Registered number
07680002
Freedom Accountancy Limited
Filleted Accounts
30 June 2023
Freedom Accountancy Limited
Registered number: 07680002
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,464 1,705
Current assets
Debtors 4 83,989 108,316
Cash at bank and in hand 15,903 15,926
99,892 124,242
Creditors: amounts falling due within one year 5 (70,940) (65,728)
Net current assets 28,952 58,514
Net assets 30,416 60,219
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,316 60,119
Shareholder's funds 30,416 60,219
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Tina Louise Smith
Director
Approved by the board on 1 March 2024
Freedom Accountancy Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% reducing balance
Computer equipment 33% straight line
Telephone 50% straight line
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Telephone Office equipment Computer equipment Total
£ £ £ £
Cost
At 1 July 2022 288 13,179 8,626 22,093
Additions - 250 493 743
At 30 June 2023 288 13,429 9,119 22,836
Depreciation
At 1 July 2022 144 12,032 8,212 20,388
Charge for the year 144 349 491 984
At 30 June 2023 288 12,381 8,703 21,372
Net book value
At 30 June 2023 - 1,048 416 1,464
At 30 June 2022 144 1,147 414 1,705
4 Debtors 2023 2022
£ £
Trade debtors 83,989 108,316
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 67,345 55,728
Other creditors 3,595 10,000
70,940 65,728
6 Other information
Freedom Accountancy Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Appleton Court
Calder Park
Wakefield
West Yorkshire
WF2 7AR
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