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.
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.
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 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The financial statements do not include any adjustments that would result if the above support is withdrawn.
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.
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, 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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the Period was:
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.
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.