7 false false false false false false false false false true false false false false false false No description of principal activity 2021-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 14,519 5,094 19,613 12,737 1,267 14,004 5,609 1,782 xbrli:pure xbrli:shares iso4217:GBP 07866403 2021-03-01 2022-02-28 07866403 2022-02-28 07866403 2021-02-28 07866403 2020-03-01 2021-02-28 07866403 2021-02-28 07866403 bus:Director1 2021-03-01 2022-02-28 07866403 bus:Director3 2021-03-01 2022-02-28 07866403 core:WithinOneYear 2022-02-28 07866403 core:WithinOneYear 2021-02-28 07866403 core:ShareCapital 2022-02-28 07866403 core:ShareCapital 2021-02-28 07866403 core:RetainedEarningsAccumulatedLosses 2022-02-28 07866403 core:RetainedEarningsAccumulatedLosses 2021-02-28 07866403 bus:SmallEntities 2021-03-01 2022-02-28 07866403 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 07866403 bus:FullAccounts 2021-03-01 2022-02-28 07866403 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 07866403 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 07866403 core:ToolsEquipment 2021-03-01 2022-02-28 07866403 core:ToolsEquipment 2021-02-28 07866403 core:ToolsEquipment 2022-02-28
COMPANY REGISTRATION NUMBER: 07866403
Feel Created Limited
Filleted Unaudited Financial Statements
28 February 2022
Feel Created Limited
Balance Sheet
28 February 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,609
1,782
Current assets
Debtors
6
39,083
17,731
Cash at bank and in hand
52,048
59,170
--------
--------
91,131
76,901
Creditors: amounts falling due within one year
7
( 68,562)
( 47,341)
--------
--------
Net current assets
22,569
29,560
--------
--------
Total assets less current liabilities
28,178
31,342
Provisions
( 1,066)
( 339)
--------
--------
Net assets
27,112
31,003
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
27,012
30,903
--------
--------
Shareholders funds
27,112
31,003
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Feel Created Limited
Balance Sheet (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 14 July 2022 , and are signed on behalf of the board by:
K H Barnett
I A Long
Director
Director
Company registration number: 07866403
Feel Created Limited
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sunwood Farm Cockin Lane, Clayton, Bradford, BD14 6PY, West Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans from related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2021: 6 ).
5. Tangible assets
Equipment
£
Cost
At 1 March 2021
14,519
Additions
5,094
--------
At 28 February 2022
19,613
--------
Depreciation
At 1 March 2021
12,737
Charge for the year
1,267
--------
At 28 February 2022
14,004
--------
Carrying amount
At 28 February 2022
5,609
--------
At 28 February 2021
1,782
--------
6. Debtors
2022
2021
£
£
Trade debtors
33,750
2,382
Other debtors
5,333
15,349
--------
--------
39,083
17,731
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
29,541
2,314
Social security and other taxes
10,205
15,917
Directors current accounts
25,195
25,182
Other creditors
3,621
3,928
--------
--------
68,562
47,341
--------
--------