6 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09013502 2022-04-01 2023-03-31 09013502 2023-03-31 09013502 2022-03-31 09013502 2021-04-01 2022-03-31 09013502 2022-03-31 09013502 core:NetGoodwill 2022-04-01 2023-03-31 09013502 core:MotorVehicles 2022-04-01 2023-03-31 09013502 bus:Director3 2022-04-01 2023-03-31 09013502 core:WithinOneYear 2023-03-31 09013502 core:WithinOneYear 2022-03-31 09013502 core:NetGoodwill 2022-03-31 09013502 core:NetGoodwill 2023-03-31 09013502 core:LandBuildings 2022-03-31 09013502 core:PlantMachinery 2022-03-31 09013502 core:LandBuildings 2023-03-31 09013502 core:PlantMachinery 2023-03-31 09013502 core:ShareCapital 2023-03-31 09013502 core:ShareCapital 2022-03-31 09013502 core:RetainedEarningsAccumulatedLosses 2023-03-31 09013502 core:RetainedEarningsAccumulatedLosses 2022-03-31 09013502 core:LandBuildings 2022-04-01 2023-03-31 09013502 core:PlantMachinery 2022-04-01 2023-03-31 09013502 core:NetGoodwill 2022-03-31 09013502 core:LandBuildings 2022-03-31 09013502 core:PlantMachinery 2022-03-31 09013502 bus:Director1 2021-03-31 09013502 bus:Director1 2021-04-01 2022-03-31 09013502 bus:SmallEntities 2022-04-01 2023-03-31 09013502 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09013502 bus:FullAccounts 2022-04-01 2023-03-31 09013502 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09013502 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 09013502
Funder Island Limited
Unaudited filleted financial statements
31 March 2023
FUNDER ISLAND LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 65,570 71,532
Tangible assets 6 47,092 47,089
_______ _______
112,662 118,621
Current assets
Stocks 150 150
Debtors 7 1,916 390,937
Cash at bank and in hand 210,783 103,079
_______ _______
212,849 494,166
Creditors: amounts falling due
within one year 9 ( 118,843) ( 87,116)
_______ _______
Net current assets 94,006 407,050
_______ _______
Total assets less current liabilities 206,668 525,671
Provisions for liabilities ( 9,059) ( 9,891)
_______ _______
Net assets 197,609 515,780
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 197,509 515,680
_______ _______
Shareholders funds 197,609 515,780
_______ _______
For the year ending 31 March 2023 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 October 2023 , and are signed on behalf of the board by:
Mr G Holland
Director
Company registration number: 09013502
FUNDER ISLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is the provision of amusement and recreation activities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The directors have assessed that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 12.5% straight line, 33.33% and 66.67% straight line for finance lease assets
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 statement of financial position 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 119,228 119,228
_______ _______
Amortisation
At 1 April 2022 47,696 47,696
Charge for the year 5,962 5,962
_______ _______
At 31 March 2023 53,658 53,658
_______ _______
Carrying amount
At 31 March 2023 65,570 65,570
_______ _______
At 31 March 2022 71,532 71,532
_______ _______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Total
£ £ £
Cost
At 1 April 2022 7,527 179,635 187,162
Additions - 11,907 11,907
_______ _______ _______
At 31 March 2023 7,527 191,542 199,069
_______ _______ _______
Depreciation
At 1 April 2022 - 140,073 140,073
Charge for the year - 11,904 11,904
_______ _______ _______
At 31 March 2023 - 151,977 151,977
_______ _______ _______
Carrying amount
At 31 March 2023 7,527 39,565 47,092
_______ _______ _______
At 31 March 2022 7,527 39,562 47,089
_______ _______ _______
7. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 334 377,270
Other debtors 1,582 13,667
_______ _______
1,916 390,937
_______ _______
8. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 210,783 103,079
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 366 226
Accruals and deferred income 5,875 2,035
Social security and other taxes 102,209 73,480
Other creditors 10,393 11,375
_______ _______
118,843 87,116
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Other financial commitments
As at 31 March 2023 the company had total financial commitments under non cancellable operating leases of £182,950 (2022: £198,196).
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors - - -
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors 33,969 (33,969) -
_______ _______ _______
Interest is charged at the official rate of interest where loans from the company exceed £10,000.
13. Controlling party
The company's immediate and ultimate parent company is Funder Island Holdings Limited . The company is ultimately controlled by its directors.