Freeman Sails Ltd


Director	Mr S Freeman


Registered Address	Unit 1 South Quay
	Padstow
	PL28 8BL


Registered Number	09410088 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		-		750
Tangible assets	4		22,217		39,090
			22,217		39,840
Current assets
Stocks	5	11,087		12,211
Debtors	6	10,008		49,493
Cash at bank and on hand		741		964
		21,836		62,668
Creditors amounts falling due within one year	7	(58,140)		(76,045)
Net current assets (liabilities)			(36,304)		(13,377)
Total assets less current liabilities			(14,087)		26,463
Creditors amounts falling due after one year	8		(51,671)		(33,500)
Net assets			(65,758)		(7,037)
Capital and reserves
Called up share capital			2,000		2,000
Profit and loss account			(67,758)		(9,037)
Shareholders' funds			(65,758)		(7,037)

The company was entitled to exemption from audit for this reporting period 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 Director acknowledges 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 10 November 2025, and are signed on its behalf by:

Mr S Freeman
Director
Registered Company No. 09410088

Freeman Sails Ltd

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	15	-
Fixtures and fittings	-	25
Vehicles	15	-
Office Equipment	-	33

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	3		3

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 24	2,400	2,400
At 31 March 25	2,400	2,400
Amortisation and impairment
At 01 April 24	1,650	1,650
Charge for year	750	750
At 31 March 25	2,400	2,400
Net book value
At 31 March 25	-	-
At 31 March 24	750	750

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	4,770	56,555	4,119	2,020	67,464
Additions	-	-	-	853	853
Disposals	-	(12,345)	-	-	(12,345)
At 31 March 25	4,770	44,210	4,119	2,873	55,972
Depreciation and impairment
At 01 April 24	-	23,669	3,166	1,539	28,374
Charge for year	-	4,935	142	304	5,381
At 31 March 25	-	28,604	3,308	1,843	33,755
Net book value
At 31 March 25	4,770	15,606	811	1,030	22,217
At 31 March 24	4,770	32,886	953	481	39,090

5.	Stocks

	2025	2024
	£	£
Work in progress	11,087	12,211
Total	11,087	12,211

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	6,027	45,776
Other debtors	3,759	3,516
Prepayments and accrued income	222	201
Total	10,008	49,493

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	24,583	38,499
Bank borrowings and overdrafts	6,986	40
Taxation and social security	3,505	11,425
Other creditors	20,438	23,454
Accrued liabilities and deferred income	2,628	2,627
Total	58,140	76,045


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	51,671	33,500
Total	51,671	33,500