Company Registration No. 10880839 (England and Wales)
YOUR FREE BET LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
YOUR FREE BET LTD
COMPANY INFORMATION
Directors
Mr N J Gower
Mr F L Bricknell
(Appointed 10 December 2019)
Mr P J Coopland
(Appointed 10 December 2019)
Mrs M F Gower
(Appointed 10 December 2019)
Mr G Pallett
(Appointed 10 December 2019)
Mrs T Pallett
(Appointed 10 December 2019)
Company number
10880839
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
166 Gracechurch Shopping Centre
The Parade
Sutton Coldfield
B72 1PH
YOUR FREE BET LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
YOUR FREE BET LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF YOUR FREE BET LTD FOR THE YEAR ENDED 31 JANUARY 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Your Free Bet Ltd for the year ended 31 January 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Your Free Bet Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Your Free Bet Ltd
and state those matters that we have agreed to state to the Board of Directors of Your Free Bet Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Your Free Bet Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Your Free Bet Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Your Free Bet Ltd. You consider that Your Free Bet Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Your Free Bet Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
26 January 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
YOUR FREE BET LTD
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
139,971
121,333
Tangible assets
4
2,554
4,354
142,525
125,687
Current assets
Debtors
5
34,008
68,464
Cash at bank and in hand
1,457
405
35,465
68,869
Creditors: amounts falling due within one year
6
(307,419)
(254,148)
Net current liabilities
(271,954)
(185,279)
Total assets less current liabilities
(129,429)
(59,592)
Capital and reserves
Called up share capital
7
200
104
Profit and loss reserves
(129,629)
(59,696)
Total equity
(129,429)
(59,592)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 January 2021 and are signed on its behalf by:
Mr P J Coopland
Director
Company Registration No. 10880839
YOUR FREE BET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
Your Free Bet Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website build and development
10 years
YOUR FREE BET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2
).
YOUR FREE BET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 5 -
3
Intangible fixed assets
Website build and development
£
Cost
At 1 February 2019
132,235
Additions
35,402
At 31 January 2020
167,637
Amortisation and impairment
At 1 February 2019
10,902
Amortisation charged for the year
16,764
At 31 January 2020
27,666
Carrying amount
At 31 January 2020
139,971
At 31 January 2019
121,333
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 February 2019 and 31 January 2020
1,362
4,724
6,086
Depreciation and impairment
At 1 February 2019
468
1,264
1,732
Depreciation charged in the year
224
1,576
1,800
At 31 January 2020
692
2,840
3,532
Carrying amount
At 31 January 2020
670
1,884
2,554
At 31 January 2019
894
3,460
4,354
YOUR FREE BET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
6,397
-
Other debtors
1,411
57,298
7,808
57,298
Deferred tax asset
26,200
11,166
34,008
68,464
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
10,049
47,270
Taxation and social security
1,447
10,259
Other creditors
295,923
196,619
307,419
254,148
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
102 Ordinary A of £1 each
102
100
48 Ordinary B of £1 each
48
1
20 Ordinary C of £1 each
20
1
30 Ordinary D of £1 each
30
1
0 Ordinary E of £1 each
-
1
200
104
YOUR FREE BET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
7
Called up share capital
(Continued)
- 7 -
During the year, the company underwent a share reorganisation.
The company passed a special resolution by reclassifying the following shares:
67 Ordinary A £1 shares into 47 Ordinary B £1 shares and 20 Ordinary C £1 shares
1 Ordinary B £1 share into 1 Ordinary A £1 share
1 Ordinary C £1 share into 1 Ordinary B £1 share
1 Ordinary D £1 share into 1 Ordinary A £1 share
1 Ordinary E £1 share into 1 Ordinary A £1 share
The rights and privileges attached to these shares remain unaltered.
The following shares were then allotted and fully paid for cash at par:
66 Ordinary A of £1 each
30 Ordinary D of £1 each
8
Ultimate controlling party
The ultimate controlling party is Mr P J Coopland.