Freehand 2010 Limited
Company Information
for the year ended 31 March 2022
Directors
CHARLES JONATHON BREESE
JEREMY RUSSELL
Secretary
SAMUEL CHARLES RADFORD
Company Number
07446334 (England and Wales)
Registered Office
Berry Smith Llp, Haywood House
Dumfries Place
Cardiff
CF10 3GA
UK
Freehand 2010 Limited
Statement of financial position
as at
31 March 2022
Intangible assets
12,997
43,785
Tangible assets
11,904
3,526
Inventories
195,421
49,500
Cash at bank and in hand
69,510
58,303
Creditors: amounts falling due within one year
(7,621,369)
(6,726,961)
Net current liabilities
(6,953,360)
(6,369,459)
Net liabilities
(6,928,459)
(6,322,148)
Called up share capital
11,070
11,070
Share premium
1,014,873
1,014,873
Profit and loss account
(7,954,402)
(7,348,091)
Shareholders' funds
(6,928,459)
(6,322,148)
For the year ending 31 March 2022 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.
The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2022 and were signed on its behalf by
JEREMY RUSSELL
Director
Company Registration No. 07446334
Freehand 2010 Limited
Notes to the Accounts
for the year ended 31 March 2022
Freehand 2010 Limited is a private company, limited by shares, registered in England and Wales, registration number 07446334. The registered office is Berry Smith Llp, Haywood House, Dumfries Place, Cardiff, CF10 3GA, UK.
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.
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
20 - 50%
Other tangible fixed assets
33%
The intangible asset represents the cost of purchasing the IP and processes associated with the Freehand System from the administrators of Freehand Surgeon Plc and Prosurgics Ltd.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.
The estimated useful lives range as follows:
Other intangible fixed assets - 10 years
The useful life reflects the expectation of a sales lifecycle of at least 3 years and the 7 year life of the individual systems that are supplied which are expected to generate income over their useful lives.
Freehand 2010 Limited
Notes to the Accounts
for the year ended 31 March 2022
4
Intangible fixed assets
Other
Charge for the year
30,788
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
295,778
14,002
15,359
325,139
Additions
-
-
12,063
12,063
At 31 March 2022
295,778
14,002
27,422
337,202
At 1 April 2021
295,778
14,002
11,833
321,613
Charge for the year
-
-
3,685
3,685
At 31 March 2022
295,778
14,002
15,518
325,298
At 31 March 2022
-
-
11,904
11,904
At 31 March 2021
-
-
3,526
3,526
Amounts falling due within one year
Trade debtors
88,570
35,274
Amounts due from group undertakings etc.
217,702
193,837
Accrued income and prepayments
96,806
20,588
Freehand 2010 Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
106,619
103,471
Amounts owed to group undertakings and other participating interests
7,412,626
6,485,733
Taxes and social security
(10,277)
(5,387)
Other creditors
56,654
81,357
8
Average number of employees
During the year the average number of employees was 7 (2021: 7).