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Company Registration No. 4580919 (England and Wales)
Freestyle IT Limited Unaudited accounts for the year ended 31 December 2023
Freestyle IT Limited Unaudited accounts Contents
Page
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Freestyle IT Limited Company Information for the year ended 31 December 2023
Directors
Mr J G Wright Mr W J H Everett
Secretary
Mr J G Wright
Company Number
4580919 (England and Wales)
Registered Office
2 Murrell Green Business Park London Road Hook Hampshire RG27 9GR United Kingdom
Accountants
Wulmer Associates Wulmer Cottage, Pitch Place Thursley Nr Godalming Surrey GU8 6QW
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Freestyle IT Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
600,831 
602,421 
Investments
- 
1,500 
600,831 
603,921 
Current assets
Debtors
- 
1,399,316 
Cash at bank and in hand
2,881,777 
2,086,477 
2,881,777 
3,485,793 
Creditors: amounts falling due within one year
(1,750,299)
(3,396,876)
Net current assets
1,131,478 
88,917 
Net assets
1,732,309 
692,838 
Capital and reserves
Called up share capital
1,002 
1,002 
Profit and loss account
1,731,307 
691,836 
Shareholders' funds
1,732,309 
692,838 
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by
Mr J G Wright Director Company Registration No. 4580919
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Freestyle IT Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Freestyle IT Limited is a private company, limited by shares, registered in England and Wales, registration number 4580919. The registered office is 2 Murrell Green Business Park, London Road, Hook, Hampshire, RG27 9GR, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0
Plant & machinery
20%
Fixtures & fittings
20%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Freestyle IT Limited Notes to the Accounts for the year ended 31 December 2023
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
600,831 
49,995 
27,314 
678,140 
Disposals
- 
(49,995)
(27,314)
(77,309)
At 31 December 2023
600,831 
- 
- 
600,831 
Depreciation
At 1 January 2023
- 
48,948 
26,771 
75,719 
On disposals
- 
(48,948)
(26,771)
(75,719)
At 31 December 2023
- 
- 
- 
- 
Net book value
At 31 December 2023
600,831 
- 
- 
600,831 
At 31 December 2022
600,831 
1,047 
543 
602,421 
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2023
1,500 
Disposals
(1,500)
Valuation at 31 December 2023
- 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
14,889 
Trade debtors
- 
1,165,736 
Accrued income and prepayments
- 
7,526 
Other debtors
- 
211,165 
- 
1,399,316 
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Freestyle IT Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
1,476 
- 
Trade creditors
- 
953,786 
Amounts owed to group undertakings and other participating interests
1,717,873 
2,283,910 
Taxes and social security
22,500 
105,319 
Other creditors
9,950 
5,373 
Loans from directors
(1,500)
- 
Accruals
- 
48,488 
1,750,299 
3,396,876 
8
Controlling party
The immediate and ultimate parent undertaking of the company at 31 December 2023 is Everett & Wright Limited, a company registered in England and Wales.
9
Average number of employees
During the year the average number of employees was 2 (2022: 9).
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