REGISTERED NUMBER: SC459783 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FREEDOM ONE LIFE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Papanikolaou

A Nicholl

S N Macdonald

E N Campbell

S Savage

REGISTERED OFFICE:

Suite 122

Pentagon Centre

36 Washington Street

Glasgow

G3 8AZ

REGISTERED NUMBER:

SC459783 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

218,297

Intangible assets

5

244,863

28,288

Tangible assets

6

29,607

246,585

274,470

CURRENT ASSETS

57,000

Stocks

190,000

82,867

Debtors

7

75,432

108,073

Cash at bank

9,487

247,940

274,919

CREDITORS

50,094

Amounts falling due within one year

8

451,378

197,846

NET CURRENT (LIABILITIES)/ASSETS

(176,459

)

444,431

TOTAL ASSETS LESS CURRENT LIABILITIES

98,011

5,375

PROVISIONS FOR LIABILITIES

11

5,625

439,056

NET ASSETS

92,386

CAPITAL AND RESERVES

18

Called up share capital

12

18

1,120,638

Share premium

1,120,638

(681,600

)

Retained earnings

(1,028,270

)

439,056

SHAREHOLDERS' FUNDS

92,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

A Papanikolaou - Director

1.	STATUTORY INFORMATION

Freedom One Life 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern

Lat year the company began trading and there has been a further round of share capital investment into the company after the year end. The directors have a reasonable expectation that the company has adequate resources to continue in business for the foreseeable future The directors, therefore continue to adopt the going concern basis in preparing these financial statements.

Turnover

Turnover represents the total invoice value, less credit notes, of sales made during the period, excluding value added tax and excluding the value of incomplete work in connection with those sales..

Revenue is generally recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Some sales are invoiced before manufacture is complete and in those cases an appropriate adjustment is made at the year end. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

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.

Computer Equipment

-

33% on cost

Tools & Equipment

-

25% on reducing balance

Office Equipment

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Research and development

Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred, with the exception of expenditure on the development of new products where the outcome of these is assessed as being reasonably certain as regards viability and technical feasibility. In such cases expenditure will be capitalised and amortised at 15% p.a. on a straight line basis commencing in the year of expenditure.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortiisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life at 15% p.a.

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.

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 withing borrowings in current liabilities.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

784,732

Additions

95,035

At 31 December 2024

879,767

AMORTISATION

At 1 January 2024

566,435

Amortisation for year

68,469

At 31 December 2024

634,904

NET BOOK VALUE

At 31 December 2024

244,863

At 31 December 2023

218,297

6.	TANGIBLE FIXED ASSETS

Computer

Tools &

Office

Totals

Equipment

Equipment

Equipment

£

£

£

£

COST

At 1 January 2024

76,227

9,006

62,613

4,608

Additions

12,260

3,339

5,651

3,270

At 31 December 2024

88,487

12,345

68,264

7,878

DEPRECIATION

At 1 January 2024

47,939

7,961

37,000

2,978

Charge for year

10,941

1,900

7,816

1,225

At 31 December 2024

58,880

9,861

44,816

4,203

NET BOOK VALUE

At 31 December 2024

29,607

2,484

23,448

3,675

At 31 December 2023

28,288

1,045

25,613

1,630

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

36,956

72,228

Sundry debtors

16,613

-

VAT

3,658

6,839

Prepayments and accrued income

18,205

3,800

75,432

82,867

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other loans (see note 9)

271,109

5,724

Trade creditors

68,000

-

Social security and other taxes

10,394

192

Other creditors

23,872

20,708

Directors' current accounts

40,827

1,077

Accrued expenses

37,176

22,393

451,378

50,094

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Other loans

271,109

5,724

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Other loans

271,109

5,724

Murray Capital Limited holds a floating charge over the property or undertakings of the company.

After the year end, the company received further funding from Fse Ifs Debt Gp Limited, who now hold a floating charge over the property or undertakings of the company.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

5,625

5,375

Deferred

tax

£

Balance at 1 January 2024

5,375

Movement in the year

250

Balance at 31 December 2024

5,625

This is in respect of accelerated capital allowances

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,782,717

Ordinary

£0.00001

18

18

13.	RELATED PARTY DISCLOSURES

14.	ULTIMATE CONTROLLING PARTY