REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Freeman Technology Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Friary Court |
13-21 High Street |
Guildford |
Surrey |
GU1 3DL |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Profit and Loss Account |
SHAREHOLDERS' FUNDS |
Freeman Technology Limited (Registered number: 04978827) |
Balance Sheet - continued |
31 December 2023 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax payable |
Social security and other taxes |
Other creditors |
Accruals |
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. |
for and on behalf of |
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. |