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REGISTERED NUMBER: 09779717 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FREESTYLE GRIPS LTD

FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FREESTYLE GRIPS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: P Olney





REGISTERED OFFICE: 9 Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT





REGISTERED NUMBER: 09779717 (England and Wales)





ACCOUNTANTS: Maxwell & Co
9 Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT

FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 122,099 140,689

CURRENT ASSETS
Debtors 5 19,643 7,579
Cash at bank and in hand 17,369 20,843
37,012 28,422
CREDITORS
Amounts falling due within one year 6 33,897 18,388
NET CURRENT ASSETS 3,115 10,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,214

150,723

CREDITORS
Amounts falling due after more than one year 7 (28,170 ) (32,544 )

PROVISIONS FOR LIABILITIES (23,199 ) (26,731 )
NET ASSETS 73,845 91,448

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 73,843 91,446
73,845 91,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 June 2025 and were signed by:





P Olney - Director


FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Freestyle Grips Ltd is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding, discounts, rebates and value added tax. Turnover includes the rendering of services which are only recognised once the service is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

The assets' residual values. useful lives and depreciation methods are reviewed and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

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

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 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 balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 210,576 - 72,010 7,141 289,727
Additions 2,469 3,275 - 4,428 10,172
At 30 September 2024 213,045 3,275 72,010 11,569 299,899
DEPRECIATION
At 1 October 2023 116,795 - 28,505 3,738 149,038
Charge for year 19,059 321 8,701 681 28,762
At 30 September 2024 135,854 321 37,206 4,419 177,800
NET BOOK VALUE
At 30 September 2024 77,191 2,954 34,804 7,150 122,099
At 30 September 2023 93,781 - 43,505 3,403 140,689

FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023
and 30 September 2024 49,120
DEPRECIATION
At 1 October 2023 9,824
Charge for year 7,859
At 30 September 2024 17,683
NET BOOK VALUE
At 30 September 2024 31,437
At 30 September 2023 39,296

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,573 4,498
Prepayments 3,070 3,081
19,643 7,579

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 4,375 4,116
Trade creditors 111 1,241
Tax 13,717 133
VAT 8,130 5,938
Directors' current accounts 6,354 5,750
Accrued expenses 1,210 1,210
33,897 18,388

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 28,170 32,544

FREESTYLE GRIPS LTD (REGISTERED NUMBER: 09779717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 5,809 5,809
Between one and five years 28,887 34,696
34,696 40,505

Finance charges repayable:
Within one year 1,434 1,693
Between one and five years 717 2,152
2,151 3,845

Net obligations repayable:
Within one year 4,375 4,116
Between one and five years 28,170 32,544
32,545 36,660

9. ULTIMATE CONTROLLING PARTY

The controlling party is P Olney.