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Registered Number: 12108474
England and Wales

 

 

 

FREEDOM FACTORY LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Freedom Factory Limited for the year ended 31 March 2024.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Freedom Factory Limited for the year ended 31 March 2024, which comprise of the Profit and Loss Account, the Balance Sheet, 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Freedom Factory Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2015. Our work has been undertaken solely to prepare for your approval the accounts of Freedom Factory Limited and state those matters that we have agreed to state to the Board of Directors of Freedom Factory 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 Freedom Factory Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Freedom Factory Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Freedom Factory Limited . You consider that Freedom Factory 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 accounts of Freedom Factory 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 accounts 31 March 2024



....................................................
aa Chartered Accountants
5 Blenheim Court
Peppercorn Close
Peterborough
United Kingdom
PE1 2DU
19 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 4,863,201    5,326,247 
4,863,201    5,326,247 
Current assets      
Debtors 1,203,567    371,995 
Cash at bank and in hand 40,759    880,077 
1,244,326    1,252,072 
Creditors: amount falling due within one year (9,047)   (14,025)
Net current assets 1,235,279    1,238,047 
 
Total assets less current liabilities 6,098,480    6,564,294 
Creditors: amount falling due after more than one year (5,668,978)   (6,089,190)
Provisions for liabilities (90,115)   (48,854)
Net assets 339,387    426,250 
 

Capital and reserves
     
Called up share capital 5 500    500 
Reserves 6 336,412    545,092 
Profit and loss account 2,475    (119,342)
Shareholders' funds 339,387    426,250 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 March 2025 and were signed on its behalf by:


-------------------------------
Benjamin Nathaniel Villar Clarke
Director
2
General Information
Freedom Factory Limited is a private company, limited by shares, registered in England and Wales, registration number 12108474, registration address 5 Blenheim Court, Peppercorn Close, Peterborough, PE1 2DU.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements, and agree not to withdraw there funding in the foreseeable future.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees including directors

Average number of employees during the year was 3 (2023 : 3).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 April 2023 2,085    2,085 
Additions  
Disposals  
At 31 March 2024 2,085    2,085 
Amortisation
At 01 April 2023 2,085    2,085 
Charge for year  
On disposals  
At 31 March 2024 2,085    2,085 
Net book values
At 31 March 2024  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures & Fittings   Computer Equipment   Improvements to Property   Total
  £   £   £   £   £   £   £
At 01 April 2023 4,315,033    548    45,411    80,053    2,536    912,329    5,355,910 
Additions           2,735    2,735 
Disposals (278,582)             (278,582)
Revaluations (167,418)             (167,418)
At 31 March 2024 3,869,033    548    45,411    80,053    2,536    915,064    4,912,645 
Depreciation
At 01 April 2023   168    4,541    24,081    873      29,663 
Charge for year   76    8,174    11,194    337      19,781 
On disposals            
At 31 March 2024   244    12,715    35,275    1,210      49,444 
Net book values
Closing balance as at 31 March 2024 3,869,033    304    32,696    44,778    1,326    915,064    4,863,201 
Opening balance as at 01 April 2023 4,315,033    380    40,870    55,972    1,663    912,329    5,326,247 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
255 Class A shares of £1.00 each 255    255 
235 Class B shares of £1.00 each 235    235 
10 Class C shares of £1.00 each 10    10 
500    500 

3