Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05044429 Mr Philip Derbyshire Mr Jamie Derbyshire Free Spirit Assets Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05044429 2023-03-31 05044429 2024-03-31 05044429 2023-04-01 2024-03-31 05044429 frs-core:CurrentFinancialInstruments 2024-03-31 05044429 frs-core:Non-currentFinancialInstruments 2024-03-31 05044429 frs-core:ComputerEquipment 2024-03-31 05044429 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05044429 frs-core:ComputerEquipment 2023-03-31 05044429 frs-core:FurnitureFittings 2024-03-31 05044429 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05044429 frs-core:FurnitureFittings 2023-03-31 05044429 frs-core:NetGoodwill 2024-03-31 05044429 frs-core:NetGoodwill 2023-04-01 2024-03-31 05044429 frs-core:NetGoodwill 2023-03-31 05044429 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 05044429 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 05044429 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 05044429 frs-core:MotorVehicles 2023-04-01 2024-03-31 05044429 frs-core:PlantMachinery 2024-03-31 05044429 frs-core:PlantMachinery 2023-04-01 2024-03-31 05044429 frs-core:PlantMachinery 2023-03-31 05044429 frs-core:ShareCapital 2024-03-31 05044429 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05044429 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05044429 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05044429 frs-bus:SmallEntities 2023-04-01 2024-03-31 05044429 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05044429 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05044429 1 2023-04-01 2024-03-31 05044429 frs-bus:Director1 2023-04-01 2024-03-31 05044429 frs-bus:Director2 2023-04-01 2024-03-31 05044429 frs-countries:EnglandWales 2023-04-01 2024-03-31 05044429 2022-03-31 05044429 2023-03-31 05044429 2022-04-01 2023-03-31 05044429 frs-core:CurrentFinancialInstruments 2023-03-31 05044429 frs-core:Non-currentFinancialInstruments 2023-03-31 05044429 frs-core:ShareCapital 2023-03-31 05044429 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05044429
Free Spirit Automotive Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Market Place Accounting Services
The Old Bank
21 Market Place
Long Buckby
NN6 7RR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05044429
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 37,093 36,385
37,094 36,386
CURRENT ASSETS
Stocks 6 779,730 662,371
Debtors 7 436,225 273,036
Cash at bank and in hand - 41,994
1,215,955 977,401
Creditors: Amounts Falling Due Within One Year 8 (798,738 ) (575,050 )
NET CURRENT ASSETS (LIABILITIES) 417,217 402,351
TOTAL ASSETS LESS CURRENT LIABILITIES 454,311 438,737
Creditors: Amounts Falling Due After More Than One Year 9 (27,300 ) (50,700 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,327 ) (5,411 )
NET ASSETS 422,684 382,626
CAPITAL AND RESERVES
Called up share capital 10 30,000 30,000
Profit and Loss Account 392,684 352,626
SHAREHOLDERS' FUNDS 422,684 382,626
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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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jamie Derbyshire
Director
18th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Free Spirit Automotive Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05044429 . The registered office is 1 Firbank Way, Chartmoor Business Park, Leighton Buzzard, Bedfordshire, LU7 4YP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Straight Line
Plant & Machinery 10% Straight Line
Motor Vehicles 25% Reducung Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 100,000
As at 31 March 2024 100,000
Amortisation
As at 1 April 2023 99,999
As at 31 March 2024 99,999
Net Book Value
As at 31 March 2024 1
As at 1 April 2023 1
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 155,258 73,981 75,959 22,831 328,029
Additions 8,920 1,145 872 1,226 12,163
As at 31 March 2024 164,178 75,126 76,831 24,057 340,192
Depreciation
As at 1 April 2023 145,927 55,438 72,256 18,023 291,644
Provided during the period 2,791 6,398 980 1,286 11,455
As at 31 March 2024 148,718 61,836 73,236 19,309 303,099
Net Book Value
As at 31 March 2024 15,460 13,290 3,595 4,748 37,093
As at 1 April 2023 9,331 18,543 3,703 4,808 36,385
6. Stocks
2024 2023
£ £
Stock 779,730 662,371
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 113,870 74,255
Prepayments and accrued income 143,890 49,196
Other debtors 5,340 5,129
Amounts owed by group undertakings 173,125 144,456
436,225 273,036
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 60,012 97,012
Bank loans and overdrafts 31,751 26,316
Corporation tax 35,787 23,516
Other taxes and social security 5,089 9,062
VAT 33,624 23,750
Other creditors 614,741 389,490
Accruals and deferred income 17,734 3,802
Amounts owed to group undertakings - 2,102
798,738 575,050
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 27,300 50,700
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30,000 30,000
11. Ultimate Controlling Party
The company's ultimate controlling party is Free Spirit Assets Limited by virtue of his ownership of 100% of the issued share capital in the company.
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