Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-302022-12-30true15true2022-01-01falseNo description of principal activity18The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05597079 2022-01-01 2022-12-30 05597079 2021-01-01 2021-12-31 05597079 2022-12-30 05597079 2021-12-31 05597079 c:Director1 2022-01-01 2022-12-30 05597079 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-30 05597079 d:Buildings d:LongLeaseholdAssets 2022-12-30 05597079 d:Buildings d:LongLeaseholdAssets 2021-12-31 05597079 d:PlantMachinery 2022-01-01 2022-12-30 05597079 d:PlantMachinery 2022-12-30 05597079 d:PlantMachinery 2021-12-31 05597079 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-30 05597079 d:MotorVehicles 2022-01-01 2022-12-30 05597079 d:MotorVehicles 2022-12-30 05597079 d:MotorVehicles 2021-12-31 05597079 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-30 05597079 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-30 05597079 d:Goodwill 2022-01-01 2022-12-30 05597079 d:Goodwill 2022-12-30 05597079 d:Goodwill 2021-12-31 05597079 d:CurrentFinancialInstruments 2022-12-30 05597079 d:CurrentFinancialInstruments 2021-12-31 05597079 d:Non-currentFinancialInstruments 2022-12-30 05597079 d:Non-currentFinancialInstruments 2021-12-31 05597079 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-30 05597079 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05597079 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-30 05597079 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05597079 d:ShareCapital 2022-12-30 05597079 d:ShareCapital 2021-12-31 05597079 d:RetainedEarningsAccumulatedLosses 2022-12-30 05597079 d:RetainedEarningsAccumulatedLosses 2021-12-31 05597079 c:OrdinaryShareClass1 2022-01-01 2022-12-30 05597079 c:OrdinaryShareClass1 2022-12-30 05597079 c:OrdinaryShareClass1 2021-12-31 05597079 c:FRS102 2022-01-01 2022-12-30 05597079 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-30 05597079 c:FullAccounts 2022-01-01 2022-12-30 05597079 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-30 05597079 d:WithinOneYear 2022-12-30 05597079 d:WithinOneYear 2021-12-31 05597079 d:BetweenOneFiveYears 2022-12-30 05597079 d:BetweenOneFiveYears 2021-12-31 05597079 d:MoreThanFiveYears 2022-12-30 05597079 d:MoreThanFiveYears 2021-12-31 05597079 d:HirePurchaseContracts d:WithinOneYear 2022-12-30 05597079 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 05597079 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-30 05597079 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 05597079 2 2022-01-01 2022-12-30 05597079 4 2022-01-01 2022-12-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05597079









FREEDOM RECYCLING LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022







































 
FREEDOM RECYCLING LIMITED
REGISTERED NUMBER: 05597079

BALANCE SHEET
AS AT 30 DECEMBER 2022

30 December
31 December
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,062,197
844,682

  
1,062,197
844,682

Current assets
  

Stocks
  
45,000
65,000

Debtors: amounts falling due within one year
 6 
1,010,296
781,485

Cash at bank and in hand
 7 
192,248
334,239

  
1,247,544
1,180,724

Creditors: amounts falling due within one year
 8 
(570,517)
(450,458)

Net current assets
  
 
 
677,027
 
 
730,266

Total assets less current liabilities
  
1,739,224
1,574,948

Creditors: amounts falling due after more than one year
 9 
(438,265)
(554,206)

Provisions for liabilities
  

Deferred tax
  
(239,128)
(161,794)

  
 
 
(239,128)
 
 
(161,794)

Net assets
  
1,061,831
858,948

Page 1

 
FREEDOM RECYCLING LIMITED
REGISTERED NUMBER: 05597079
    
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2022

30 December
31 December
2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
1,061,731
858,848

  
1,061,831
858,948


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P M Boyle
Director

Date: 1 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

1.


General information

Freedom Recycling Limited is a private company limited by shares and is incorporated in England. The address of its registered office is Freedom Farm, Cowles Drove, Hockwold, Thetford, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 3

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Where the government pays loan interest on behalf of the company, this is recognised as a loan interest expense and government grant income respectively.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
33%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 7

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

2.Accounting policies (continued)

 
2.20

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the period was 18 (2021 - 15).


4.


Intangible assets






Goodwill

£



Cost


At 1 January 2022
18,340



At 30 December 2022

18,340



Amortisation


At 1 January 2022
18,340



At 30 December 2022

18,340



Net book value



At 30 December 2022
-



At 31 December 2021
-


Page 8

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
 
           4.Intangible assets (continued)



5.


Tangible fixed assets







Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2022
79,376
1,216,086
833,989
2,129,451


Additions
42,348
246,346
303,223
591,917


Disposals
-
(34,500)
(34,500)
(69,000)



At 30 December 2022

121,724
1,427,932
1,102,712
2,652,368



Depreciation


At 1 January 2022
75,282
786,241
423,246
1,284,769


Charge for the period on owned assets
10,696
184,115
121,799
316,610


Disposals
-
-
(11,208)
(11,208)



At 30 December 2022

85,978
970,356
533,837
1,590,171



Net book value



At 30 December 2022
35,746
457,576
568,875
1,062,197



At 31 December 2021
4,094
429,845
410,743
844,682


6.


Debtors

30 December
31 December
2022
2021
£
£


Trade debtors
954,026
686,265

Other debtors
730
-

Prepayments and accrued income
55,540
95,220

1,010,296
781,485


Page 9

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

7.


Cash and cash equivalents

30 December
31 December
2022
2021
£
£

Cash at bank and in hand
192,248
334,239



8.


Creditors: Amounts falling due within one year

30 December
31 December
2022
2021
£
£

Bank loans
122,500
102,292

Trade creditors
252,197
142,865

Other taxation and social security
65,939
70,619

Obligations under finance lease and hire purchase contracts
118,907
115,060

Other creditors
4,253
6,002

Accruals and deferred income
6,721
13,620

570,517
450,458


A director has provided a personal guarantee over part of the bank loans included within creditors.
Obligations under hire purchase and finance leases are secured on the assets concerned.


9.


Creditors: Amounts falling due after more than one year

30 December
31 December
2022
2021
£
£

Bank loans
265,208
387,708

Net obligations under finance leases and hire purchase contracts
173,057
166,498

438,265
554,206


Page 10

 
FREEDOM RECYCLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 December
31 December
2022
2021
£
£


Within one year
118,908
130,542

Between 1-5 years
173,056
186,779

291,964
317,321


11.


Share capital

30 December
31 December
2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,944 (2021 - £8,488). Contributions totalling £3,265 (2021 - £2,042) were payable to the fund at the balance sheet date and are included in other creditors.


13.


Commitments under operating leases

At 30 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 December
31 December
2022
2021
£
£


Not later than 1 year
100,000
100,000

Later than 1 year and not later than 5 years
400,000
400,000

Later than 5 years
1,400,000
1,500,000

1,900,000
2,000,000

 
Page 11