Registered number
13172620
Happiness Corp (Clown Town) Limited
Unaudited Filleted Accounts
30 June 2023
Happiness Corp (Clown Town) Limited
Registered number: 13172620
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 239,165 248,553
Current assets
Stocks 16,151 -
Debtors 4 44,376 42,805
Cash at bank and in hand 189,038 112,205
249,565 155,010
Creditors: amounts falling due within one year 5 (157,186) (98,774)
Net current assets 92,379 56,236
Net assets 331,544 304,789
Capital and reserves
Called up share capital 1 1
Profit and loss account 331,543 304,788
Shareholders' funds 331,544 304,789
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Happiness Corp (Clown Town) Limited has not prepared the group accounts as it is small group and exempt to prepare group accounts.
The financial statements were approved and authorised for issue by the board on:
Jonathan Laznik
Director
Signed on behalf of the board on 6 March 2024
Happiness Corp (Clown Town) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
Happiness Corp (Clown Town) Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office is given in the company information on page 1 of these financial statements. The company's principle place of business is same as the registered address.
The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded.
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A , The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The significant accounting policies applied in the preparation of these financial statements are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 344,995 54,590 399,585
Additions 11,000 45,311 - 56,311
Disposals - - (5,000) (5,000)
At 30 June 2023 11,000 390,306 49,590 450,896
Depreciation
At 1 July 2022 - 142,093 8,939 151,032
Charge for the year - 54,761 7,438 62,199
On disposals - - (1,500) (1,500)
At 30 June 2023 - 196,854 14,877 211,731
Net book value
At 30 June 2023 11,000 193,452 34,713 239,165
At 30 June 2022 - 202,902 45,651 248,553
4 Debtors 2023 2022
£ £
Trade debtors 4,623 2,051
Other debtors 39,753 40,754
44,376 42,805
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 56,804 12,838
Director's account 10 21
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,105 23,971
Taxation and social security costs 66,692 31,956
Other creditors 32,575 29,988
157,186 98,774
6 Related party transactions 2023 2022
£ £
Entities with control over the entity
Amount due to related party 16,735 23,971
7 Controlling party
The company is controled by Mr Jonathan Laznik.
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