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REGISTERED NUMBER: 05833496 (England and Wales)











Financial Statements for the Year Ended 30 September 2024

for

FREEDOM TRAVEL NORTH LIMITED

FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREEDOM TRAVEL NORTH LIMITED

Company Information
for the Year Ended 30 September 2024







DIRECTORS: A Vernon
A J E Vernon





SECRETARY: A J E Vernon





REGISTERED OFFICE: 2 Blackbrook Glade
Buxton Road
Chapel-en-le-Frith
High Peak
Derbyshire
SK23 0PJ





REGISTERED NUMBER: 05833496 (England and Wales)





ACCOUNTANT: Mourne & Co
10 Market Street
Chapel-en-le-Frith
High Peak
Derbyshire
SK23 0HH

FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 96,472 83,812
96,472 83,812

CURRENT ASSETS
Debtors 7 2,785 7,397
Cash at bank 101,426 64,389
104,211 71,786
CREDITORS
Amounts falling due within one year 8 77,715 24,746
NET CURRENT ASSETS 26,496 47,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,968

130,852

CREDITORS
Amounts falling due after more than one
year

9

9,168

29,167
NET ASSETS 113,800 101,685

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 113,700 101,585
SHAREHOLDERS' FUNDS 113,800 101,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Balance Sheet - continued
30 September 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:




A Vernon - Director



A J E Vernon - Director


FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

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

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has now been fully amortised over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 33% on reducing balance

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 55,000
AMORTISATION
At 1 October 2023
and 30 September 2024 55,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

6. TANGIBLE FIXED ASSETS
Improvements
to Fixtures Motor Office
property & fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 14,774 15,501 351,348 4,332 385,955
Disposals - - (180,000 ) - (180,000 )
At 30 September 2024 14,774 15,501 171,348 4,332 205,955
DEPRECIATION
At 1 October 2023 14,774 12,050 271,045 4,274 302,143
Charge for year - 518 16,832 19 17,369
Eliminated on disposal - - (167,222 ) - (167,222 )
Charge written back - - (42,807 ) - (42,807 )
At 30 September 2024 14,774 12,568 77,848 4,293 109,483
NET BOOK VALUE
At 30 September 2024 - 2,933 93,500 39 96,472
At 30 September 2023 - 3,451 80,303 58 83,812

FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023 13,498
Transfer to ownership (13,498 )
At 30 September 2024 -
DEPRECIATION
At 1 October 2023 7,969
Transfer to ownership (7,969 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 5,529

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 2,075 5,885
VAT 710 1,512
2,785 7,397

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 10) 10,000 10,000
Hire purchase contracts - 3,262
Trade creditors 358 296
Taxation 10,643 6,647
Social security & other taxes 745 2,448
Other creditors 1,034 1,994
Directors' current accounts 52,685 99
Accrued expenses 2,250 -
77,715 24,746

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 10) 9,168 19,167
Directors loan account - 10,000
9,168 29,167

FREEDOM TRAVEL NORTH LIMITED (REGISTERED NUMBER: 05833496)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


10. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank loans (BBLS) 10,000 10,000

Amounts falling due between two and five years:
Bank loans (BBLS) 9,168 19,167

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Retained
earnings
£   

At 1 October 2023 101,585
Profit for the year 52,115
Dividends (40,000 )
At 30 September 2024 113,700

13. ULTIMATE CONTROLLING PARTY

The company was throughout the year under the control of the directors by virtue of their 100% holding in the issued ordinary share capital.