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FREEDOM CLOUD ACCOUNTING LTD

Registered Number
14906729
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

FREEDOM CLOUD ACCOUNTING LTD
Company Information
for the period from 31 May 2023 to 31 May 2024

Director

WARNER, Timothy Victor

Registered Address

Mill House Nailstone Road
Carlton
Nuneaton
CV13 0DH

Registered Number

14906729 (England and Wales)
FREEDOM CLOUD ACCOUNTING LTD
Statement of Financial Position
31 May 2024

Notes

2024

£

£

Fixed assets
Tangible assets31,074
1,074
Current assets
Debtors1,968
Cash at bank and on hand5,685
7,653
Creditors amounts falling due within one year4(3,122)
Net current assets (liabilities)4,531
Total assets less current liabilities5,605
Net assets5,605
Capital and reserves
Called up share capital2
Profit and loss account5,603
Shareholders' funds5,605
The financial statements were approved and authorised for issue by the Director on 27 January 2025, and are signed on its behalf by:
WARNER, Timothy Victor
Director
Registered Company No. 14906729
FREEDOM CLOUD ACCOUNTING LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Trade and other 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.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year0
3.Tangible fixed assets

Total

£
Cost or valuation
Additions1,111
At 31 May 241,111
Depreciation and impairment
Charge for year37
At 31 May 2437
Net book value
At 31 May 241,074
At 30 May 23-
4.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables564
Taxation and social security1,435
Other creditors1,123
Total3,122
Other creditors includes a directors loan of £1,111.
5.Related party transactions
During the year the company provided services to the value of £4,347 to Educ8 Business Consultancy Ltd which Mr Timothy Warner is a director and shareholder.