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Company No: 04139886 (England and Wales)

FREERIDERS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

FREERIDERS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

FREERIDERS LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
FREERIDERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR D K Richards
REGISTERED OFFICE 17-18 Killigrew Street
Falmouth
TR11 3PN
United Kingdom
COMPANY NUMBER 04139886 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
FREERIDERS LIMITED

BALANCE SHEET

As at 29 February 2024
FREERIDERS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,000 2,000
Tangible assets 4 1,186 1,410
3,186 3,410
Current assets
Stocks 5 36,545 33,406
Debtors 6 20,208 6,048
Cash at bank and in hand 7 35,389 50,054
92,142 89,508
Creditors: amounts falling due within one year 8 ( 67,348) ( 68,179)
Net current assets 24,794 21,329
Total assets less current liabilities 27,980 24,739
Creditors: amounts falling due after more than one year 9 ( 19,908) ( 29,923)
Net assets/(liabilities) 8,072 ( 5,184)
Capital and reserves
Called-up share capital 10 303 303
Share premium account 11,629 11,629
Profit and loss account ( 3,860 ) ( 17,116 )
Total shareholders' funds/(deficit) 8,072 ( 5,184)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Freeriders Limited (registered number: 04139886) were approved and authorised for issue by the Director on 01 August 2024. They were signed on its behalf by:

D K Richards
Director
FREERIDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
FREERIDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Freeriders Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17-18 Killigrew Street, Falmouth, TR11 3PN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements due to the continued support of the director who is owed £34,976 by the company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 March 2023 2,000 2,000
At 29 February 2024 2,000 2,000
Accumulated amortisation
At 01 March 2023 0 0
At 29 February 2024 0 0
Net book value
At 29 February 2024 2,000 2,000
At 28 February 2023 2,000 2,000

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 3,975 9,221 13,196
Additions 0 70 70
At 29 February 2024 3,975 9,291 13,266
Accumulated depreciation
At 01 March 2023 3,975 7,811 11,786
Charge for the financial year 0 294 294
At 29 February 2024 3,975 8,105 12,080
Net book value
At 29 February 2024 0 1,186 1,186
At 28 February 2023 0 1,410 1,410

5. Stocks

2024 2023
£ £
Stocks 36,545 33,406

6. Debtors

2024 2023
£ £
Other debtors 20,208 6,048

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 9,695 15,000
Short-term deposits 25,694 35,054
35,389 50,054

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 11,471 7,893
Other taxation and social security 586 2,780
Other creditors 55,291 57,506
67,348 68,179

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 19,908 29,923

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
303 Ordinary shares of £ 1.00 each 303 303