Company registration number 03928921 (England and Wales)
FREESTYLE INTERACTIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FREESTYLE INTERACTIVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FREESTYLE INTERACTIVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,000
79,411
Current assets
Debtors
4
64,934
430,583
Cash at bank and in hand
564,628
357,927
629,562
788,510
Creditors: amounts falling due within one year
5
(287,827)
(438,110)
Net current assets
341,735
350,400
Total assets less current liabilities
404,735
429,811
Creditors: amounts falling due after more than one year
6
(55,417)
(90,417)
Provisions for liabilities
(11,428)
(11,428)
Net assets
337,890
327,966
Capital and reserves
Called up share capital
7
5,263
5,263
Profit and loss reserves
332,627
322,703
Total equity
337,890
327,966
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FREESTYLE INTERACTIVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
S Linton
Director
Company registration number 03928921 (England and Wales)
FREESTYLE INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Freestyle Interactive Limited is a private company, limited by shares, incorporated in England, United Kingdom. The registered office is Harwoods House, Banbury Road, Ashorne, Warwickshire, CV35 0AA. The company registration number is 03928921.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable and is shown net of VAT and other sales related taxes.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work undertaken in the year. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% reducing balance, then 3 year straight line
Office equipment
20% on reducing balance, 50% reducing balance and 20% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the Statement of income and retained earnings.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of income and retained earnings in other administrative expenses.
FREESTYLE INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax credit represents the sum of the tax currently repayable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of income and retained earnings because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to Statement of income and retained earnings on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Statement of income and retained earnings.
1.11
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried down to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
FREESTYLE INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
27
3
Tangible fixed assets
Leasehold improvements
Office equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 January 2023
52,959
190,347
55,900
299,206
Additions
1,984
1,984
At 31 December 2023
52,959
192,331
55,900
301,190
Depreciation
At 1 January 2023
23,432
174,527
21,836
219,795
Depreciation charged in the year
3,952
5,927
8,516
18,395
At 31 December 2023
27,384
180,454
30,352
238,190
Carrying amount
At 31 December 2023
25,575
11,877
25,548
63,000
At 31 December 2022
29,527
15,820
34,064
79,411
4
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
26,121
155,611
Corporation tax recoverable
223,346
Other debtors
38,813
51,626
64,934
430,583
FREESTYLE INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
35,000
35,000
Trade creditors
35,653
16,326
Corporation tax
679
Other taxation and social security
68,891
93,481
Other creditors
147,604
293,303
287,827
438,110
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
55,417
90,417
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
526,300 (2022 - 526,300) Ordinary shares of £0.01 (2022 - £0.01) each.
5,263
5,263
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
81,750
136,250
9
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge amounted to £49,389 (2022 - £53,764). Contributions amounting to £6,707 (2022 - £7,228) were payable to the fund at the balance sheet date and are included within creditors.