REGISTERED NUMBER: 05003969 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

FREE SPIRITS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs I M Rae

Ms E C Rae

SECRETARY:

Mrs I M Rae

REGISTERED OFFICE:

Southerden

Fletching Common

Newick Lewes

East Sussex

BN8 4JJ

REGISTERED NUMBER:

05003969 (England and Wales)

ACCOUNTANTS:

Peter Lawson & Co.

225 London Road

Burgess Hill

West Sussex

RH15 9QU

FIXED ASSETS

Tangible assets

4

227,332

337,382

CURRENT ASSETS

Stocks

63,205

69,507

Debtors

5

54,374

31,256

Investments

6

126,961

120,207

Cash at bank and in hand

68,287

97,256

312,827

318,226

CREDITORS

Amounts falling due within one year

7

159,211

359,396

NET CURRENT ASSETS/(LIABILITIES)

153,616

(41,170

)

TOTAL ASSETS LESS CURRENT LIABILITIES

380,948

296,212

PROVISIONS FOR LIABILITIES

8,699

12,597

NET ASSETS

372,249

283,615

CAPITAL AND RESERVES

Called up share capital

147,800

147,800

Retained earnings

224,449

135,815

SHAREHOLDERS' FUNDS

372,249

283,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd December 2025 and were signed on its behalf by:

Mrs I M Rae - Director

Ms E C Rae - Director

1.	STATUTORY INFORMATION

Free Spirits Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

20% on reducing balance

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 for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2024

364,425

102,344

466,769

Additions

7,574

4,566

12,140

Disposals

(153,798

)

-

(153,798

)

At 31st March 2025

218,201

106,910

325,111

DEPRECIATION

At 1st April 2024

13,784

77,027

90,811

Charge for year

1,098

5,870

6,968

At 31st March 2025

14,882

82,897

97,779

NET BOOK VALUE

At 31st March 2025

203,319

24,013

227,332

At 31st March 2024

350,641

25,317

375,958

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

50,877

26,219

Other debtors

3,497

5,037

54,374

31,256

6.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Unlisted investments

126,961

120,207

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

107,278

109,720

Taxation and social security

20,349

3,125

Other creditors

31,584

246,551

159,211

359,396

8.	CAPITAL COMMITMENTS

31.3.25

31.3.24

£

£

Contracted but not provided for in the

financial statements

-

-