FREEFALCON UK & IRELAND LIMITED

Company Registration Number:
NI649592 (Northern Ireland)

Unaudited abridged accounts for the year ended 30 November 2023

Period of accounts

Start date: 01 December 2022

End date: 30 November 2023

FREEFALCON UK & IRELAND LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2023

Balance sheet
Notes

FREEFALCON UK & IRELAND LIMITED

Balance sheet

As at 30 November 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 28,156 54,594
Total fixed assets: 28,156 54,594
Current assets
Stocks: 25,460 99,500
Debtors:   72,315 60,288
Cash at bank and in hand: 6,991 25,823
Total current assets: 104,766 185,611
Creditors: amounts falling due within one year:   (132,463) (239,089)
Net current assets (liabilities): (27,697) (53,478)
Total assets less current liabilities: 459 1,116
Total net assets (liabilities): 459 1,116
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 458 1,115
Shareholders funds: 459 1,116

The notes form part of these financial statements

FREEFALCON UK & IRELAND LIMITED

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 07 November 2024
and signed on behalf of the board by:

Name: Elayne Devenny
Status: Director

The notes form part of these financial statements

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the invoice value of goods supplies by the company exclusive of trade discounts and vat.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost or at valuation less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets less their residual value over their expected useful lives as follows. Plant and machinery is twenty percent straight line. Fixtures and equipment is twenty percent straight line. Motor vehicles are twenty five percent straight line. They carrying values of tangible assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price net of trade discounts less all further costs to completion or to be incurred in marketing and selling.

Other accounting policies

Leasing and hire purchases Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements with interest charged to the Profit and Loss Account. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Borrowing costs Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial in which case they are stated at cost. Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

2. Employees

2023 2022
Average number of employees during the period 2 4

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Tangible Assets

Total
Cost £
At 01 December 2022 73,519
Disposals (20,470)
At 30 November 2023 53,049
Depreciation
At 01 December 2022 18,925
Charge for year 15,674
On disposals (9,706)
At 30 November 2023 24,893
Net book value
At 30 November 2023 28,156
At 30 November 2022 54,594

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Financial commitments

The company had no material capital commitments at the financial year end 30 November 2023.

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Related party transactions

FREEFALCON UK & IRELAND LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

6. Post balance sheet events

There have been no significant events affecting the company since the financial year end.