REGISTERED NUMBER: 03379891 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

FREEPORT EXPORTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

L.A. Henry

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

03379891 (England and Wales)

ACCOUNTANTS:

K J Pittalis and Partners LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Intangible assets

4

810

1,080

Tangible assets

5

2,587

3,450

3,397

4,530

CURRENT ASSETS

Stocks

28,000

30,759

Debtors

6

4,179

583

Cash at bank and in hand

119

567

32,298

31,909

CREDITORS

Amounts falling due within one year

7

97,356

87,956

NET CURRENT LIABILITIES

(65,058

)

(56,047

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(61,661

)

(51,517

)

CREDITORS

Amounts falling due after more than one year

8

20,199

19,671

NET LIABILITIES

(81,860

)

(71,188

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(81,960

)

(71,288

)

SHAREHOLDERS' FUNDS

(81,860

)

(71,188

)

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 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.

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 director and authorised for issue on 29 September 2025 and were signed by:

L.A. Henry - Director

1.	STATUTORY INFORMATION

Freeport Exports Limited 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.

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.

Turnover

Turnover represents sales of services and goods net of VAT and trade discounts. Turnover is recognised when the services and goods are provided to the customer.

Intangible assets

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

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Development costs - 25% on reducing balance

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.

Research and development

Expenditure on development is valued at cost less accumulated amortisation. Amortisation is calculated at 25% on reducing balance and written off over their estimated useful lives. No amortisation charges are made in the first year.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to the their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Cash and cash equivalent

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

26,425

AMORTISATION

At 1 January 2024

25,345

Charge for year

270

At 31 December 2024

25,615

NET BOOK VALUE

At 31 December 2024

810

At 31 December 2023

1,080

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

4,600

DEPRECIATION

At 1 January 2024

1,150

Charge for year

863

At 31 December 2024

2,013

NET BOOK VALUE

At 31 December 2024

2,587

At 31 December 2023

3,450

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Amounts owed by participating interests

3,468

-

Other debtors

711

583

4,179

583

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Amounts owed to participating interests

-

16,647

Tax

10,112

10,112

Directors' current accounts

85,244

60,197

Accrued expenses

2,000

1,000

97,356

87,956

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans more 5 yr by instalments

20,199

19,671

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instalments

20,199

19,671

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

£

100

ordinary shares

1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(71,288

)

Deficit for the year

(10,672

)

At 31 December 2024

(81,960

)

11.	RELATED PARTY DISCLOSURES

At the year end the company owed £85,244 (2023 : £60,197) to its director.

12.	ULTIMATE CONTROLLING PARTY

The director controls the company by virtue of their direct interest in the whole of the issued share capital.