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Registration number: 05921019

Funforest Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Funforest Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Funforest Limited

(Registration number: 05921019)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

192,317

211,504

Current assets

 

Stocks

7,221

7,600

Debtors

5

30,588

9,635

Cash at bank and in hand

 

147,888

259,000

 

185,697

276,235

Creditors: Amounts falling due within one year

6

(90,175)

(99,072)

Net current assets

 

95,522

177,163

Total assets less current liabilities

 

287,839

388,667

Creditors: Amounts falling due after more than one year

6

(8,334)

(129,895)

Provisions for liabilities

(1,985)

(1,769)

Net assets

 

277,520

257,003

Capital and reserves

 

Called up share capital

7

1,550

1,550

Retained earnings

275,970

255,453

Shareholders' funds

 

277,520

257,003

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Funforest Limited

(Registration number: 05921019)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 17 April 2024
 


Mr N N Du Val
Director

   
 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Europa Way
Brigg
North Lincolnshire
DN20 8UN

Registration number: 05921019

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

4% straight line

Plant and machinery

15% straight line/over three years

Office equipment

25% straight line/over three years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 21 (2022 - 21).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

516,423

181,730

698,153

Additions

-

2,347

2,347

At 31 August 2023

516,423

184,077

700,500

Depreciation

At 1 September 2022

306,504

180,145

486,649

Charge for the year

20,660

874

21,534

At 31 August 2023

327,164

181,019

508,183

Carrying amount

At 31 August 2023

189,259

3,058

192,317

At 31 August 2022

209,919

1,585

211,504

Included within the net book value of land and buildings above is £189,259 (2022 - £209,919) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Prepayments

6,251

5,380

Other debtors

24,337

4,255

30,588

9,635

 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

33,333

33,333

Trade payables

 

9,477

8,417

Social security and other taxes

 

39,849

51,186

Other payables

 

7,516

6,136

 

90,175

99,072

Creditors include bank loans which are secured of £nil (2021- £nil) which are secured on land and buildings.

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

8,334

129,895

Creditors include bank loans which are secured of £nil (2021 - £nil) which are secured on land and buildings.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1,450

1,450

1,450

1,450

Ordinary A Shares of £1 each

50

50

50

50

Ordinary B Shares of £1 each

50

50

50

50

 

1,550

1,550

1,550

1,550

 

Funforest Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,333

33,333

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,334

91,667

Other borrowings

-

38,228

8,334

129,895