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REGISTERED NUMBER: 04978827 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Freeman Technology Limited

Freeman Technology Limited (Registered number: 04978827)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Freeman Technology Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T P Kelly
W R Mercner



REGISTERED OFFICE: 1 Miller Court
Severn Drive
Tewkesbury
Gloucestershire
GL20 8DN



REGISTERED NUMBER: 04978827 (England and Wales)



AUDITORS: Alliotts LLP
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL



BANKERS: HSBC
1 Church Street
Malvern
Worcestershire
WR14 2AB

Freeman Technology Limited (Registered number: 04978827)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,791 50,689

CURRENT ASSETS
Stocks 519,229 515,928
Debtors 5 3,922,599 3,144,920
Cash at bank and in hand 232,863 300,964
4,674,691 3,961,812
CREDITORS
Amounts falling due within one year 6 258,790 357,322
NET CURRENT ASSETS 4,415,901 3,604,490
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,455,692

3,655,179

PROVISIONS FOR LIABILITIES 4,757 7,150
NET ASSETS 4,450,935 3,648,029

CAPITAL AND RESERVES
Called up share capital 268 268
Profit and Loss Account 4,450,667 3,647,761
SHAREHOLDERS' FUNDS 4,450,935 3,648,029

Freeman Technology Limited (Registered number: 04978827)

Balance Sheet - continued
31 December 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 15 July 2024 and were signed on its behalf by:




T P Kelly - Director



W R Mercner - Director


Freeman Technology Limited (Registered number: 04978827)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Freeman Technology 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.

2. ACCOUNTING POLICIES

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

The currency is GBP and rounding is to the nearest pound.

Going Concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the 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.
Short leasehold - 10% on cost and 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

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.


Freeman Technology Limited (Registered number: 04978827)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development
Research and development expenditure incurred from 1 January 2018 is written off to the profit and loss account in the year in which it is incurred, to bring treatment in line with group policies.

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.

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

Operating leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

3. EMPLOYEES AND DIRECTORS

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

Freeman Technology Limited (Registered number: 04978827)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 3,719 261,686 265,405
Additions - 19,724 19,724
Disposals - (32,000 ) (32,000 )
At 31 December 2023 3,719 249,410 253,129
DEPRECIATION
At 1 January 2023 892 213,824 214,716
Charge for year 75 12,547 12,622
Eliminated on disposal - (14,000 ) (14,000 )
At 31 December 2023 967 212,371 213,338
NET BOOK VALUE
At 31 December 2023 2,752 37,039 39,791
At 31 December 2022 2,827 47,862 50,689

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 359,053 83,331
Amounts owed by group undertakings 3,469,679 2,966,152
VAT 45,894 39,345
Prepayments and accrued income 47,973 56,092
3,922,599 3,144,920

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 87,140 69,516
Corporation tax payable 77,436 201,391
Social security and other taxes 16,617 19,620
Other creditors 4,964 6,960
Accruals 72,633 59,835
258,790 357,322

7. LEASING AGREEMENTS
2023 2023
£ £

Minimum lease payments under non-cancellable operating leases 201,801 293,301

Freeman Technology Limited (Registered number: 04978827)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. SECURED DEBTS

The company has provided security over the arrangements by the parent company with Ares Capital Corp. The security is secured by a fixed and floating charge over 65% of its equity, but not its assets or liabilities.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Cairns BSc FCA (Senior Statutory Auditor)
for and on behalf of Alliotts LLP

10. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Contracted but not provided for in the financial statements 31 December 2023 £nil (31 December 2022 £nil)

11. RELATED PARTY DISCLOSURES

Freeman Technology Limited is a subsidiary of Micromeritics Instrument Corp. consolidated group accounts are available from 4356 Communications Drive, Norcross, GA 30093-290, USA.

At the year end the parent, Micromeritics Instruments Corp. owed £3,411,592 (2022 £2,991,643) to Freeman Technology Limited.

12. POST BALANCE SHEET EVENTS

There were no known material post balance sheet events.

13. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Micromeritics Instrument Corporation, a company incorporated in the United States of America. The company's accounts are consolidated in the accounts of Micromeritics Instrument Corporation and this is the largest and smallest group for consolidation purposes. These accounts can be obtained from Micromeritics Instrument Corporation., 4356 Communications Drive, Norcross, GA30093 USA.

As a wholly owned subsidiary of Micromeritics Instrument Corporation, the company is exempt from the requirements of FRS 102 to disclosed transactions with other members of the group headed by Micromeritics Instrument Corporation, on the grounds that consolidated accounts can be obtained from Micromeritics Instrument Corporation, 4356 Communications Drive, Norcross, GA30093 USA.

The company is entitled to take exemption from reporting group transactions for the purposes of these accounts.