Freedom Inc 1 Ltd 12262401 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 12262401 2022-11-01 2023-10-31 12262401 2023-10-31 12262401 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12262401 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 12262401 bus:Micro-entities 2022-11-01 2023-10-31 12262401 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12262401 bus:FullAccounts 2022-11-01 2023-10-31 12262401 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12262401 bus:RegisteredOffice 2022-11-01 2023-10-31 12262401 bus:Director1 2022-11-01 2023-10-31 12262401 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12262401 countries:EnglandWales 2022-11-01 2023-10-31 12262401 2021-11-01 2022-10-31 12262401 2022-10-31 12262401 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 12262401 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 12262401

Prepared for the registrar

 
Freedom Inc 1 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Freedom Inc 1 Ltd

(Registration number: 12262401)
Balance Sheet as at 31 October 2023

2023
£

2022
£

Current assets

2,387,583

2,473,954

Prepayments and accrued income

20,622

21,442

Creditors: Amounts falling due within one year

(1,300,909)

(1,292,736)

Total assets less current liabilities

1,107,296

1,202,660

Creditors: Amounts falling due after more than one year

(1,624,000)

(1,624,000)

Accruals and deferred income

(75,838)

(56,963)

 

(592,542)

(478,303)

Capital and reserves

(592,542)

(478,303)

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

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:

 

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 30 July 2024 and signed on its behalf by:
 


Ms Charmaine Bridget Carmichael
Director