Company registration number 02688438 (England and Wales)
FREESTYLE LIGHTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FREESTYLE LIGHTING LIMITED
COMPANY INFORMATION
Directors
Ms S Lamkin
Mr D Leech
Secretary
Ms S Lamkin
Company number
02688438
Registered office
Unit 24 The Enterprise Centre
Cranborne Road
Potters Bar
Hertfordshire
EN6 3DQ
Accountants
Moore Northern Home Counties Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FREESTYLE LIGHTING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
FREESTYLE LIGHTING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FREESTYLE LIGHTING LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Freestyle Lighting Limited for the year ended 30 April 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Freestyle Lighting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been underaken solely to prepare for your approval the financial statements of Freestyle Lighting Limited and state those matters that we have agreed to state to the Board of Directors of Freestyle Lighting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Freestyle Lighting Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Freestyle Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Freestyle Lighting Limited. You consider that Freestyle Lighting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Freestyle Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Northern Home Counties Limited
Chartered Accountants
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
14 January 2025
FREESTYLE LIGHTING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
259
797
Current assets
Stocks
27,000
35,600
Debtors
4
38,323
55,146
Cash at bank and in hand
31,316
106,455
96,639
197,201
Creditors: amounts falling due within one year
5
(56,771)
(83,612)
Net current assets
39,868
113,589
Total assets less current liabilities
40,127
114,386
Provisions for liabilities
(50)
(139)
Net assets
40,077
114,247
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
39,977
114,147
Total equity
40,077
114,247

For the financial year ended 30 April 2024 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Ms S  Lamkin
Director
Company registration number 02688438 (England and Wales)
FREESTYLE LIGHTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
115,246
115,346
Year ended 30 April 2023:
Profit and total comprehensive income
-
72,101
72,101
Dividends
-
(73,200)
(73,200)
Balance at 30 April 2023
100
114,147
114,247
Year ended 30 April 2024:
Loss and total comprehensive income
-
(970)
(970)
Dividends
-
(73,200)
(73,200)
Balance at 30 April 2024
100
39,977
40,077
FREESTYLE LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Freestyle Lighting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 24 The Enterprise Centre, Cranborne Road, Potters Bar, Hertfordshire, EN6 3DQ.

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

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
1.4
Stocks

Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

FREESTYLE LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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 profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
2
2
FREESTYLE LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
12,712
Disposals
(8,000)
At 30 April 2024
4,712
Depreciation and impairment
At 1 May 2023
11,915
Depreciation charged in the year
87
Eliminated in respect of disposals
(7,549)
At 30 April 2024
4,453
Carrying amount
At 30 April 2024
259
At 30 April 2023
797
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
35,625
52,076
Other debtors
2,698
3,070
38,323
55,146
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,123
9,929
Corporation tax
146
17,536
Other taxation and social security
4,806
13,171
Other creditors
36,696
42,976
56,771
83,612
6
Financial instruments

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

FREESTYLE LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

During the year to 30 April 2024, dividends totalling £73,200 were declared and paid to the directors as follows:

Ms S Lamkin, £36,600 (2023: £36,600)

Mr D Leech, £36,600 (2023: £36,600)

9
Directors' transactions

The following loans (to)/from the directors subsisted during the years 30 April 2024 and 30 April 2023:

 

 

 

 

 

 

2024

2023

 

 

 

£

£

Ms S Lamkin

 

 

 

Balance outstanding at start of year

 

11,321

2,635

Balance outstanding at end of year

 

13,930

11,321

Maximum balance outstanding during year

 

13,930

11,321

 

 

 

 

 

 

 

 

 

 

2024

2023

 

 

 

£

£

Mr D Leech

 

 

 

Balance outstanding at start of year

 

11,434

2,730

Balance outstanding at end of year

 

14,129

11,434

Maximum balance outstanding during year

 

14,129

11,434

 

The loans are interest free.

 

 

 

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