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REGISTERED NUMBER: 06749714 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

FREEDOM AIR CONDITIONING LIMITED

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREEDOM AIR CONDITIONING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: Mrs K A Spicer
Mr G B Spicer
Mrs S J Taylor
Mr P A Taylor





SECRETARY: Mr G B Spicer





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





BUSINESS ADDRESS: Unit 5 St Georges Industrial Estate
Goodwood Road
Eastleigh
Hampshire
SO50 4NT





REGISTERED NUMBER: 06749714 (England and Wales)






FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 107,617 144,603
Investments 6 55,000 55,000
162,617 199,603

CURRENT ASSETS
Stocks 409,243 445,630
Debtors 7 1,241,799 991,817
Cash at bank and in hand 115,922 234,089
1,766,964 1,671,536
CREDITORS
Amounts falling due within one year 8 962,339 948,615
NET CURRENT ASSETS 804,625 722,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

967,242

922,524

CREDITORS
Amounts falling due after more than one year 9 (119,440 ) (205,651 )

PROVISIONS FOR LIABILITIES (21,217 ) (22,203 )
NET ASSETS 826,585 694,670

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 825,585 693,670
SHAREHOLDERS' FUNDS 826,585 694,670

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

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

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

BALANCE SHEET - continued
30TH NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th August 2024 and were signed on its behalf by:





Mr P A Taylor - Director


FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


1. STATUTORY INFORMATION

Freedom Air Conditioning 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Freedom Air Conditioning Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% straight line
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

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

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Basic financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st December 2022 16,350 31,557 33,137
Additions - - -
Disposals - - -
At 30th November 2023 16,350 31,557 33,137
DEPRECIATION
At 1st December 2022 12,332 29,791 31,284
Charge for year 804 442 463
Eliminated on disposal - - -
At 30th November 2023 13,136 30,233 31,747
NET BOOK VALUE
At 30th November 2023 3,214 1,324 1,390
At 30th November 2022 4,018 1,766 1,853

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st December 2022 164,370 47,417 292,831
Additions - 1,435 1,435
Disposals (23,180 ) - (23,180 )
At 30th November 2023 141,190 48,852 271,086
DEPRECIATION
At 1st December 2022 41,548 33,273 148,228
Charge for year 30,706 3,657 36,072
Eliminated on disposal (20,831 ) - (20,831 )
At 30th November 2023 51,423 36,930 163,469
NET BOOK VALUE
At 30th November 2023 89,767 11,922 107,617
At 30th November 2022 122,822 14,144 144,603

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st December 2022
and 30th November 2023 55,000
NET BOOK VALUE
At 30th November 2023 55,000
At 30th November 2022 55,000

The fixed asset investments held by the company are equity instruments.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 769,476 792,673
Other debtors 472,323 199,144
1,241,799 991,817

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 293,543 50,000
Hire purchase contracts 36,209 33,601
Trade creditors 543,137 710,425
Taxation and social security 80,450 123,039
Other creditors 9,000 31,550
962,339 948,615

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 79,166 129,167
Hire purchase contracts 40,274 76,484
119,440 205,651

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 243,543 -
Hire purchase contracts 76,483 110,085
Bank loans - 179,167
320,026 289,252

Bank loans include £129,166 (2022: £179,167) which is secured by way of a debenture and cross guarantee.

Bank loans include £129,166 (2022: £179,167) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

Hire purchase agreements are secured over the assets acquired.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £152,000 (2022: £38,000).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th November 2023 and 30th November 2022:

2023 2022
£    £   
Mr G B Spicer and Mrs K A Spicer
Balance outstanding at start of year 51,498 -
Amounts advanced 111,186 92,656
Amounts repaid (25,000 ) (41,158 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 137,684 51,498

FREEDOM AIR CONDITIONING LIMITED (REGISTERED NUMBER: 06749714)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr P A Taylor and Mrs S J Taylor
Balance outstanding at start of year 51,347 -
Amounts advanced 111,183 92,356
Amounts repaid (25,000 ) (41,009 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 137,530 51,347

The loans were unsecured with repayment date unspecified. Interest was charged at HM Revenue & Customs approved rates.

14. POST BALANCE SHEET EVENTS

Subsequent to the year end, the Freedom Air Conditioning Limited's Employee-Ownership Trust (The 'EOT') purchased all Ordinary shares, being 100% of the company's issued share capital and the EOT held a controlling interest in the company.