Registered number
08945260
Freemans Accountancy Ltd
Filleted Accounts
31 March 2024
Freemans Accountancy Ltd
Registered number: 08945260
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Intangible assets 3 - 18,000
Tangible assets 4 3,066 14,828
Investments 5 768,933 767,223
771,999 800,051
Current assets
Debtors 6 296,478 301,536
Cash at bank and in hand 115,861 180,614
412,339 482,150
Creditors: amounts falling due within one year 7 (426,959) (553,382)
Net current liabilities (14,620) (71,232)
Total assets less current liabilities 757,379 728,819
Creditors: amounts falling due after more than one year 8 (42,708) (69,965)
Net assets 714,671 658,854
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 713,671 657,854
Shareholder's funds 714,671 658,854
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Freeman
Director
Approved by the board on 27 December 2024
Freemans Accountancy Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
log
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 180,000
At 31 March 2024 180,000
Amortisation
At 1 April 2023 162,000
Provided during the year 18,000
At 31 March 2024 180,000
Net book value
At 31 March 2024 -
At 31 March 2023 18,000
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 28,124 10,995 39,119
Disposals - (10,995) (10,995)
At 31 March 2024 28,124 - 28,124
Depreciation
At 1 April 2023 24,291 - 24,291
Charge for the year 767 2,199 2,966
On disposals - (2,199) (2,199)
At 31 March 2024 25,058 - 25,058
Net book value
At 31 March 2024 3,066 - 3,066
At 31 March 2023 3,833 10,995 14,828
5 Investments
Other
investments
£
Cost
At 1 April 2023 767,223
Additions 1,710
At 31 March 2024 768,933
6 Debtors 2024 2023
£ £
Trade debtors 1,348 1,852
Amounts owed by group undertakings and undertakings in which the company has a participating interest 290,030 295,801
Other debtors 5,100 3,883
296,478 301,536
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,577 37,577
Trade creditors 33,796 21,244
Amounts owed to group undertakings and undertakings in which the company has a participating interest 42,006 46,971
Taxation and social security costs 46,863 160,652
Other creditors 266,717 286,938
426,959 553,382
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 42,708 69,965
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Freeman
Directors loan (276,494) 17,777 (8,000) (266,717)
(276,494) 17,777 (8,000) (266,717)
10 Controlling party
The controlling party is Mr C R Freeman.
11 Other information
Freemans Accountancy Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Regus House
Malthouse Avenue
Cardiff
CF23 8RU
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