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REGISTERED NUMBER: SC582498 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Freedom Scripted Entertainment Limited

Freedom Scripted Entertainment Limited (Registered number: SC582498)






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


Freedom Scripted Entertainment Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Ellen





REGISTERED OFFICE: G/a Atlantic Chambers
45 Hope Street
Glasgow
G2 6AE





REGISTERED NUMBER: SC582498 (Scotland)





ACCOUNTANTS: We`ll Mind Your Own Business LTD
39 Long Acre
London
WC2E 9LG

Freedom Scripted Entertainment Limited (Registered number: SC582498)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,455 2,240

CURRENT ASSETS
Stocks 5 - 8,125
Debtors 6 44,486 39,842
Cash at bank and in hand 188,312 289,899
232,798 337,866
CREDITORS
Amounts falling due within one year 7 71,959 54,667
NET CURRENT ASSETS 160,839 283,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,294

285,439

CAPITAL AND RESERVES
Called up share capital 133 125
Share premium 8 649,967 499,975
Retained earnings 8 (487,806 ) (214,661 )
SHAREHOLDERS' FUNDS 162,294 285,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Scripted Entertainment Limited (Registered number: SC582498)

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 director and authorised for issue on 10 September 2024 and were signed by:





M Ellen - Director


Freedom Scripted Entertainment Limited (Registered number: SC582498)

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

1. STATUTORY INFORMATION

Freedom Scripted Entertainment Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue represents amounts receivable for the development of television projects and production activities net of VAT and trade discounts during the period. Revenue in respect of productions in progress is held as deferred income until production is delivered. Upon delivery, it is recognised in the Income Statement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Stocks
Work in progress, representing completed programmes and productions in progress, include an attributable portion of overheads and are stated at the lower of cost and net realisable value. Production costs are released to the profit and loss account on the delivery of programmes to the broadcaster, at which time the turnover is also recognised.

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.


Freedom Scripted Entertainment Limited (Registered number: SC582498)

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Creditors
Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at fair value, net of any transaction costs, and subsequently measured at amortised cost determined using the effective interest method.

Cost recognition
Development Costs
Development costs are generally expensed as incurred to the income statement. Where development funding has been received, the revenue is recognised on a cost-plus basis. However, if a firm commitment exists which indicates that current and future expenses will be recoverable, development costs are capitalised in the costs of a programme. These costs are capitalised in WIP as a part of a specific project expected to be set for production.

Production Costs Recognition
Productions costs are ordinarily accumulated by individual programmes in four chronological steps: acquisition of story rights; pre-production (which includes script development, costume design, set design, and construction); principal photography (which includes shooting the production); and post-production (which includes sound synchronisation and editing); culminating in the completed master negative. All costs are capitalised to Work in Progress (WIP) until the point at which the WIP balance is recognised or consumed on the income statement, generally as delivery of the episodes occurs.

Freedom Scripted Entertainment Limited (Registered number: SC582498)

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

2. ACCOUNTING POLICIES - continued

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 financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 4,649 3,652 8,301
Additions 172 572 744
At 31 December 2023 4,821 4,224 9,045
DEPRECIATION
At 1 January 2023 3,559 2,502 6,061
Charge for year 494 1,035 1,529
At 31 December 2023 4,053 3,537 7,590
NET BOOK VALUE
At 31 December 2023 768 687 1,455
At 31 December 2022 1,090 1,150 2,240

5. STOCKS
31.12.23 31.12.22
£    £   
Work-in-progress - 8,125

Freedom Scripted Entertainment Limited (Registered number: SC582498)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 13,500 -
Other debtors 8,045 7,844
Directors' current accounts 19,926 16,789
Tax - 4,013
VAT 1,456 10,242
Prepayments and accrued income 1,559 954
44,486 39,842

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 20,001 18,527
Tax 1,059 -
Social security and other taxes 6,619 4,646
Other creditors 740 453
Accruals and deferred income 43,540 31,041
71,959 54,667

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (214,661 ) 499,975 285,314
Deficit for the year (273,145 ) (273,145 )
Cash share issue - 149,992 149,992
At 31 December 2023 (487,806 ) 649,967 162,161

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year, the director owed the company £16,789. During the year further loans were provided and incurred expenses on behalf of the company. At the year-end, the balance of £19,926 was due from the director to the company.