| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| FREESTART PUBLIC LIMITED COMPANY |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| FREESTART PUBLIC LIMITED COMPANY |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 November 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 |
| FREESTART PUBLIC LIMITED COMPANY |
| COMPANY INFORMATION |
| for the Year Ended 30 November 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STRATEGIC REPORT |
| for the Year Ended 30 November 2024 |
| The directors present the strategic report and financial statements for the year ended 30th November 2024. |
| REVIEW OF BUSINESS |
| The results for the year are set out on page 10 of the financial statements. |
| The principal activity of the company remained the provision of cost-effective yet high-quality internet services and web development tailored to a wide range of business needs. While the trading environment during the year presented several challenges, including economic uncertainty and increased operational costs, we are pleased to report that the company still achieved a modest profit. |
| This is particularly encouraging given the substantial investments we have made during the year in developing and implementing new remote work processes. These initiatives, while affecting short-term profitability, are expected to deliver tangible operational efficiencies and client service improvements over the coming year. |
| Turnover for the year saw a slight decrease compared to the previous year, reflecting the cautious climate in which many of our clients have operated. However, we remain optimistic about the future. The introduction of our new remote worker monitoring system is designed to enhance individual accountability and performance, and we anticipate this will positively impact both productivity and turnover going forward. |
| The board remains confident in the company's direction and strategy. With a continued focus on innovation, particularly in remote service delivery and performance management, we are well positioned to benefit from increased client demand as economic conditions stabilise. |
| As always, we thank our dedicated team and valued clients for their continued support and commitment. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company provides internet services and website development for businesses. At a trading level the company faces a number of risks and uncertainties. In particular, this table sets out those key risks that have been identified, with the company's approach to mitigating those risks. |
| Risk | Impact on company | Mitigation |
| Innovation risk. The risk that a rival produces a competitive product and gains market share. |
An innovative rival product could encourage customers to replace the company's products with a newer entity. |
The company continues to protect and extend its product innovations and positively develop its attractiveness to customers both through product development and customer service. |
| Compliance risk. The risk that the company fails to comply with regulations surrounding internet security. |
The company could face financial penalties together with loss of clients should there be any security breaches. |
The company takes cyber security very seriously and ensures that every step has been taken to protect its clients. |
| FUTURE DEVELOPMENTS |
| The directors anticipate the business environment will remain competitive. They believe that the company is in a good position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations. |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STRATEGIC REPORT |
| for the Year Ended 30 November 2024 |
| FINANCIAL INSTRUMENTS |
| The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling. |
| ON BEHALF OF THE BOARD: |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 30 November 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 November 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activity of the company in the year under review continues to be that of the provision of a cost effective but superior level of internet services and web development for every business need. However, this year also saw growth within our digital and print marketing division. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30th November 2024 will be £498,894. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen in accordance with Companies Act 2006 s. 414C(11), to set out in the company's strategic report the information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 regarding future developments, research and development and financial instruments. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 30 November 2024 |
| AUDITORS |
| The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FREESTART PUBLIC LIMITED COMPANY |
| Opinion |
| We have audited the financial statements of Freestart Public Limited Company (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FREESTART PUBLIC LIMITED COMPANY |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FREESTART PUBLIC LIMITED COMPANY |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Extent to which the audit was considered capable of detecting irregularities including fraud |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - | we identified the laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006; |
| - | we identified those laws and regulations which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty; |
| - | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by; |
| - | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud: and |
| - | considered the internal control in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - | performed analytical procedures to identify any unusual or unexpected relationships; |
| - | tested journal entries to identify unusual transactions; and |
| - | Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - | agreeing financial statement disclosures to underlying supporting documentation; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspections of regulatory and legal correspondence, if any. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FREESTART PUBLIC LIMITED COMPANY |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 30,485 | 200,807 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 41,733 | 218,756 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STATEMENT OF FINANCIAL POSITION |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investment property | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 30 November 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| STATEMENT OF CASH FLOWS |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of investment property |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Repayments on bank loan | ( |
) | ( |
) |
| Repayments on HP Contracts | ( |
) |
| Amount introduced by directors | 543,394 | 24,447 |
| Amount withdrawn by directors | (94,970 | ) | (465,600 | ) |
| New loan provided in year | ( |
) |
| Repayments received on loan to associate |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
381,836 |
| Cash and cash equivalents at end of year | 2 | 595,592 | 136,391 |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| for the Year Ended 30 November 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 5,696 | 6,188 |
| Finance income | (11,248 | ) | (7,149 | ) |
| 35,405 | 218,425 |
| Decrease in trade and other debtors |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 November 2024 |
| 30/11/24 | 1/12/23 |
| £ | £ |
| Cash and cash equivalents | 595,592 | 136,391 |
| Year ended 30 November 2023 |
| 30/11/23 | 1/12/22 |
| £ | £ |
| Cash and cash equivalents | 136,391 | 381,836 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/12/23 | Cash flow | At 30/11/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 136,391 | 459,201 | 595,592 |
| 136,391 | 595,592 |
| Debt |
| Finance leases | (27,598 | ) | 3,328 | (24,270 | ) |
| Debts falling due within 1 year | (52,599 | ) | 52,599 | - |
| (80,197 | ) | 55,927 | (24,270 | ) |
| Total | 56,194 | 515,128 | 571,322 |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| Freestart Public Limited Company is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| As set out in the strategic report, the company continued to trade strongly this year and the directors believe that it is experiencing good levels of sales growth and profitability. Therefore, they believe that the company is well places to manage its business risk successfully and accordingly they have a reasonable expectation that it 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. |
| Revenue recognition |
| Revenue is the amount derived from ordinary activities and represents net invoiced sales of goods and services, excluding value added tax. Income is recognised when the company earns the right to consideration, in exchange for performance of a contract. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade debtor and other accounts receivables and payable. Basic financial instruments are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | SIGNIFICANT JUDGEMENTS AND ESTIMATES |
| In the application of the company's accounting policies, which are described in note 2, management are required to make: |
| - | judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and |
| - | estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The directors consider that there are no judgements or key sources of estimation uncertainty that will have a significant effect on the amounts recognised in the financial statements. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Office and Management |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Consultancy fees are also payable to companies that are s under the control of the directors. Further information can be found under the related party note. |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Adjustment re prior years | - | 46 |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| Marginal rate of rate | (1,391 | ) | - |
| Total tax charge | 6,680 | 49,625 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| The net book value of tangible fixed assets includes £ 29,497 (2023 - £ 36,871 ) in respect of assets held under hire purchase contracts. |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 10. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 December 2023 |
| Disposals | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Included in fair value of investment property is freehold land of £ 60,000 (2023 - £ 60,000 ) which is not depreciated. |
| Fair value at 30 November 2024 is represented by: |
| £ |
| Valuation in 2016 | 63,500 |
| 11. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by associated company |
| Other debtors |
| Directors' loan accounts | 6,623 | 455,169 |
| Tax |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by associated company |
| Aggregate amounts |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 123,343 | 124,191 |
| Other creditors |
| Directors' loan accounts | 2,516 | 2,638 |
| Accrued expenses |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | SECURED DEBTS |
| The bank holds a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fittings. |
| E J Crooks has provided a personal guarantee of £10,000. |
| The leasing creditor is secured over the asset to which it relates. |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Interest has been charged on the amount owed by the Directors at 2.25%. This is in accordance with HMRC's official rate of interest. |
| 19. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Remuneration |
| Consultancy fees paid to companies controlled by the directors |
| Amounts due from directors | 7,497 | 455,169 |
| Amount due to a director | 2,516 | 2,637 |
| 20. | ULTIMATE CONTROLLING PARTY |
| Mr E J Crooks and Mrs M Crooks control the company in concert by virtue of their beneficial interest in the issued ordinary share capital. |