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REGISTERED NUMBER: 06296505 (England and Wales)















FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: I R Sterland
Mrs S M Sterland
J Slater





SECRETARY: Mrs S M Sterland





REGISTERED OFFICE: Great Northern House
Great Northern Terrace
Lincoln
Lincolnshire
LN5 8HJ





REGISTERED NUMBER: 06296505 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,066 -
Tangible assets 5 462,587 169,151
Investment property 6 899,432 886,371
1,378,085 1,055,522

CURRENT ASSETS
Stocks 4,000 4,000
Debtors 7 637,401 513,034
Investments 8 231,356 200,585
Cash at bank and in hand 1,037,483 593,099
1,910,240 1,310,718
CREDITORS
Amounts falling due within one year 9 1,529,433 1,250,917
NET CURRENT ASSETS 380,807 59,801
TOTAL ASSETS LESS CURRENT LIABILITIES 1,758,892 1,115,323

CREDITORS
Amounts falling due after more than one year 10 (127,445 ) (30,000 )

PROVISIONS FOR LIABILITIES (108,678 ) (32,608 )
NET ASSETS 1,522,769 1,052,715

CAPITAL AND RESERVES
Called up share capital 11 122 118
Share option reserve 8 12
Retained earnings 1,522,639 1,052,585
SHAREHOLDERS' FUNDS 1,522,769 1,052,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





I R Sterland - Director


FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Freedom Fire & Security Maintenance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to income statement in the period to which they relate.

Amounts recoverable on contracts
Revenue is recognised on contracts in accordance with the Financial Reporting Standards for Smaller Entities where the company has obtained a right to consideration. Turnover recognised in this manner is based on an assessment of the fair value of the goods and services provided at the statement of financial position date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 21,422
At 31 July 2023 21,422
AMORTISATION
Charge for year 5,356
At 31 July 2023 5,356
NET BOOK VALUE
At 31 July 2023 16,066

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 413,819
Additions 398,856
Disposals (78,409 )
At 31 July 2023 734,266
DEPRECIATION
At 1 August 2022 244,668
Charge for year 87,177
Eliminated on disposal (60,166 )
At 31 July 2023 271,679
NET BOOK VALUE
At 31 July 2023 462,587
At 31 July 2022 169,151

FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 886,371
Additions 13,061
At 31 July 2023 899,432
NET BOOK VALUE
At 31 July 2023 899,432
At 31 July 2022 886,371

The investment property has been included at fair value which has been reliably measured by Freedom Fire & Security Maintenance Limited. No professional valuation has been obtained.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 579,307 480,684
Amounts recoverable on contract 50,491 22,063
Other debtors 7,603 10,287
637,401 513,034

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Investments 231,356 200,585

Current asset investments represents the Freedom Fire & Security Maintenance Limited capital account in, Freedom Fire Properties LLP, a partnership in which Freedom Fire & Security Maintenance Limited is a member.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 11,199
Hire purchase contracts 21,867 -
Trade creditors 276,426 230,832
Taxation and social security 277,002 168,740
Other creditors 944,138 840,146
1,529,433 1,250,917

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,000 30,000
Hire purchase contracts 107,445 -
127,445 30,000

FREEDOM FIRE & SECURITY MAINTENANCE
LIMITED (REGISTERED NUMBER: 06296505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100
10 B Ordinary £1 22 18
122 118

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors had overdrawn directors loan accounts totalling £8,017 (2022: £18,638) brought forward. During the year, the directors of the company borrowed £117 (2022: £79,753) from the company and repaid £50,000 (2022: £90,374). Interest charged on the overdrawn directors loan accounts totalled £nil (2022: £1,283). The balance at the end of the year totalled £41,866 (2022: £8,017 overdrawn).

13. SHARE-BASED PAYMENT TRANSACTIONS

The company has a share option scheme for key employees. Options are exercisable at a price equal to the average market price of the company's shares on the date of grant.

2018 Options

The vesting period is 7 years. The exercise of the options is also dependent on eligible executives remaining in employment over the vesting period. The options will be exercisable in tranches and 4 shares will be issued on each anniversary after the granting of the options.

If the employee leaves the company before the 10th anniversary of the scheme, the employee forfeits their rights to the remaining shares.