Free Spirit 3 Ltd |
Registered number: |
09594782 |
Balance Sheet |
as at 31 March 2024 |
|
|
|
Notes |
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investments |
|
3 |
|
10,550,404 |
|
|
8,476,226 |
|
|
|
|
10,550,404 |
|
|
8,476,226 |
|
Current assets |
Debtors |
|
4 |
90,000 |
|
|
152,607 |
Cash at bank and in hand |
|
21,667 |
|
|
59,733 |
|
|
|
111,667 |
|
|
212,340 |
|
Creditors: amounts falling due within one year |
5 |
(5,774,345) |
|
|
(5,237,849) |
|
|
|
|
|
|
|
Net current liabilities |
|
|
|
(5,662,678) |
|
|
(5,025,509) |
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
|
4,887,726 |
|
|
3,450,717 |
|
Creditors: amounts falling due after more than one year |
|
|
- |
|
|
- |
|
Provisions for liabilities |
|
|
|
(781,285) |
|
|
(470,007) |
|
|
Net assets |
|
|
|
4,106,441 |
|
|
2,980,710 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
130 |
|
|
130 |
Share premium |
|
|
|
- |
|
|
- |
Investments fair value reserve |
|
|
2,824,367 |
|
|
1,626,532 |
Profit and loss account |
|
|
|
1,281,944 |
|
|
1,354,048 |
|
Shareholders' funds |
|
|
|
4,106,441 |
|
|
2,980,710 |
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
P Gale |
Director |
Approved by the board on 14 March 2025 |
|
Free Spirit 3 Ltd |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration returned or returnable on the investments held as fixed assets by the company. |
|
|
Investments |
|
Listed investments are measured at fair value, and changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price), as are Director's loans made at non market rates. Other loans and 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. |
|
|
Taxation |
|
A current tax liability is recognised for any tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company including directors |
2 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Listed |
Unlisted |
investments |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
5,282,804 |
|
3,193,422 |
|
8,476,226 |
|
Additions |
1,328,593 |
|
439,342 |
|
1,767,935 |
|
Fair value adjustment |
1,137,292 |
|
276,973 |
|
1,414,265 |
|
Disposals |
(1,030,028) |
|
(77,994) |
|
(1,108,022) |
|
|
At 31 March 2024 |
6,718,661 |
|
3,831,743 |
|
10,550,404 |
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2023 |
3,631,298 |
|
2,964,899 |
|
6,596,197 |
|
At 31 March 2024 |
4,080,712 |
|
3,344,552 |
|
7,425,264 |
|
|
|
|
|
|
|
|
|
|
|
|
Investments comprise a listed share portfolio held with a wealth management broker regulated by the Financial Conduct Authority (FCA), who prepare a year end report containing a year end valuation drawn from listed stock exchanges and unlisted private equity investments managed by the director of the company who reviews their fair value at the company year end. |
|
|
All fair value gains/(losses) are taken through the Profit and Loss Account and the Investments fair value reserve. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Accrued income |
90,000 |
|
152,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Accruals |
5,000 |
|
5,000 |
|
Taxation and social security costs |
6,157 |
|
48,631 |
|
Other creditors (note 8) |
5,763,188 |
|
5,184,218 |
|
|
|
|
|
|
|
|
5,774,345 |
|
5,237,849 |
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Loans from directors |
|
Description and conditions |
B/fwd |
Introduced |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
P Gale |
|
Director's loan account |
|
|
5,184,218 |
|
578,970 |
|
- |
|
5,763,188 |
|
|
|
|
|
5,184,218 |
|
578,970 |
|
- |
|
5,763,188 |
|
|
|
|
|
|
|
|
|
|
|
|
The director has made an interest free loan to the company which has no fixed date for repayment. The director has taken the choice afforded by FRED 67 to record the balance on their Directors loan accounts at transaction value. |
|
|
7 |
Other information |
|
|
Free Spirit 3 Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 4b Lynx Business Park |
|
Fordham Road |
|
Snailwell |
|
Cambridgeshire |
|
CB8 7NY |