Company registration number 12390464 (England and Wales)
FREETHINKING CAPITAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FREETHINKING CAPITAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FREETHINKING CAPITAL LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
224,140
50,000
Current assets
Debtors
4
1,598
428
Creditors: amounts falling due within one year
5
(231,762)
(52,940)
Net current liabilities
(230,164)
(52,512)
Net liabilities
(6,024)
(2,512)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(6,124)
(2,612)
Total equity
(6,024)
(2,512)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 24 July 2024 and are signed on its behalf by:
S N Feather
Director
Company registration number 12390464 (England and Wales)
FREETHINKING CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Freethinking Capital Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26 Cross Street, Manchester, M2 7AQ.

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. The principal accounting policies adopted are set out below.

Freethinking Capital Ltd is a wholly owned subsidiary of The Freethinking Group Limited, a company registered in England.

 

The Freethinking Group Limited prepares group financial statements and copies can be obtained from 26 Cross Street, Manchester, M2 7AQ.

1.2
Going concern

The financial statements are prepared on the going concern basis.true The company is reliant on the ongoing support of the parent company, The Freethinking Group Limited, who has pledged their support, financial and otherwise, for a period of at least 12 months from the date these financial statements were approved. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Fixed asset unlisted investments 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.

1.4
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 balance sheet 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.

Debtors

Debtors with no stated interest rate payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

FREETHINKING CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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 profit and loss account 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 profit and loss account, 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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Unlisted investments
224,140
50,000
FREETHINKING CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
50,000
Additions
174,140
At 31 March 2024
224,140
Carrying amount
At 31 March 2024
224,140
At 31 March 2023
50,000
4
Debtors
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,598
428
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
227,683
50,689
Other creditors
4,079
2,251
231,762
52,940
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
70
70
70
70
Ordinary B shares of £1 each
10
10
10
10
Ordinary C shares of £1 each
10
10
10
10
Ordinary D shares of £1 each
10
10
10
10
100
100
100
100

All the shares are Ordinary shares ranking pari passu in respect of management involvement and participating in winding up.

FREETHINKING CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
24 July 2024
2024-03-312023-04-01false24 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedS N FeatherS J Crundenfalsefalse123904642023-04-012024-03-31123904642024-03-31123904642023-03-3112390464core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3112390464core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3112390464core:CurrentFinancialInstruments2024-03-3112390464core:CurrentFinancialInstruments2023-03-3112390464core:ShareCapital2024-03-3112390464core:ShareCapital2023-03-3112390464core:RetainedEarningsAccumulatedLosses2024-03-3112390464core:RetainedEarningsAccumulatedLosses2023-03-3112390464core:ShareCapitalOrdinaryShares2024-03-3112390464core:ShareCapitalOrdinaryShares2023-03-3112390464bus:Director12023-04-012024-03-31123904642022-04-012023-03-3112390464core:AfterOneYear2024-03-3112390464core:AfterOneYear2023-03-3112390464bus:PrivateLimitedCompanyLtd2023-04-012024-03-3112390464bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3112390464bus:FRS1022023-04-012024-03-3112390464bus:Audited2023-04-012024-03-3112390464bus:Director22023-04-012024-03-3112390464bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP