2022-03-012023-02-282023-02-28false11853309FREESPIRIT AGENCY 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FREESPIRIT AGENCY LIMITED

Registered Number
11853309
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

FREESPIRIT AGENCY LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Forse, Peter Roderick

Registered Address

Palmeira Avenue Mansions
19 Church Road
Hove
BN3 2FA

Registered Number

11853309 (England and Wales)
FREESPIRIT AGENCY LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets53,8095,079
3,8095,079
Current assets
Debtors85,5643,078
Cash at bank and on hand22,70328,532
28,26731,610
Creditors amounts falling due within one year9(18,266)(18,810)
Net current assets (liabilities)10,00112,800
Total assets less current liabilities13,81017,879
Creditors amounts falling due after one year10(12,955)(16,838)
Provisions for liabilities11(724)(965)
Net assets13176
Capital and reserves
Called up share capital100100
Profit and loss account31(24)
Shareholders' funds13176
The financial statements were approved and authorised for issue by the Director on 28 November 2023, and are signed on its behalf by:
Forse, Peter Roderick
Director
Registered Company No. 11853309
FREESPIRIT AGENCY LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 March 228,7828,782
At 28 February 238,7828,782
Depreciation and impairment
At 01 March 223,7033,703
Charge for year1,2701,270
At 28 February 234,9734,973
Net book value
At 28 February 233,8093,809
At 28 February 225,0795,079
6.Description of nature of transactions and balances with related parties
The company has taken advantage of the exemption under FRS 102 1AC.35 whereby particulars need not be given for related party transactions concluded under normal market conditions, or transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Forse, Peter Roderick01,73101,731
01,73101,731
8.Debtors

2023

2022

££
Trade debtors / trade receivables3,2452,897
Other debtors2,319181
Total5,5643,078
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables2,0193,922
Bank borrowings and overdrafts3,8853,162
Taxation and social security12,3626,691
Other creditors-5,035
Total18,26618,810
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts12,95516,838
Total12,95516,838
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)724965
Total724965