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REGISTERED NUMBER: SC187379 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Freetime Initiative Ltd

The Freetime Initiative Ltd (Registered number: SC187379)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


The Freetime Initiative Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: K Brennan





SECRETARY: N Faulds





REGISTERED OFFICE: 99 Merchiston Oval
Brookfield
Johnstone
PA5 8XA





REGISTERED NUMBER: SC187379 (Scotland)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

The Freetime Initiative Ltd (Registered number: SC187379)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £   
CURRENT ASSETS
Debtors 5 23,658 8,211
Cash at bank 1,546 961
25,204 9,172
CREDITORS
Amounts falling due within one year 6 48,198 37,081
NET CURRENT LIABILITIES (22,994 ) (27,909 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(22,994

)

(27,909

)

CREDITORS
Amounts falling due after more than one year 7 1,048 2,809
NET LIABILITIES (24,042 ) (30,718 )

CAPITAL AND RESERVES
Called up share capital 8,000 8,000
Retained earnings (32,042 ) (38,718 )
SHAREHOLDERS' FUNDS (24,042 ) (30,718 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 7 May 2025 and were signed by:





K Brennan - Director


The Freetime Initiative Ltd (Registered number: SC187379)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

The Freetime Initiative Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The director acknowledges the net liability position of the company at the balance sheet date. The director has made funds available to the company in order to support it in meeting its debts as they fall due. They have confirmed their ability and willingness to continue to do so for the foreseeable future.

The director has considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to them, believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where advertising is sold for more than one edition of a publication, turnover is recognised when the relevant edition has been printed and distributed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 33% on cost
Fixtures and fittings - 50% on cost
Computer equipments - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company makes contributions into a defined contribution scheme which has been chosen by the director.

The Freetime Initiative Ltd (Registered number: SC187379)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently amortised at cost using the effective interest method. Debt Instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Office and Computer
Equipment fittings equipments Totals
£    £    £    £   
COST
At 1 January 2024 1,810 1,786 40,927 44,523
Disposals (1,810 ) (1,786 ) (21,037 ) (24,633 )
At 31 December 2024 - - 19,890 19,890
DEPRECIATION
At 1 January 2024 1,810 1,786 40,927 44,523
Eliminated on disposal (1,810 ) (1,786 ) (21,037 ) (24,633 )
At 31 December 2024 - - 19,890 19,890
NET BOOK VALUE
At 31 December 2024 - - - -
At 31 December 2023 - - - -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 21,286 8,023
Prepayments and accrued income 70 188
Accrued income 2,302 -
23,658 8,211

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 1,762 1,718
Trade creditors 7,641 1,337
V.A.T. 6,503 3,337
Other creditors 272 376
Accrued expenses 32,020 30,313
48,198 37,081

The Freetime Initiative Ltd (Registered number: SC187379)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans - 1-2 years 1,048 1,761
Bank loans - 2-5 years - 1,048
1,048 2,809

8. RELATED PARTY DISCLOSURES

From time to time the company enters into transactions with other Companies under common control or in which significant influence is held by the directors. Where these transactions have been made under normal market conditions specific details are not provided.