Company Registration No. 6839578 (England and Wales)
Freestone Creative Ltd.
Unaudited accounts
for the year ended 31 March 2019
Freestone Creative Ltd.
Unaudited accounts
Contents
Freestone Creative Ltd.
Company Information
for the year ended 31 March 2019
Directors
S J Freestone
Mrs W Freestone
Company Number
6839578 (England and Wales)
Registered Office
The Old Pump House
Calverton Road Stony Stratford
Buckinghamshire
MK11 1YT
United Kingdom
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Freestone Creative Ltd.
Statement of financial position
as at
31 March 2019
Intangible assets
970,590
1,058,825
Tangible assets
110,368
74,720
Inventories
85,779
97,222
Cash at bank and in hand
573,589
749,768
Creditors: amounts falling due within one year
(712,273)
(900,262)
Net current assets
275,221
306,688
Total assets less current liabilities
1,356,179
1,440,233
Provisions for liabilities
Deferred tax
(3,102)
(7,678)
Net assets
1,353,077
1,432,555
Called up share capital
100
100
Profit and loss account
1,352,977
1,432,455
Shareholders' funds
1,353,077
1,432,555
For the year ending 31 March 2019 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 7 August 2019.
S J Freestone
Director
Company Registration No. 6839578
Freestone Creative Ltd.
Notes to the Accounts
for the year ended 31 March 2019
Freestone Creative Ltd. is a private company, limited by shares, registered in England and Wales, registration number 6839578. The registered office is The Old Pump House, Calverton Road Stony Stratford, Buckinghamshire, MK11 1YT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line over 6 years
Motor vehicles
25% on reducing balance
Fixtures & fittings
Straight line over 6 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
Freestone Creative Ltd.
Notes to the Accounts
for the year ended 31 March 2019
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Intangible fixed assets
Goodwill
At 1 April 2018
1,500,000
At 31 March 2019
1,500,000
Charge for the year
88,235
At 31 March 2018
1,058,825
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2018
202,324
57,001
38,804
298,129
Additions
1,610
75,885
-
77,495
At 31 March 2019
203,934
132,886
38,804
375,624
At 1 April 2018
159,083
39,317
25,009
223,409
Charge for the year
14,264
23,392
4,191
41,847
At 31 March 2019
173,347
62,709
29,200
265,256
At 31 March 2019
30,587
70,177
9,604
110,368
At 31 March 2018
43,241
17,684
13,795
74,720
Work in progress
85,279
96,722
Freestone Creative Ltd.
Notes to the Accounts
for the year ended 31 March 2019
Trade debtors
311,830
343,093
Accrued income and prepayments
16,296
16,867
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Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
57,767
-
Trade creditors
126,171
217,387
Taxes and social security
85,988
87,375
Other creditors
8,946
5,528
Loans from directors
392,353
537,449
Deferred income
36,885
43,581
9
Average number of employees
During the year the average number of employees was 19 (2018: 20).