Company registration number 04184220 (England and Wales)
FREDDIE FLINTOFF ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FREDDIE FLINTOFF ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,696
1,965
Investments
5
842,467
795,046
846,163
797,011
Current assets
Debtors
6
4,783,381
5,143,591
Cash at bank and in hand
1,516,500
1,510,904
6,299,881
6,654,495
Creditors: amounts falling due within one year
7
(174,945)
(411,463)
Net current assets
6,124,936
6,243,032
Net assets
6,971,099
7,040,043
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,970,999
7,039,943
Total equity
6,971,099
7,040,043

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Mrs R  Flintoff
Director
Company registration number 04184220 (England and Wales)
FREDDIE FLINTOFF ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
100
6,514,603
6,514,703
Year ended 30 June 2022:
Profit and total comprehensive income
-
976,017
976,017
Dividends
-
(450,677)
(450,677)
Balance at 30 June 2022
100
7,039,943
7,040,043
Year ended 30 June 2023:
Profit and total comprehensive income
-
256,278
256,278
Dividends
-
(325,222)
(325,222)
Balance at 30 June 2023
100
6,970,999
6,971,099
FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Freddie Flintoff Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Summertown, Oxford, OX2 7DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of listed fixed asset investments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services 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. The following specific recognition criteria must also be met before revenue is recognised:

 

 

Television and appearance

Income is recognised on delivery of completed programmes and on attendance of events.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
33.33% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

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.

FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
3
Directors' remuneration and dividends
2023
2022
£
£
Remuneration paid to directors
40,000
40,000
Dividends paid to directors
325,222
450,677
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 July 2022
2,021
Additions
3,092
At 30 June 2023
5,113
Depreciation and impairment
At 1 July 2022
56
Depreciation charged in the year
1,361
At 30 June 2023
1,417
Carrying amount
At 30 June 2023
3,696
At 30 June 2022
1,965
FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Listed investments
556,867
565,446
Unlisted investments
285,500
229,500
Investments in subsidiaries
100
100
842,467
795,046

Listed investments are stated at market value.

 

The fair value of the unlisted investments has been arrived at on the basis of the current trading price on 30 June 2023. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar investments. At the reporting date, the directors do not believe this fair value has changed.

 

The historical cost of the listed and unlisted investments is £558,970 (2022: £567,579).

Movements in fixed asset investments
Shares in subsidiaries
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2022
100
794,946
795,046
Additions
-
171,081
171,081
Valuation changes
-
83,496
83,496
Disposals
-
(207,156)
(207,156)
At 30 June 2023
100
842,367
842,467
Carrying amount
At 30 June 2023
100
842,367
842,467
At 30 June 2022
100
794,946
795,046
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
359,000
366,021
Corporation tax recoverable
801,363
801,339
Other debtors
3,623,018
3,976,231
4,783,381
5,143,591

At the reporting date, the company was owed £1,505,760 (2022: £1,505,760) from Logik Developments Limited, a company of which Mr Andrew Flintoff is a shareholder. This amount is included within other debtors.

FREDDIE FLINTOFF ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
132,367
94,902
Corporation tax
-
0
237,145
Other taxation and social security
41,069
70,767
Other creditors
1,509
8,649
174,945
411,463
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mrs R  Flintoff -
-
764,782
-
764,782
Mr A  Flintoff -
-
1,700,189
(728,213)
971,976
2,464,971
(728,213)
1,736,758
2023-06-302022-07-01false31 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr A FlintoffMrs R Flintofffalse041842202022-07-012023-06-30041842202023-06-30041842202022-06-3004184220core:OtherPropertyPlantEquipment2023-06-3004184220core:OtherPropertyPlantEquipment2022-06-3004184220core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3004184220core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3004184220core:CurrentFinancialInstruments2023-06-3004184220core:CurrentFinancialInstruments2022-06-3004184220core:ShareCapital2023-06-3004184220core:ShareCapital2022-06-3004184220core:RetainedEarningsAccumulatedLosses2023-06-3004184220core:RetainedEarningsAccumulatedLosses2022-06-3004184220core:ShareCapital2021-06-3004184220core:RetainedEarningsAccumulatedLosses2021-06-3004184220bus:Director22022-07-012023-06-3004184220core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30041842202021-07-012022-06-3004184220core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3004184220core:FurnitureFittings2022-07-012023-06-3004184220core:OtherPropertyPlantEquipment2022-06-3004184220core:OtherPropertyPlantEquipment2022-07-012023-06-3004184220core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2023-06-3004184220core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2022-06-3004184220core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-06-3004184220core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-06-3004184220core:Non-currentFinancialInstruments2023-06-3004184220core:Non-currentFinancialInstruments2022-06-3004184220core:WithinOneYear2023-06-3004184220core:WithinOneYear2022-06-3004184220bus:PrivateLimitedCompanyLtd2022-07-012023-06-3004184220bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3004184220bus:FRS1022022-07-012023-06-3004184220bus:AuditExemptWithAccountantsReport2022-07-012023-06-3004184220bus:Director12022-07-012023-06-3004184220bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP