Company Registration No. 09595904 (England and Wales)
UNSHACKLED.COM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UNSHACKLED.COM LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
UNSHACKLED.COM LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
2,560
Current assets
Debtors
6
96,001
230,107
Cash at bank and in hand
116,544
1,056,021
212,545
1,286,128
Creditors: amounts falling due within one year
7
(213,069)
(4,580,917)
Net current liabilities
(524)
(3,294,789)
Net liabilities
(524)
(3,292,229)
Capital and reserves
Called up share capital
8
3,930,009
4,680,009
Share premium account
6,743
6,743
Profit and loss reserves
(3,937,276)
(7,978,981)
Total equity
(524)
(3,292,229)

 

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
M Fenton
Director
Company Registration No. 09595904
UNSHACKLED.COM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
4,680,009
6,743
(8,898,474)
(4,211,722)
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
919,493
919,493
Balance at 30 September 2023
4,680,009
6,743
(7,978,981)
(3,292,229)
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
4,041,705
4,041,705
Redemption of shares
8
(750,000)
-
0
-
0
(750,000)
Balance at 30 September 2024
3,930,009
6,743
(3,937,276)
(524)
UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Unshackled.com Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coach House, Broughton Hall, Broughton, Nr. Eccleshall, Staffordshire, ST21 6NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have not been prepared on a going concern basis as after the period end, the directors took the decision to cease trading.

 

It is the intention of the directors to realise the company's remaining assets and settle the remaining liabilities as soon as practicable and accordingly the directors have prepared the financial statements on the basis that the company is no longer a going concern.

 

The principal effects of the preparation of the financial statements on a basis other than that of going concern are that the company's remaining assets have been written down to a carrying value that management believe will be realised through settlement or disposal.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of development income, consultancy fees and commissions earned during the year, exclusive of Value Added Tax and trade discounts.

 

Development income is the recognition of turnover from project contracts. Where the outcome of a project contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that the total contract costs will exceed total contract turnover, the expected loss is

recognised as an expense immediately. Where the outcome of a project contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

 

The "percentage of completion method" is used to determine the appropriate amount to recognise in a

given period. The stage of completion is measured by reference to costs incurred to date compared to total estimated costs to complete the contract.

 

Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

Amortisation is provided on the following basis:

Computer Software
25% Straight Line Basis
1.5
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Office Equipment
25% straight line basis
Computer Equipment
25% straight line basis

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

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - Admin costs
(994,639)
-
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
5
4
Intangible fixed assets
Total
£
Cost
At 1 October 2023 and 30 September 2024
845,920
Amortisation and impairment
At 1 October 2023 and 30 September 2024
845,920
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
5
Tangible fixed assets
Office Equipment
Computer Equipment
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
5,063
33,500
38,563
Depreciation and impairment
At 1 October 2023
5,063
30,940
36,003
Depreciation charged in the year
-
0
2,560
2,560
At 30 September 2024
5,063
33,500
38,563
Carrying amount
At 30 September 2024
-
0
-
0
-
0
At 30 September 2023
-
0
2,560
2,560
UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,001
192,002
Other debtors
-
0
38,105
96,001
230,107
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
98,400
2,213,039
Trade creditors
-
0
198
Taxation and social security
47,068
61,017
Accruals and deferred income
67,601
2,306,663
213,069
4,580,917
UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
3,500,000 (2022 - 3,500,000) A ordinary shares of £1 each
3,500,000
3,500,000
880,000 (2022 - 880,000) B ordinary shares of £1 each
130,000
880,000
300,000 (2022 - 300,000) C ordinary shares of £1 each
300,000
300,000
880,000 (880,000) D ordinary shares of 0.001p each
9
9
3,930,009
4,680,009

 

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements, 'Going concern', which explains that the company is expected to cease trading within the next 12 months and therefore, it is not considered appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Stacey Parr and the auditor was DJH Audit Limited.
10
Events after the reporting date

After the year-end, but before the date of the approval of the financial statements, a decision was made to cease trading in Unshackled.com.

Appropriate disclosure about the status of the company as a going concern has been made in Note 1.2.

11
Related party transactions

Included in accruals is amounts owed to directors of £nil (2023 - £2,040,000).

 

Included within creditors at the period end was a balance of £98,400 (2023 - £2,213,039 ) owed to the controlling party Broughton Holdings Limited. The balance is non interest bearing. During the period an amount of £994,639 was written back.

UNSHACKLED.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
12
Parent company

The immediate and ultimate parent company is Broughton Holdings Limited by virtue of shareholding. The largest and smallest groups in which the company’s accounts are consolidated is Broughton Holdings Limited, a company incorporated in England and Wales with the registered office address Coach House, Broughton Hall, Eccleshall, Stafford, ST21 6NS. It’s consolidated financial statements are available to the public from Companies House.

 

John Caudwell is the controlling shareholder of the company by virtue of his controlling shareholding in Broughton Holdings Limited.

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