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Registered number: 06227753
Wheel Freedom Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06227753
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 242 274
Tangible Assets 5 410,494 498,519
410,736 498,793
CURRENT ASSETS
Stocks 6 347,716 385,390
Debtors 7 549,788 613,251
Cash at bank and in hand 46,841 57,260
944,345 1,055,901
Creditors: Amounts Falling Due Within One Year 8 (512,701 ) (685,890 )
NET CURRENT ASSETS (LIABILITIES) 431,644 370,011
TOTAL ASSETS LESS CURRENT LIABILITIES 842,380 868,804
Creditors: Amounts Falling Due After More Than One Year 9 (665,589 ) (709,610 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (102,684 ) (98,439 )
NET ASSETS 74,107 60,755
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Share premium account 3,450 3,450
Profit and Loss Account 69,657 56,305
SHAREHOLDERS' FUNDS 74,107 60,755
Page 1
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For the year ending 31 March 2025 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Giles Donald
Director
15th September 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wheel Freedom Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06227753 . The registered office is Unit 61 Barwell Business Park, Chessington, Surrey, KT9 2NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is a trademark. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 34 (2024: 34)
34 34
4. Intangible Assets
Other
£
Cost
As at 1 April 2024 274
As at 31 March 2025 274
Amortisation
As at 1 April 2024 -
Provided during the period 32
As at 31 March 2025 32
Net Book Value
As at 31 March 2025 242
As at 1 April 2024 274
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 831,563 293,076 381,773 43,129 1,549,541
Additions 25,919 24,323 1,133 4,030 55,405
Disposals - (17,910 ) - - (17,910 )
As at 31 March 2025 857,482 299,489 382,906 47,159 1,587,036
Depreciation
As at 1 April 2024 721,719 183,418 116,551 29,334 1,051,022
Provided during the period 47,110 54,211 35,389 6,720 143,430
Disposals - (17,910 ) - - (17,910 )
As at 31 March 2025 768,829 219,719 151,940 36,054 1,176,542
Net Book Value
As at 31 March 2025 88,653 79,770 230,966 11,105 410,494
As at 1 April 2024 109,844 109,658 265,222 13,795 498,519
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6. Stocks
2025 2024
£ £
Stock 347,716 385,390
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 243,235 270,278
Other debtors 306,553 342,973
549,788 613,251
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 31,171 48,565
Trade creditors 253,747 320,829
Bank loans and overdrafts 27,501 55,000
Other creditors 133,890 182,024
Taxation and social security 66,392 79,472
512,701 685,890
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 43,817 60,337
Bank loans 621,772 649,273
665,589 709,610
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 31,171 48,565
Later than one year and not later than five years 43,817 60,337
74,988 108,902
74,988 108,902
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11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,000 1,000
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mr Henry Cheape 2,908 3,408 (3,408 ) - 2,908
Mr Giles Donald 117,701 126,225 (130,203 ) - 113,723
The above loans are unsecured, accrued interest at the HMRC offical rate and are repayable on demand.
13. Ultimate Controlling Party
Mr G Donald is the ultimate controlling party by virtue of his majority shareholding.
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