Company registration number 10717084 (England and Wales)
THE FUNERAL MARKET LIMITED
UNAUDITED FINANCIAL STATEMENTS
For the 14 Month Period Ended 30 September 2023
PAGES FOR FILING WITH REGISTRAR
THE FUNERAL MARKET LIMITED
COMPANY INFORMATION
Directors
Mr R S Duckworth
Mr I Milne
Mr C A Rogers
Company number
10717084
Registered office
Brewery House
4 Castle street
Buckingham
MK18 1BS
Accountants
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
THE FUNERAL MARKET LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
THE FUNERAL MARKET LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE FUNERAL MARKET LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Funeral Market Limited for the period ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of The Funeral Market Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of The Funeral Market Limited and state those matters that we have agreed to state to the Board of Directors of The Funeral Market Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Funeral Market Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Funeral Market Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Funeral Market Limited. You consider that The Funeral Market Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of The Funeral Market Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
28 March 2024
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
THE FUNERAL MARKET LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
30 September 2023
31 July 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,534
7,760
Current assets
Debtors
5
133,291
107,297
Cash at bank and in hand
90,024
219,166
223,315
326,463
Creditors: amounts falling due within one year
6
(424,360)
(334,236)
Net current liabilities
(201,045)
(7,773)
Net liabilities
(197,511)
(13)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(197,521)
(23)
Total equity
(197,511)
(13)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr R S Duckworth
Director
Company registration number 10717084 (England and Wales)
THE FUNERAL MARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
The Funeral Market Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brewery House, 4 Castle street, Buckingham, MK18 1BS.
1.1
Reporting period
The company's accounting period has been extended to bring it in line with its parent company's accounting period. The financial statements are therefore presented for a period longer than a year. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The truedirectors have considered the financial position of the company, its cash flows and commitments.
The company is currently reliant on the support of Plan With Grace Limited ("the parent") which has provided funding to the company by way of an intercompany loan. On the basis that the directors of the parent have prepared cashflow forecasts in determining the going concern status of the parent, and concluded that as a result of current trading results and forecasted trading results the parent is a going concern, so too the directors of the company conclude that the company is also a going concern, based on its support by the parent.
1.4
Turnover
Income arising in the company relates to "at need" funerals where the sale is for the funeral itself, rather than a plan to provide a funeral at a future date. The sales value of plans and the costs of providing funerals are recognised in the financial statements of the company. Income is recognised when the sales contract is signed with the customer.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
Computers
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
THE FUNERAL MARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE FUNERAL MARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
4
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2022
4,735
23,231
27,966
Additions
1,404
398
1,802
At 30 September 2023
6,139
23,629
29,768
Depreciation and impairment
At 1 August 2022
2,052
18,154
20,206
Depreciation charged in the period
1,302
4,726
6,028
At 30 September 2023
3,354
22,880
26,234
Carrying amount
At 30 September 2023
2,785
749
3,534
At 31 July 2022
2,683
5,077
7,760
THE FUNERAL MARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
56,143
26,300
Other debtors
77,148
80,997
133,291
107,297
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43,480
115,957
Amounts owed to group undertakings
248,272
Taxation and social security
18,152
Other creditors
132,608
200,127
424,360
334,236