Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-0118The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity18truetrue 02687345 2023-01-01 2023-12-31 02687345 2022-01-01 2022-12-31 02687345 2023-12-31 02687345 2022-12-31 02687345 c:CompanySecretary1 2023-01-01 2023-12-31 02687345 c:Director1 2023-01-01 2023-12-31 02687345 c:Director2 2023-01-01 2023-12-31 02687345 c:Director3 2023-01-01 2023-12-31 02687345 c:Director4 2023-01-01 2023-12-31 02687345 c:Director4 2023-12-31 02687345 c:RegisteredOffice 2023-01-01 2023-12-31 02687345 c:Agent1 2023-01-01 2023-12-31 02687345 d:MotorVehicles 2023-01-01 2023-12-31 02687345 d:MotorVehicles 2023-12-31 02687345 d:MotorVehicles 2022-12-31 02687345 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02687345 d:FurnitureFittings 2023-01-01 2023-12-31 02687345 d:FurnitureFittings 2023-12-31 02687345 d:FurnitureFittings 2022-12-31 02687345 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02687345 d:ComputerEquipment 2023-01-01 2023-12-31 02687345 d:ComputerEquipment 2023-12-31 02687345 d:ComputerEquipment 2022-12-31 02687345 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02687345 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02687345 d:CurrentFinancialInstruments 2023-12-31 02687345 d:CurrentFinancialInstruments 2022-12-31 02687345 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02687345 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02687345 d:ShareCapital 2023-12-31 02687345 d:ShareCapital 2022-12-31 02687345 d:CapitalRedemptionReserve 2023-12-31 02687345 d:CapitalRedemptionReserve 2022-12-31 02687345 d:RetainedEarningsAccumulatedLosses 2023-12-31 02687345 d:RetainedEarningsAccumulatedLosses 2022-12-31 02687345 c:FRS102 2023-01-01 2023-12-31 02687345 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02687345 c:FullAccounts 2023-01-01 2023-12-31 02687345 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 02687345







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


FREEJAM LIMITED






































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FREEJAM LIMITED
 


 
COMPANY INFORMATION


Directors
K D Jeffery 
M W Simmons 
D V Fields 
D N Beasley (appointed 26 January 2024)




Company secretary
K D Jeffery



Registered number
02687345



Registered office
Rawlings Offices
Gunwarf Quays

Portsmouth

PO1 3TT




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS





 


FREEJAM LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


FREEJAM LIMITED
REGISTERED NUMBER:02687345



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
55,879
80,553

  
55,879
80,553

Current assets
  

Debtors: amounts falling due within one year
 5 
260,777
380,774

Cash at bank and in hand
  
34,354
25,715

  
295,131
406,489

Creditors: amounts falling due within one year
 6 
(4,304,541)
(3,505,552)

Net current liabilities
  
 
 
(4,009,410)
 
 
(3,099,063)

Total assets less current liabilities
  
(3,953,531)
(3,018,510)

  

Net liabilities
  
(3,953,531)
(3,018,510)


Capital and reserves
  

Called up share capital 
  
1,114
1,114

Capital redemption reserve
  
176
176

Profit and loss account
  
(3,954,821)
(3,019,800)

  
(3,953,531)
(3,018,510)


Page 1

 


FREEJAM LIMITED
REGISTERED NUMBER:02687345


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
K D Jeffery
Director

Date: 24 July 2024


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


FREEJAM LIMITED
 


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

1.


General information

Freejam Limited is a private company limited by shares, registered in England. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end, the Company had net current liabilities. The directors have reviewed forecasts for a period in excess of 12 months from the date that the accounts are approved and have formed a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future. Additionally, the parent company, Hyperion Capital Ltd, is continuing to provide financial support during the Company's development cycle. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 


FREEJAM LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


FREEJAM LIMITED
 


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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 


FREEJAM LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 18).

Page 6

 


FREEJAM LIMITED
 


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

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
60,090
5,189
23,186
88,465


Additions
-
-
5,719
5,719



At 31 December 2023

60,090
5,189
28,905
94,184



Depreciation


At 1 January 2023
1,669
288
5,955
7,912


Charge for the year on owned assets
20,030
1,730
8,634
30,394



At 31 December 2023

21,699
2,018
14,589
38,306



Net book value



At 31 December 2023
38,391
3,171
14,316
55,878



At 31 December 2022
58,421
4,901
17,231
80,553


5.


Debtors

2023
2022
£
£


Trade debtors
4,651
12,170

Other debtors
198,474
312,117

Prepayments and accrued income
1,165
-

Tax recoverable
56,487
56,487

260,777
380,774


Page 7

 


FREEJAM LIMITED
 


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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,308
3,306

Amounts owed to group undertakings
4,259,876
3,475,532

Other taxation and social security
19,342
16,715

Other creditors
7,233
-

Accruals and deferred income
11,782
9,999

4,304,541
3,505,552



7.


Related party transactions

The amount owed to the Company's parent company is as follows:


2023
2022
£
£

Hyperion Capital Ltd
4,259,876
3,475,532
4,259,876
3,475,532



 
Page 8