REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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FREEDOM ONE LIFE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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FOR |
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FREEDOM ONE LIFE LIMITED |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FREEDOM ONE LIFE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 September 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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BALANCE SHEET |
30 September 2021 |
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30.9.20 | 30.9.21 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
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Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
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) | Amounts falling due after more than one year | 9 | ( |
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) | PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
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Called up share capital | 12 |
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Share premium |
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SHAREHOLDERS' FUNDS |
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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. |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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BALANCE SHEET - continued |
30 September 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Freedom One Life Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Going Concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors, therefore continue to adopt the going concern basis in preparing these financial statements. |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents the total invoice value, less credit notes, of sales made during the period, excluding value added tax. |
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Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. |
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Grants |
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
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Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying value of the asset. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Computer Equipment | - |
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Tools & Equipment | - |
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Office Equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
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FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2021 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
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The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Research and development |
Expenditure on research and development is charged to the profit & loss account in the year in which it is incurred, with the exception of expenditure on the development of new products where the outcome of these is assessed as being reasonably certain as regards viability and technical feasibility. In such cases expenditure will be capitalised and amortised over a period of 5 years,commencing in the year of expenditure. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withing borrowings in current liabilities. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2021 |
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5. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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AMORTISATION |
At 1 October 2020 |
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Amortisation for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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6. | TANGIBLE FIXED ASSETS |
Computer | Tools & | Office |
Totals | Equipment | Equipment | Equipment |
£ | £ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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Disposals | ( |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade debtors |
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Sundry debtors |
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Corporation Tax |
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VAT |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Other loans | - | 1,200 |
Share Subscription Account |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Other loans (see note 10) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.9.21 | 30.9.20 |
£ | £ |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 12,000 |
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Amounts falling due between two and five years: |
Other loans |
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11. | PROVISIONS FOR LIABILITIES |
30.9.21 | 30.9.20 |
£ | £ |
Deferred tax | 3,494 | 4,283 |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2021 |
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11. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 October 2020 |
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Movement in the year | (789 | ) |
Balance at 30 September 2021 |
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This is in respect of accelerated capital allowances |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.21 | 30.9.20 |
value: | £ | £ |
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Ordinary | £0.00001 | 15 | 15 |
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13. | RELATED PARTY DISCLOSURES |
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At the year end there was a balance due to a shareholder of the company of £20,000 (2020: £20,000) this amount is interest free and has no fixed repayment term. |
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14. | POST BALANCE SHEET EVENTS |
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The share subscription creditor of £131,474 was converted into 58,563 ordinary shares in January 2022. |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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