BrightAccountsProduction v1.0.0 v1.0.0 2022-10-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the business is the sale of goods and hire of accessories. 7 March 2024 0 0 NI672877 2023-09-30 NI672877 2022-09-30 NI672877 2021-09-30 NI672877 2022-10-01 2023-09-30 NI672877 2021-10-01 2022-09-30 NI672877 uk-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI672877 uk-curr:PoundSterling 2022-10-01 2023-09-30 NI672877 uk-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 NI672877 uk-bus:FullAccounts 2022-10-01 2023-09-30 NI672877 uk-core:ShareCapital 2023-09-30 NI672877 uk-core:ShareCapital 2022-09-30 NI672877 uk-core:RetainedEarningsAccumulatedLosses 2023-09-30 NI672877 uk-core:RetainedEarningsAccumulatedLosses 2022-09-30 NI672877 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 NI672877 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-09-30 NI672877 uk-bus:FRS102 2022-10-01 2023-09-30 NI672877 uk-core:OtherVehicles 2022-10-01 2023-09-30 NI672877 uk-core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 NI672877 uk-core:WithinOneYear 2023-09-30 NI672877 uk-core:WithinOneYear 2022-09-30 NI672877 uk-core:AfterOneYear 2023-09-30 NI672877 uk-core:AfterOneYear 2022-09-30 NI672877 uk-core:EmployeeBenefits 2022-09-30 NI672877 uk-core:EmployeeBenefits 2022-10-01 2023-09-30 NI672877 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI672877 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-09-30 NI672877 uk-core:OtherDeferredTax 2023-09-30 NI672877 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-09-30 NI672877 uk-core:EmployeeBenefits 2023-09-30 NI672877 2022-10-01 2023-09-30 NI672877 uk-bus:Director1 2022-10-01 2023-09-30 NI672877 uk-bus:Director2 2022-10-01 2023-09-30 NI672877 uk-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI672877
 
 
Fairytree Millinery Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 September 2023
Fairytree Millinery Ltd
Company Registration Number: NI672877
BALANCE SHEET
as at 30 September 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 5,672 6,270
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Current Assets
Stocks 6 6,294 3,596
Debtors 7 20 -
Cash and cash equivalents 2,061 796
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8,375 4,392
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Creditors: amounts falling due within one year 8 (450) (636)
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Net Current Assets 7,925 3,756
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Total Assets less Current Liabilities 13,597 10,026
 
Creditors:
amounts falling due after more than one year 9 (23,574) (16,573)
 
Provisions for liabilities 10 1,918 1,267
───────── ─────────
Net Liabilities (8,059) (5,280)
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings (8,061) (5,282)
───────── ─────────
Equity attributable to owners of the company (8,059) (5,280)
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 7 March 2024 and signed on its behalf by
           
           
________________________________          
Imelda McCullagh          
Director          
           
           
________________________________
Carmel Stewart
Director
           



Fairytree Millinery Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 September 2023

   
1. General Information
 
Fairytree Millinery Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI672877. The registered office of the company is 126B Lenagh Road, Drumlea, Omagh, Co Tyrone, BT79 7RH, Northern Ireland which is also the principal place of business of the company. The principal activity of the business is the sale of goods and hire of accessories. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 September 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 20% Straight line
  Headpieces - 33% Straight line
  Craft Equipment - 33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The balance sheet shows a net liability of £8,059.  However, £23,574 of the deficiency has been created by the existence of loans from the directors which is not repayable in the forseeable future.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 0, (2022 - 0).
           
5. Tangible assets
  Fixtures, Headpieces Craft Equipment Total
  fittings and      
  equipment      
  £ £ £ £
Cost
At 1 October 2022 1,520 10,580 1,072 13,172
Additions 1,675 - - 1,675
  ───────── ───────── ───────── ─────────
At 30 September 2023 3,195 10,580 1,072 14,847
  ───────── ───────── ───────── ─────────
Depreciation
At 1 October 2022 518 5,670 714 6,902
Charge for the financial year 535 1,620 118 2,273
  ───────── ───────── ───────── ─────────
At 30 September 2023 1,053 7,290 832 9,175
  ───────── ───────── ───────── ─────────
Net book value
At 30 September 2023 2,142 3,290 240 5,672
  ═════════ ═════════ ═════════ ═════════
At 30 September 2022 1,002 4,910 358 6,270
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 6,294 3,596
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Prepayments and accrued income 20 -
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors - 336
Accruals 450 300
  ───────── ─────────
  450 636
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Directors' loan accounts 23,574 16,573
  ═════════ ═════════
 
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start (414) (853) (1,267) (330)
Charged to profit and loss 175 (826) (651) (937)
  ───────── ───────── ───────── ─────────
At financial year end (239) (1,679) (1,918) (1,267)
  ═════════ ═════════ ═════════ ═════════
           
11. Related party transactions
 
At the start of the year, the company owed the directors £16,573. During the year, Fairy Tree Gifts NI Ltd borrowed £7,001 and repaid £0 the directors, leaving a closing balance of £23,574 which is included in the creditors section of the balance sheet.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.