Company Registration No. 4580919 (England and Wales)
Freestyle IT Limited
Unaudited accounts
for the year ended 31 December 2024
Freestyle IT Limited
Unaudited accounts
Contents
Freestyle IT Limited
Company Information
for the year ended 31 December 2024
Directors
Mr J G Wright
Mr W J H Everett
Company Number
4580919 (England and Wales)
Registered Office
Unit 2, Murrell Green Business Park
London Road
Hook
Hampshire
RG27 9GR
United Kingdom
Accountants
Wulmer Associates
Wulmer Cottage, Pitch Place
Thursley
Nr Godalming
Surrey
GU8 6QW
Freestyle IT Limited
Statement of financial position
as at 31 December 2024
Tangible assets
600,831
600,831
Cash at bank and in hand
396,480
2,881,777
Creditors: amounts falling due within one year
(10,045)
(1,750,299)
Net current assets
579,267
1,131,478
Net assets
1,180,098
1,732,309
Called up share capital
1,002
1,002
Profit and loss account
1,179,096
1,731,307
Shareholders' funds
1,180,098
1,732,309
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by
Mr J G Wright
Director
Company Registration No. 4580919
Freestyle IT Limited
Notes to the Accounts
for the year ended 31 December 2024
Freestyle IT Limited is a private company, limited by shares, registered in England and Wales, registration number 4580919. The registered office is Unit 2, Murrell Green Business Park, London Road, Hook, Hampshire, RG27 9GR, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Freestyle IT Limited
Notes to the Accounts
for the year ended 31 December 2024
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
At 31 December 2024
600,831
At 31 December 2024
600,831
At 31 December 2023
600,831
Amounts falling due within one year
Amounts due from group undertakings etc.
191,452
-
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
-
1,717,873
Taxes and social security
13,328
22,500
Loans from directors
(3,283)
(1,500)
The immediate and ultimate parent undertaking of the company at 31 December 2023 is Everett & Wright Limited, a company registered in England and Wales.
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).