Freestylextreme Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05015552

FREESTYLEXTREME LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

4

DIRECTORS:

D Loughlin

N J Hutt

J O'Boyle

SECRETARY:

D Loughlin

REGISTERED OFFICE:

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

REGISTERED NUMBER:

05015552

ACCOUNTANTS:

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

CURRENT ASSETS

Debtors

913,835

-

Cash at bank

2,468

-

916,303

-

CREDITORS

Amounts falling due within one year

2,206,434

1,226,715

NET CURRENT LIABILITIES

(1,290,131

)

(1,226,715

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,290,131

)

(1,226,715

)

CAPITAL AND RESERVES

Called up share capital

2

100

100

Profit and loss account

(1,290,231

)

(1,226,815

)

SHAREHOLDERS' FUNDS

(1,290,131

)

(1,226,715

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 October 2014 and were signed on its behalf by:

N J Hutt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange

differences are taken into account in arriving at the operating result.

Going concern

The company is not currently trading and a settlement agreement has been reached. The balance sheet values have been reviewed

for any impairment or misstatement and written off where necessary.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

1

100

100

3.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors are the following balances to directors:

N Hutt £583,017

D Loughlin £583,017

J O'Boyle £20,000

4.	SETTLEMENT

A settlement of £1,000,000 has been agreed in relation to the legal dispute with Freestyleextreme Trading Limited which has been

reflected in these accounts in line with the agreement dated 9 October 2012. Another £100,000 contribution towards legal costs

has been awarded. These amounts will be paid in instalments over 8 years with the first instalments being received in the current

year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial

statements, from which the unaudited abbreviated accounts (set out on pages two to three) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of

Freestylextreme Limited for the year ended 31 January 2014 which comprise the Profit and Loss Account, 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Freestylextreme Limited, 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 Freestylextreme Limited and state those

matters that we have agreed to state to the Board of Directors of Freestylextreme Limited, as a body, in this report in accordance with AAF

2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Freestylextreme Limited 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 Freestylextreme Limited. You consider that

Freestylextreme Limited 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 Freestylextreme Limited. 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.

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

Date: .............................................