Company registration number 04315868 (England and Wales)
FREEDOM TO LEARN LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FREEDOM TO LEARN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FREEDOM TO LEARN LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2024
Notes
£
£
£
£
Current assets
Debtors
4
6,840
20,340
Creditors: amounts falling due within one year
5
(28,269)
(40,269)
Net current liabilities
(21,429)
(19,929)
Capital and reserves
Called up share capital
20
20
Profit and loss reserves
(21,449)
(19,949)
Total equity
(21,429)
(19,929)

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

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

The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
Mr Sudhanva Dhananjaya
Director
Company registration number 04315868 (England and Wales)
FREEDOM TO LEARN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Freedom To Learn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Coldbath Square, London, EC1R 5HL.

1.1
Reporting period

The financial statements are presented for a period shorter than one year because this is an interim audit and therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.3
Going concern

The company is reliant on the continued financial support from its ultimate parent  undertaking, Excelsoft Technologies Limited, in order to meet its obligations as they fall due. The company has a net liability position amounting to £21,429 (31 March 2024: £19,929). At the time of approving the financial statements, the directors have a reasonable expectation that the company, with the support of the parent company, has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements do not include any adjustments that would result if the above support is withdrawn.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

FREEDOM TO LEARN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FREEDOM TO LEARN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
3
Employees

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

2024
2024
Number
Number
Total
1
1
4
Debtors
2024
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,840
20,340
5
Creditors: amounts falling due within one year
2024
2024
£
£
Amounts owed to group undertakings
26,769
26,769
Other creditors
1,500
13,500
28,269
40,269
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
Date of audit report:
14 October 2024
7
Related party transactions

The company is controlled by Excelsoft Technologies Limited, a company resident in India, who own 100% of the share capital of the company. The director Sudhanva Dhananjaya is a directors of Excelsoft Technologies Limited.

 

Included in other debtors, is an amount due from Meteor Online Learning Limited , a company related by virtue of common directors amounting to £6,840 (2023: £6,840) and £Nil (31 March 2024 :£13,500) from Excelsoft Technologies Limited.

 

Included in creditors, is an amount due to Excelsoft Technologies Limited of a loan of £26,769 (31 March 2024: 26,769). The loan is unsecured, interest free and repayable on demand.

FREEDOM TO LEARN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
8
Parent company

Excelsoft Technologies Limited owns 100% share capital of the company and is the ultimate parent company. The company is incorporated in India.

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