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REGISTERED NUMBER: SC256308 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Freakworks Limited

Freakworks Limited (Registered number: SC256308)






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


Freakworks Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: H A Allison





SECRETARY: Ms C Deas





REGISTERED OFFICE: 9 Waters Close
The Shore
Leith
Edinburgh
EH6 6RB





REGISTERED NUMBER: SC256308 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Freakworks Limited (Registered number: SC256308)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,489,532 1,390,655

CURRENT ASSETS
Stocks 191,134 115,173
Debtors 5 45,410 57,619
Cash at bank and in hand 586 35,557
237,130 208,349
CREDITORS
Amounts falling due within one year 6 487,711 336,955
NET CURRENT LIABILITIES (250,581 ) (128,606 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,238,951

1,262,049

CREDITORS
Amounts falling due after more than one year 7 (811,934 ) (862,862 )

PROVISIONS FOR LIABILITIES (30,508 ) (11,043 )
NET ASSETS 396,509 388,144

CAPITAL AND RESERVES
Called up share capital 30,001 30,001
Fair value reserve 9 166,202 44,172
Retained earnings 200,306 313,971
396,509 388,144

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.

Freakworks Limited (Registered number: SC256308)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2025 and were signed by:





H A Allison - Director


Freakworks Limited (Registered number: SC256308)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

While the company has net current liabilities, the director believes that the going concern basis of preparation is still appropriate. The group of which the company is part of has confirmed that they are willing to support the company as required.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 10% on cost

During the year a review was undertaken of the depreciation relating to computer equipment. On the basis that the assets are regularly in use for approximately ten years, depreciation was adjusted to reflect this change in useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Work in progress
Work in progress is valued at estimated fee chargeable less costs expected to be incurred to completion. Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Freakworks Limited (Registered number: SC256308)

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 14 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 1,193,395 701,393 1,894,788
Additions - 1,417 1,417
Revaluations 122,030 - 122,030
At 30 September 2024 1,315,425 702,810 2,018,235
DEPRECIATION
At 1 October 2023 23,887 480,246 504,133
Charge for year 980 23,590 24,570
At 30 September 2024 24,867 503,836 528,703
NET BOOK VALUE
At 30 September 2024 1,290,558 198,974 1,489,532
At 30 September 2023 1,169,508 221,147 1,390,655

No indicators of impairment were noted in the year.

Freakworks Limited (Registered number: SC256308)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2019 44,172 - 44,172
Valuation in 2024 122,030 - 122,030
Cost 1,149,223 702,810 1,852,033
1,315,425 702,810 2,018,235

The properties owned by the companies were sold in March 2025. The director believes that the value realised for these properties at that date were reflective of the values in September 2024 and the revaluation has been reflected in these accounts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 20,457 30,432
Other debtors 24,953 27,187
45,410 57,619

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 84,209 42,908
Trade creditors 256,143 169,045
Taxation and social security 62,999 35,288
Other creditors 84,360 89,714
487,711 336,955

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 745,267 779,529
Other creditors 66,667 83,333
811,934 862,862

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 596,969 631,231

Freakworks Limited (Registered number: SC256308)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Mortgage 762,861 795,770

At the year end, Allica Bank held security over 9 Waters Close, 18-19a Broad Wynd, and a floating charge over the company assets. The Waters Close Partnership also held security over 9 Waters Close. During the year, Authentic Media also held security over company assets, which was satisfied prior to the date of finalisation of the accounts.

9. RESERVES
Fair
value
reserve
£   
At 1 October 2023 44,172
Transfer between reserves 122,030

At 30 September 2024 166,202

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
H A Allison
Balance outstanding at start of year 1,727 964
Amounts advanced 7,938 1,727
Amounts repaid (9,717 ) (964 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (52 ) 1,727

11. POST BALANCE SHEET EVENTS

The properties owned by the company were sold in March 2025, and the company now operates from these premises on a rental basis.