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Company No: 12642270 (England and Wales)

FREEZYWATER LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FREEZYWATER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FREEZYWATER LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
FREEZYWATER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR David Stephen
SECRETARY Caroline Anne Keppel-Palmer
REGISTERED OFFICE 64 Kimber Road
London
SW18 4PP
United Kingdom
COMPANY NUMBER 12642270 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
FREEZYWATER LIMITED

BALANCE SHEET

As at 31 March 2024
FREEZYWATER LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investments 3 160,000 310,000
160,000 310,000
Current assets
Debtors 4 343,586 100,000
Cash at bank and in hand 1,037,554 0
1,381,140 100,000
Creditors: amounts falling due within one year 5 ( 1,306,798) ( 35,580)
Net current assets 74,342 64,420
Total assets less current liabilities 234,342 374,420
Net assets 234,342 374,420
Capital and reserves
Called-up share capital 6 10,054 10,000
Profit and loss account 224,288 364,420
Total shareholders' funds 234,342 374,420

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Freezywater Limited (registered number: 12642270) were approved and authorised for issue by the Director on 26 March 2025. They were signed on its behalf by:

David Stephen
Director
FREEZYWATER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FREEZYWATER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Freezywater Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 64 Kimber Road, London, SW18 4PP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The effect of any impairment losses are recognised through the Profit and Loss account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
31.03.2024
Period from
01.07.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 April 2023 10,000
At 31 March 2024 10,000
Carrying value at 31 March 2024 10,000
Carrying value at 31 March 2023 10,000

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 April 2023 300,000 300,000
Additions 4,838 4,838
At 31 March 2024 304,838 304,838
Provisions for impairment
At 01 April 2023 0 0
Impairment 154,838 154,838
At 31 March 2024 154,838 154,838
Carrying value at 31 March 2024 150,000 150,000
Carrying value at 31 March 2023 300,000 300,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Feral Interactive Limited 64 Kimber Road, London, England, SW18 4PP Publishing of computer games Ordinary 100.00% 100.00%
MHKM Sarl Lieudit Marigha Province El Haouz, Circle Asni, Commune Ouirgane, Marrakech Property development Ordinary 6.98% 6.98%

The investment held in MHKM Sarl represents the development of property in Marrakech. Following an earthquake in September 2023, significant damage was made to the development site. The Director, following discussions with property developers in Marrakech, has determined that a fair value of the investment at 31 March 2024 is £150,000 and, as such, an impairment on the asset has been recognised.

4. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by related parties 310,000 100,000
Other taxation and social security 8,475 0
Other debtors 25,111 0
343,586 100,000

The amounts owed by related parties represents loans to a company under common control. The amount is repayable on demand and does not bear interest.

At the balance sheet date £25,111 had been advanced to the Director by the Company (2023: £nil). The amount is repayable on demand and interest is charged at a rate of 2.25%.

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 1,413 0
Amounts owed to Group undertakings 1,295,064 35,580
Other taxation and social security 8,621 0
Other creditors 1,700 0
1,306,798 35,580

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
90,000 A Ordinary Shares shares of £ 0.10 each 9,000 9,000
10,000 B Ordinary Shares shares of £ 0.10 each 1,000 1,000
535 C Ordinary Shares shares of £ 0.10 each (31.03.2023: nil shares) 54 0
10,054 10,000

7. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

8. Ultimate controlling party

The ultimate controlling party is D Stephen.