Registration number:
Prepared for the registrar
for the
Year Ended
Freedom Inc 1 Ltd
(Registration number: 12262401)
Balance Sheet as at 31 October 2023
2023 |
2022 |
|
Current assets |
|
|
Prepayments and accrued income |
|
|
Creditors: Amounts falling due within one year |
( |
( |
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
Accruals and deferred income |
( |
( |
( |
( |
|
Capital and reserves |
( |
( |
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will be able to continue trading for the foreseeable future.
At 31 October 2023, the company had net liabilities of £592,542 (2022 - £478,303) and is supported by amounts due to related parties of £1,361,711 (2022 - £1,332,537). These amounts due to related parties are borrowed under a secured term loan with an interest rate of 1.8%. Originally the facility was due to be fully repayable on 28 April 2023, however, these related parties have indicated that amounts due to them in the twelve months following the date of approval of the financial statements will, if necessary, be deferred and, if required, further operational funds will be made available to the company. The total available funds under this loan facility is £1,800,000. On the basis that further funds are available and the repayment of funds can be deferred the directors consider adopting the going concern status to be appropriate.
Staff numbers
The average number of persons employed by the company (including directors) during the year, was as follows:
2023 |
2022 |
|
Average number of employees |
|
|
Freedom Inc 1 Ltd
(Registration number: 12262401)
Balance Sheet as at 31 October 2023
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £1,624,000 (2022 - £1,624,000). These amounts are secured by a fixed charge over the property to which the loan relates and a negative pledge. Of these amounts, £994,000 are guaranteed by directors of the company.
These financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|