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REGISTERED NUMBER: 05862996 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Freethought Internet Limited

Freethought Internet Limited (Registered number: 05862996)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Freethought Internet Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: E J Dore
K M Jones
N Fothergill





REGISTERED OFFICE: Unit 5 Oak House
Waterside South
Lincoln
LN5 7FB





REGISTERED NUMBER: 05862996 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Freethought Internet Limited (Registered number: 05862996)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,593 2,889
Tangible assets 5 72,113 70,590
Investments 6 75 75
74,781 73,554

CURRENT ASSETS
Debtors 7 43,858 42,827
Cash at bank and in hand 41,264 68,273
85,122 111,100
CREDITORS
Amounts falling due within one year 8 58,595 54,907
NET CURRENT ASSETS 26,527 56,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,308

129,747

PROVISIONS FOR LIABILITIES 10 14,289 13,679
NET ASSETS 87,019 116,068

CAPITAL AND RESERVES
Called up share capital 11 2,985 2,985
Capital redemption reserve 960 960
Retained earnings 83,074 112,123
SHAREHOLDERS' FUNDS 87,019 116,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Freethought Internet Limited (Registered number: 05862996)

Balance Sheet - continued
30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





K M Jones - Director


Freethought Internet Limited (Registered number: 05862996)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Freethought Internet 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption
All transactions entered into with companies under common control were concluded under normal market conditions, therefore no further disclosures is necessary in accordance with FRS102 section 1A

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor transactions with directors conducted at a market rate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when the conditions contained within a contract for services have been met.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses which are being amortised evenly over their useful lives of 2 years.

Intellectual property
Intellectual property are held as fixed assets and are stated at cost less provision for any impairment in value.

Website
Website is being amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.


Freethought Internet Limited (Registered number: 05862996)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 profit or loss in the period to which they relate.

Investments
Investments held as fixed assets are stated as cost less provision for any impairment in value.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Freethought Internet Limited (Registered number: 05862996)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Website Totals
£    £    £    £   
COST
At 1 July 2022
and 30 June 2023 49,590 2,000 2,000 53,590
AMORTISATION
At 1 July 2022 49,590 - 1,111 50,701
Amortisation for year - - 296 296
At 30 June 2023 49,590 - 1,407 50,997
NET BOOK VALUE
At 30 June 2023 - 2,000 593 2,593
At 30 June 2022 - 2,000 889 2,889

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2022 690 253,949 254,639
Additions 499 28,663 29,162
At 30 June 2023 1,189 282,612 283,801
DEPRECIATION
At 1 July 2022 245 183,804 184,049
Charge for year 203 27,436 27,639
At 30 June 2023 448 211,240 211,688
NET BOOK VALUE
At 30 June 2023 741 71,372 72,113
At 30 June 2022 445 70,145 70,590

Freethought Internet Limited (Registered number: 05862996)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2022
and 30 June 2023 75
NET BOOK VALUE
At 30 June 2023 75
At 30 June 2022 75

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,048 17,011
Other debtors 6,845 3,377
Directors' current accounts 4,937 4,937
Prepayments 15,028 17,502
43,858 42,827

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 72
Trade creditors 25,642 26,966
Taxation and social security 29,130 22,515
Other creditors 406 1,731
Accruals and deferred income 3,417 3,623
58,595 54,907

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 13,354 13,354
Between one and five years 7,233 20,587
20,587 33,941

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,289 13,679

Freethought Internet Limited (Registered number: 05862996)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2022 13,679
Provided during year 610
Balance at 30 June 2023 14,289

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,981 Ordinary £1 2,981 2,981
2 Ordinary A and B £1 2 2
2 Ordinary C and D £1 2 2
2,985 2,985

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
K M Jones
Balance outstanding at start of year 4,937 4,946
Amounts repaid - (9 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,937 4,937

No interest has been charged.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Freethought Group Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is Unit 5 Oak House, Witham Park, Waterside South, Lincoln, Lincolnshire, LN5 7FB.