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REGISTERED NUMBER: 10118525 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 April 2024

for

FREEDOM WORKS LTD

FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREEDOM WORKS LTD

Company Information
for the Year Ended 30 April 2024







DIRECTOR: J Trigg





REGISTERED OFFICE: The Mill Building
31 Chatsworth Road
Worthing
West Sussex
BN11 1LY





REGISTERED NUMBER: 10118525 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ

FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 31,500 49,500
Tangible assets 5 1,486,028 997,560
1,517,528 1,047,060

CURRENT ASSETS
Debtors 6 579,092 322,195
Cash at bank 19,784 21,952
598,876 344,147
CREDITORS
Amounts falling due within one year 7 1,256,828 823,185
NET CURRENT LIABILITIES (657,952 ) (479,038 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

859,576

568,022

CREDITORS
Amounts falling due after more than one
year

8

(635,044

)

(489,091

)

PROVISIONS FOR LIABILITIES 9 (52,155 ) -
NET ASSETS 172,377 78,931

CAPITAL AND RESERVES
Called up share capital 19 19
Share premium 105,000 105,000
Retained earnings 67,358 (26,088 )
172,377 78,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 WORKS LTD (REGISTERED NUMBER: 10118525)

Balance Sheet - continued
30 April 2024


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 director and authorised for issue on 2 September 2024 and were signed by:





J Trigg - Director


FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Freedom Works Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 90,000
AMORTISATION
At 1 May 2023 40,500
Charge for year 18,000
At 30 April 2024 58,500
NET BOOK VALUE
At 30 April 2024 31,500
At 30 April 2023 49,500

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 1,229,839 109,386 11,218 1,350,443
Additions 666,522 908 493 667,923
At 30 April 2024 1,896,361 110,294 11,711 2,018,366
DEPRECIATION
At 1 May 2023 283,010 61,768 8,105 352,883
Charge for year 156,292 20,723 2,440 179,455
At 30 April 2024 439,302 82,491 10,545 532,338
NET BOOK VALUE
At 30 April 2024 1,457,059 27,803 1,166 1,486,028
At 30 April 2023 946,829 47,618 3,113 997,560

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 292,355 96,729
Other debtors 51,915 50,984
Prepayments 234,822 174,482
579,092 322,195

FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 149,119 137,284
Trade creditors 581,995 437,943
Social security and other taxes 60,038 90,603
VAT 61,928 7,440
Other creditors 41,529 20,252
Pension creditor 1,980 1,598
Directors' loan accounts 732 9,732
Deferred income 274,212 39,326
Accrued expenses 85,295 79,007
1,256,828 823,185

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 114,222 150,777
Bank loans - 2-5 years 78,797 125,069
Bank loans more 5 yr by instal 6,899 12,958
Trade creditors 60,987 61,000
Other creditors 48,158 94,287
Deferred income 325,981 45,000
635,044 489,091

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,899 12,958

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 52,155 -

Deferred
tax
£   
Accelerated capital allowances 52,155
Balance at 30 April 2024 52,155

FREEDOM WORKS LTD (REGISTERED NUMBER: 10118525)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. RELATED PARTY DISCLOSURES

At the reporting date, the company had an outstanding trade creditor balance with Building Futures Holdings totalling £72,901 (2023: £77,901) of which £61,000 (2023: £61,000) related to balances becoming payable within more than a year.

During the year, the company incurred rent costs totalling £120,000 (2023: £120,000) with Building Futures Holdings Ltd, a company under the common control of Mr J Trigg.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Trigg.