 31 December 2020.
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. These financial statements present the results of the company and do not show the results of the group.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 years straight-line
Fixtures & fittings
3 years straight-line
Computer equipment
3 years straight-line
Freeborne Media Limited
Notes to the Accounts
for the year ended 31 December 2021
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The current tax charge is based upon the taxable profit for the year.
Current tax assets are recognised when tax paid exceeds the tax payable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantially enacted by the reporting date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees.
Contributions payable are recognised in the profit and loss account when due.
Freeborne Media Limited
Notes to the Accounts
for the year ended 31 December 2021
4
Tangible fixed assets
Plant & machinery
At 31 December 2021
11,129
5
Investments
Subsidiary undertakings
Valuation at 1 January 2021
101
Valuation at 31 December 2021
101
The company's investments are 100 Ordinary Shares in Freeborne Films Limited and 1 Ordinary Share in Freeborne Impact Limited.
6
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
-
12,382
7
Creditors: amounts falling due within one year
2021
2020
Amounts owed to group undertakings and other participating interests
7,570
1
Taxes and social security
75,247
84,144
Loans from directors
134,245
10,000
Freeborne Media Limited
Notes to the Accounts
for the year ended 31 December 2021
Allotted, called up and fully paid:
50 A Ordinary shares of £1 each
50
50
50 B Ordinary shares of £1 each
50
50
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Unsecured, non-interest bearing and repayable on demand
176,799
233,920
536,794
(126,075)
176,799
233,920
536,794
(126,075)
During the year the company maintained loan accounts with the directors. The movements on all overdrawn loan accounts are shown above.
10
Transactions with related parties
The company has taken the exemption under FRS 102 section 1A para 1AC.35 and has not disclosed transactions with wholly owned members of the same group.
In the opinion of the directors, there are no transactions with related parties that have not been concluded under normal market conditions.
11
Average number of employees
During the year the average number of employees was 2 (2020: 2).