REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
for |
Fountasia Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
for |
Fountasia Limited |
Fountasia Limited (Registered number: 12671812) |
Contents of the Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Fountasia Limited |
Company Information |
for the Period 1 July 2021 to 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
72 Commercial Road |
Paddock Wood |
Tonbridge |
Kent |
TN12 6DP |
Fountasia Limited (Registered number: 12671812) |
Balance Sheet |
31 December 2022 |
31.12.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
Fountasia Limited (Registered number: 12671812) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Fountasia Limited (Registered number: 12671812) |
Notes to the Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Fountasia Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The Company trades from Units 4-6, Westgate Industrial Estate, Newchurch, Romney Marsh, Kent TN29 0DZ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Director has reviewed the company's financial position and its financial commitments, together with the likely trading conditions over the next 12 months and is of the opinion that with the continued availability of sales invoice financing which is expected, together with other potential funding sources, the adoption of the going concern basis is appropriate in preparing the accounts. |
Turnover |
Turnover represents net invoiced sales of goods, excluding VAT and is recognised at the point of sale when the company has transferred to the buyer the significant risks and rewards of ownership of the goods. |
Intangible fixed assets |
Amortisation is provided at 33.33% on cost in order to write off the cost of goodwill and trade marks over their estimated useful economic lives. |
Tangible fixed assets |
Plant and equipment | - |
Showroom | - |
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax using the tax rates that have been enacted or substantially enacted by the end of the reporting period. |
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 accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. |
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. |
Fountasia Limited (Registered number: 12671812) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Leased assets |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term. |
Pensions |
The Company operates a defined contribution pension scheme for the benefit of the Employees. The pension charge represents the amounts payable by the Company to the pension scheme in the period. The assets of the scheme are held separately from the Company in independently administered funds. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Trade |
Goodwill | Marks | Totals |
£ | £ | £ |
COST |
At 1 July 2021 |
and 31 December 2022 |
AMORTISATION |
At 1 July 2021 |
Amortisation for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 June 2021 |
Fountasia Limited (Registered number: 12671812) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
equipment | Showroom | Totals |
£ | £ | £ |
COST |
At 1 July 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 July 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 June 2021 |
6. | DEBTORS |
31.12.22 | 30.6.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 30.6.21 |
£ | £ |
Bibby Financial Services Ltd - sales financing |
Other Loans (Unsecured) | 74,744 | - |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 589,357 | 117,315 |
Other creditors |
Shareholder loans | 101,362 | 351,605 |
Bibby Financial Services Limited holds a fixed and floating charge over the whole of the company’s undertaking. The shareholder loans are unsecured and interest free. |
Fountasia Limited (Registered number: 12671812) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 30.6.21 |
£ | £ |
Other Loans (Unsecured) | 7,292 | - |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.22 | 30.6.21 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 30.6.21 |
£ | £ |
Bibby Financial Services Ltd - sales financing |
11. | PROVISIONS FOR LIABILITIES |
31.12.22 | 30.6.21 |
£ | £ |
Deferred tax | 24,572 | 5,692 |
Deferred |
tax |
£ |
Balance at 1 July 2021 |
Charge to Profit and Loss Account during period |
Balance at 31 December 2022 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 30.6.21 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
13. | PENSION COMMITMENTS |
The company operates a defined contribution auto-enrolment pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,489 (p/e 30.06.21 - £2,247) were due to the scheme. They are included in other creditors. |
Fountasia Limited (Registered number: 12671812) |
Notes to the Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
14. | CONTINGENT LIABILITIES |
At 31 December 2022, the Company has entered into forward exchange contracts to purchase 1,205,688 US Dollars at an agreed sum of £1,024,994 (p/e 30.06.21 - £614,725) at different dates between 31 January 2023 and 31 August 2023 inclusive. These contracts have been fulfilled. |
15. | RELATED PARTIES |
At 31 December 2022 the Company's issued share capital was held as to 82% by A M Flynn who holds a controlling interest in the company and is a Director of Fountasia Limited. |
A M Flynn and M J Pollington (former Director) have entered into a joint and several guarantee for £80,000 (p/e 30.06.21 - £80,000) in respect of company borrowings from Bibby Financial Services Limited. |