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Registration number: 04363672

Freemantle Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Freemantle Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Freemantle Developments Limited

Company Information

Directors

Mr N J Warfield

Mrs V A Warfield

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Freemantle Developments Limited

(Registration number: 04363672)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

100,757

129,796

Current assets

 

Stocks

4

580,015

88,258

Debtors

5

217,594

982,460

Cash at bank and in hand

 

38,909

65,326

 

836,518

1,136,044

Creditors: Amounts falling due within one year

6

(748,485)

(1,057,029)

Net current assets

 

88,033

79,015

Total assets less current liabilities

 

188,790

208,811

Provisions for liabilities

(6,159)

(6,957)

Net assets

 

182,631

201,854

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

182,630

201,853

Shareholders' funds

 

182,631

201,854

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Freemantle Developments Limited

(Registration number: 04363672)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................
Mr N J Warfield
Director

 

Freemantle Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Freemantle Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Freemantle Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

81,085

113,800

194,885

Additions

7,600

-

7,600

Disposals

(6,774)

-

(6,774)

At 31 March 2024

81,911

113,800

195,711

Depreciation

At 1 April 2023

36,639

28,450

65,089

Charge for the year

12,253

21,338

33,591

Eliminated on disposal

(3,726)

-

(3,726)

At 31 March 2024

45,166

49,788

94,954

Carrying amount

At 31 March 2024

36,745

64,012

100,757

At 31 March 2023

44,446

85,350

129,796

4

Stocks

2024
£

2023
£

Work in progress

578,515

86,758

Other inventories

1,500

1,500

580,015

88,258

 

Freemantle Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

65,730

960,000

Prepayments

15,104

16,041

Other debtors

136,760

6,419

 

217,594

982,460

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

53,787

23,136

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

674,108

655,000

Taxation and social security

 

1,391

143,915

Other creditors

 

19,199

234,978

 

748,485

1,057,029

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Freemantle Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Loans from related parties

2024

Parent
£

Key management
£

Total
£

At start of period

655,000

14,372

669,372

Advanced

469,108

17,876

486,984

Repaid

(450,000)

(24,000)

(474,000)

At end of period

674,108

8,248

682,356

2023

Parent
£

Key management
£

Total
£

At start of period

455,000

9,630

464,630

Advanced

200,000

19,742

219,742

Repaid

-

(15,000)

(15,000)

At end of period

655,000

14,372

669,372

9

Parent and ultimate parent undertaking

The company's immediate parent is Freemantle Capital Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr N & Mrs V Warfield, by virtue of their shareholdings in Freemantle Capital Limited.