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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FREEDOM ONE LIFE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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30.9.19 | 30.9.20 |
£ | 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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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 2020 |
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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 2020 |
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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 |
In light of the ongoing global health crisis caused by COVID-19, the director has taken measures to reduce the company's cost base by use of the government furlough scheme. The director has put in place contingency plans to reduce the cost base in order to ensure the company can continue as a going concern. Accordingly the director continues to adopt the going concern basis of accounting in preparing these financial statements. |
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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 received are treated as deferred income and are amortised to the profit and loss account as other operating income in line with the related asset or revenue expenses. |
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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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FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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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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. |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2020 |
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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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5. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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Amortisation for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | TANGIBLE FIXED ASSETS |
Computer | Tools & | Office |
Totals | Equipment | Equipment | Equipment |
£ | £ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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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 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
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Corporation Tax |
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VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
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 | 10,046 |
Directors' current accounts | - | 5,953 |
Accrued expenses |
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Deferred government grants |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Other loans (see note 10) |
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Deferred government grants |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.9.20 | 30.9.19 |
£ | £ |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 20,000 |
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Amounts falling due between two and five years: |
Other loans |
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11. | PROVISIONS FOR LIABILITIES |
30.9.20 | 30.9.19 |
£ | £ |
Deferred tax | 4,283 | 151 |
FREEDOM ONE LIFE LIMITED (REGISTERED NUMBER: SC459783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2020 |
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11. | PROVISIONS FOR LIABILITIES - continued |
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Deferred tax |
£ |
Balance at 1 October 2019 |
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Movement in the year | 4,132 |
Balance at 30 September 2020 |
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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 | 30.9.20 | 30.9.19 |
value: | £ | £ |
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Ordinary | £0.00001 | 15 | 15 |
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50,296 Ordinary shares of £0.00001 each were allotted as fully paid
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13. | RELATED PARTY DISCLOSURES |
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At the year end there was balance due to a director of £Nil (2019 £5,953) this amount was interest free and had no fixed repayment term. |
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At the year end there was a balance due to a shareholder of the company of £20,000 (2019: Nil) this amount is interest free and has no fixed repayment term. |
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14. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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