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REGISTERED NUMBER: 03855529 (England and Wales)


















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: E J Crooks
Mrs M L Crooks
M A Gerrard
K Lowe





REGISTERED OFFICE: 12 Lord Street
Wigan
Lancashire
WN1 2BN





REGISTERED NUMBER: 03855529 (England and Wales)





AUDITORS: Fairhurst Audit Services Ltd
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:





E J Crooks - Director


28 May 2025

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.

E J Crooks
Mrs M L Crooks
M A Gerrard
K Lowe

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:





E J Crooks - Director


28 May 2025

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.




Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

29 May 2025

FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 2,826,463 2,918,936

Cost of sales 487,059 472,485
GROSS PROFIT 2,339,404 2,446,451

Administrative expenses 2,308,919 2,245,644
30,485 200,807

Other operating income - 10,800
OPERATING PROFIT 5 30,485 211,607

Interest receivable and similar income 11,248 7,149
41,733 218,756

Interest payable and similar expenses 6 5,696 6,188
PROFIT BEFORE TAXATION 36,037 212,568

Tax on profit 7 6,680 49,625
PROFIT FOR THE FINANCIAL YEAR 29,357 162,943

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

29,357

162,943

FREESTART PUBLIC LIMITED COMPANY (REGISTERED NUMBER: 03855529)

STATEMENT OF FINANCIAL POSITION
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 35,595 38,009
Investment property 10 63,500 628,334
99,095 666,343

CURRENT ASSETS
Debtors 11 50,942 666,755
Cash at bank 595,592 136,391
646,534 803,146
CREDITORS
Amounts falling due within one year 12 260,582 511,577
NET CURRENT ASSETS 385,952 291,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

485,047

957,912

CREDITORS
Amounts falling due after more than one
year

13

20,943

24,271
NET ASSETS 464,104 933,641

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Retained earnings 414,104 883,641
SHAREHOLDERS' FUNDS 464,104 933,641

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





M A Gerrard - Director


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 50,000 740,645 790,645

Changes in equity
Dividends - (19,947 ) (19,947 )
Total comprehensive income - 162,943 162,943
Balance at 30 November 2023 50,000 883,641 933,641

Changes in equity
Dividends - (498,894 ) (498,894 )
Total comprehensive income - 29,357 29,357
Balance at 30 November 2024 50,000 414,104 464,104

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 29,646 244,287
Interest paid (2,844 ) (4,443 )
Interest element of hire purchase payments
paid

(2,852

)

(1,745

)
Tax paid (49,579 ) (15,233 )
Net cash from operating activities (25,629 ) 222,866

Cash flows from investing activities
Purchase of tangible fixed assets (6,360 ) (33,984 )
Sale of investment property 568,689 -
Interest received 11,248 7,149
Net cash from investing activities 573,577 (26,835 )

Cash flows from financing activities
Repayments on bank loan (52,599 ) (10,326 )
Repayments on HP Contracts (3,328 ) 23,432
Amount introduced by directors 543,394 24,447
Amount withdrawn by directors (94,970 ) (465,600 )
New loan provided in year - (10,150 )
Repayments received on loan to associate 17,650 16,668
Equity dividends paid (498,894 ) (19,947 )
Net cash from financing activities (88,747 ) (441,476 )

Increase/(decrease) in cash and cash equivalents 459,201 (245,445 )
Cash and cash equivalents at beginning of
year

2

136,391

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 36,037 212,568
Depreciation charges 8,775 6,818
Profit on disposal of fixed assets (3,855 ) -
Finance costs 5,696 6,188
Finance income (11,248 ) (7,149 )
35,405 218,425
Decrease in trade and other debtors 2,504 21,171
(Decrease)/increase in trade and other creditors (8,263 ) 4,691
Cash generated from operations 29,646 244,287

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
136,391 459,201 595,592
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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

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 1,421,055 1,374,583
Social security costs 147,648 136,197
Other pension costs 62,596 70,244
1,631,299 1,581,024

The average number of employees during the year was as follows:
2024 2023

Office and Management 48 48

2024 2023
£    £   
Directors' remuneration 193,365 189,573
Directors' pension contributions to money purchase schemes 7,173 12,621

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 2 2

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 37,108 36,706
Other operating leases 20,928 22,508
Depreciation - owned assets 1,400 1,837
Depreciation - assets on hire purchase contracts 7,374 4,982
Profit on disposal of fixed assets (3,855 ) -
Auditors' remuneration 7,400 7,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 2,844 4,443
Hire purchase 2,852 1,745
5,696 6,188

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 6,680 49,579
Adjustment re prior years - 46

Tax on profit 6,680 49,625

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 36,037 212,568
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.708%)

9,009

50,396

Effects of:
Capital allowances in excess of depreciation (938 ) (817 )
Adjustments to tax charge in respect of previous periods - 46
Marginal rate of rate (1,391 ) -
Total tax charge 6,680 49,625

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 498,894 19,947

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 1,394 46,484 15,013 62,891
Additions - - 6,360 6,360
Disposals - - (967 ) (967 )
At 30 November 2024 1,394 46,484 20,406 68,284
DEPRECIATION
At 1 December 2023 562 9,613 14,707 24,882
Charge for year 166 7,374 1,234 8,774
Eliminated on disposal - - (967 ) (967 )
At 30 November 2024 728 16,987 14,974 32,689
NET BOOK VALUE
At 30 November 2024 666 29,497 5,432 35,595
At 30 November 2023 832 36,871 306 38,009

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 628,334
Disposals (564,834 )
At 30 November 2024 63,500
NET BOOK VALUE
At 30 November 2024 63,500
At 30 November 2023 628,334

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 17,423 24,942
Amounts owed by associated company 12,590 20,567
Other debtors 7,650 -
Directors' loan accounts 6,623 455,169
Tax - 147,114
Prepayments and accrued income 1,100 3,735
45,386 651,527

Amounts falling due after more than one year:
Amounts owed by associated company 5,556 15,228

Aggregate amounts 50,942 666,755

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 52,599
Hire purchase contracts (see note 15) 3,327 3,327
Trade creditors 14,537 26,388
Tax 6,680 196,693
Social security and other taxes 43,503 39,165
VAT 123,343 124,191
Other creditors 57,076 57,276
Directors' loan accounts 2,516 2,638
Accrued expenses 9,600 9,300
260,582 511,577

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) 20,943 24,271

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 - 52,599

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,327 3,327
Between one and five years 20,943 24,271
24,270 27,598

Non-cancellable operating leases
2024 2023
£    £   
Within one year 36,583 45,481
Between one and five years 22,300 13,137
58,883 58,618

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: £    £   
50,000 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
£    £   
E J Crooks and Mrs M L Crooks
Balance outstanding at start of year (449,511 ) (13,617 )
Amounts advanced (45,708 ) (455,442 )
Amounts repaid 488,917 19,548
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,302 ) (449,511 )

K Lowe
Balance outstanding at start of year (5,658 ) -
Amounts advanced (40,036 ) (10,158 )
Amounts repaid 44,500 4,500
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,194 ) (5,658 )

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

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Remuneration 193,365 189,573
Consultancy fees paid to companies controlled by the directors 410,450 341,600
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.