Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mrs R L Growcott 06/08/2013 Mr O D Growcott-Smith 06/08/2013 Mr S M Smith 16/05/2007 Mrs D Smith 16/05/2007 05 February 2024 The principal activity of the Company during the financial year was that of running a children's indoor play area, cafe and takeaway. 06248813 2023-05-31 06248813 bus:Director1 2023-05-31 06248813 bus:Director2 2023-05-31 06248813 bus:Director3 2023-05-31 06248813 bus:Director4 2023-05-31 06248813 2022-05-31 06248813 core:CurrentFinancialInstruments 2023-05-31 06248813 core:CurrentFinancialInstruments 2022-05-31 06248813 core:Non-currentFinancialInstruments 2023-05-31 06248813 core:Non-currentFinancialInstruments 2022-05-31 06248813 core:ShareCapital 2023-05-31 06248813 core:ShareCapital 2022-05-31 06248813 core:RetainedEarningsAccumulatedLosses 2023-05-31 06248813 core:RetainedEarningsAccumulatedLosses 2022-05-31 06248813 core:LandBuildings 2022-05-31 06248813 core:PlantMachinery 2022-05-31 06248813 core:Vehicles 2022-05-31 06248813 core:FurnitureFittings 2022-05-31 06248813 core:OfficeEquipment 2022-05-31 06248813 core:LandBuildings 2023-05-31 06248813 core:PlantMachinery 2023-05-31 06248813 core:Vehicles 2023-05-31 06248813 core:FurnitureFittings 2023-05-31 06248813 core:OfficeEquipment 2023-05-31 06248813 bus:OrdinaryShareClass1 2023-05-31 06248813 bus:OrdinaryShareClass2 2023-05-31 06248813 bus:OrdinaryShareClass3 2023-05-31 06248813 2022-06-01 2023-05-31 06248813 bus:FullAccounts 2022-06-01 2023-05-31 06248813 bus:SmallEntities 2022-06-01 2023-05-31 06248813 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06248813 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06248813 bus:Director1 2022-06-01 2023-05-31 06248813 bus:Director2 2022-06-01 2023-05-31 06248813 bus:Director3 2022-06-01 2023-05-31 06248813 bus:Director4 2022-06-01 2023-05-31 06248813 core:LandBuildings core:TopRangeValue 2022-06-01 2023-05-31 06248813 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 06248813 core:Vehicles core:TopRangeValue 2022-06-01 2023-05-31 06248813 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 06248813 core:OfficeEquipment 2022-06-01 2023-05-31 06248813 2021-06-01 2022-05-31 06248813 core:LandBuildings 2022-06-01 2023-05-31 06248813 core:PlantMachinery 2022-06-01 2023-05-31 06248813 core:Vehicles 2022-06-01 2023-05-31 06248813 core:FurnitureFittings 2022-06-01 2023-05-31 06248813 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 06248813 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 06248813 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 06248813 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 06248813 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 06248813 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 06248813 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06248813 (England and Wales)

FUDGED ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

FUDGED ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

FUDGED ENTERPRISES LIMITED

BALANCE SHEET

As at 31 May 2023
FUDGED ENTERPRISES LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 464,807 455,337
464,807 455,337
Current assets
Stocks 4,500 3,000
Debtors 4 34 6,909
Cash at bank and in hand 7,771 5,722
12,305 15,631
Creditors: amounts falling due within one year 5 ( 131,288) ( 133,058)
Net current liabilities (118,983) (117,427)
Total assets less current liabilities 345,824 337,910
Creditors: amounts falling due after more than one year 6 ( 224,282) ( 263,826)
Provision for liabilities ( 17,221) ( 13,837)
Net assets 104,321 60,247
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 104,221 60,147
Total shareholders' funds 104,321 60,247

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fudged Enterprises Limited (registered number: 06248813) were approved and authorised for issue by the Board of Directors on 05 February 2024. They were signed on its behalf by:

Mr S M Smith
Director
FUDGED ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
FUDGED ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fudged Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer and revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line
Vehicles 7.14 years straight line
Fixtures and fittings 10 years straight line
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 11

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2022 412,154 197,638 32,590 123,267 51,861 817,510
Additions 0 18,605 0 8,760 3,439 30,804
At 31 May 2023 412,154 216,243 32,590 132,027 55,300 848,314
Accumulated depreciation
At 01 June 2022 18,589 181,327 31,151 88,543 42,563 362,173
Charge for the financial year 2,909 4,136 1,439 8,602 4,248 21,334
At 31 May 2023 21,498 185,463 32,590 97,145 46,811 383,507
Net book value
At 31 May 2023 390,656 30,780 0 34,882 8,489 464,807
At 31 May 2022 393,565 16,311 1,439 34,724 9,298 455,337

4. Debtors

2023 2022
£ £
Prepayments 33 0
VAT recoverable 0 4,211
Other debtors 1 2,698
34 6,909

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 29,581 28,494
Trade creditors 19,307 28,552
Amounts owed to directors 43,581 51,541
Accruals 5,050 4,950
Taxation and social security 33,769 17,924
Other creditors 0 1,597
131,288 133,058

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 210,233 240,370
Other creditors 14,049 23,456
224,282 263,826

Bank borrowings are secured against the freehold land and property held by the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5 Ordinary C shares of £ 1.00 each 5 5
5 Ordinary B shares of £ 1.00 each 5 5
90 Ordinary A shares of £ 1.00 each 90 90
100 100