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Company Registration No. 6839578 (England and Wales)
Freestone Creative Ltd. Unaudited accounts for the year ended 31 March 2024
Freestone Creative Ltd. Unaudited accounts Contents
Page
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Freestone Creative Ltd. Company Information for the year ended 31 March 2024
Directors
S J Freestone Mrs W Freestone
Company Number
6839578 (England and Wales)
Registered Office
The Old Pump House Calverton Road Stony Stratford Buckinghamshire MK11 1YT United Kingdom
Accountants
Anthistle Craven Moreton House 31 High Street Buckingham Bucks MK18 1NU
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Freestone Creative Ltd. Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
529,415 
617,650 
Tangible assets
106,602 
93,140 
636,017 
710,790 
Current assets
Inventories
36,189 
63,093 
Debtors
346,130 
522,861 
Cash at bank and in hand
904,912 
757,052 
1,287,231 
1,343,006 
Creditors: amounts falling due within one year
(404,975)
(626,841)
Net current assets
882,256 
716,165 
Total assets less current liabilities
1,518,273 
1,426,955 
Provisions for liabilities
Deferred tax
(21,431)
(13,476)
Net assets
1,496,842 
1,413,479 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,496,742 
1,413,379 
Shareholders' funds
1,496,842 
1,413,479 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by
S J Freestone Director Company Registration No. 6839578
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Freestone Creative Ltd. Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Freestone Creative Ltd. is a private company, limited by shares, registered in England and Wales, registration number 6839578. The registered office is The Old Pump House, Calverton Road Stony Stratford, Buckinghamshire, MK11 1YT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line over 6 years
Motor vehicles
25% on reducing balance
Fixtures & fittings
Straight line over 6 years
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion. Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
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Freestone Creative Ltd. Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
1,500,000 
At 31 March 2024
1,500,000 
Amortisation
At 1 April 2023
882,350 
Charge for the year
88,235 
At 31 March 2024
970,585 
Net book value
At 31 March 2024
529,415 
At 31 March 2023
617,650 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
229,557 
82,624 
51,266 
363,447 
Additions
8,370 
84,923 
2,452 
95,745 
Disposals
(29,078)
(82,624)
- 
(111,702)
At 31 March 2024
208,849 
84,923 
53,718 
347,490 
Depreciation
At 1 April 2023
192,956 
36,148 
41,203 
270,307 
Charge for the year
9,479 
21,231 
2,486 
33,196 
On disposals
(26,467)
(36,148)
- 
(62,615)
At 31 March 2024
175,968 
21,231 
43,689 
240,888 
Net book value
At 31 March 2024
32,881 
63,692 
10,029 
106,602 
At 31 March 2023
36,601 
46,476 
10,063 
93,140 
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Freestone Creative Ltd. Notes to the Accounts for the year ended 31 March 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
332,619 
511,941 
Accrued income and prepayments
13,511 
10,920 
346,130 
522,861 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
79,358 
63,468 
Trade creditors
147,832 
251,033 
Taxes and social security
150,722 
224,061 
Other creditors
5,607 
3,502 
Loans from directors
12,750 
75,880 
Accruals
1,158 
1,158 
Deferred income
7,548 
7,739 
404,975 
626,841 
8
Average number of employees
During the year the average number of employees was 11 (2023: 11).
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