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Registration number: 08599735

Econofun Limited

Unaudited Filleted Financial Statements

for the Year Ended 27 July 2023

 

Econofun Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Econofun Limited

Company Information

Director

Miss Serena H S P Patel

Registered office

1 Forum House
Empire Way
Wembley
Middlesex
HA9 0AB

Accountants

PKP & Company Limited
Chartered Certified Accountants
1 Forum House
Empire Way
Wembley
HA9 0AB

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Econofun Limited
for the Year Ended 27 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Econofun Limited for the year ended 27 July 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Econofun Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Econofun Limited and state those matters that we have agreed to state to the Board of Directors of Econofun Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Econofun Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Econofun Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Econofun Limited. You consider that Econofun Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Econofun 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 accounts.

......................................

PKP & Company Limited
Chartered Certified Accountants
1 Forum House
Empire Way
Wembley
HA9 0AB

19 April 2024

 

Econofun Limited

(Registration number: 08599735)
Balance Sheet as at 27 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

500

500

Current assets

 

Stocks

5

1,856

1,868

Cash at bank and in hand

 

8,353

8,326

 

10,209

10,194

Creditors: Amounts falling due within one year

6

(16,929)

(15,618)

Net current liabilities

 

(6,720)

(5,424)

Net liabilities

 

(6,220)

(4,924)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(6,320)

(5,024)

Shareholders' deficit

 

(6,220)

(4,924)

For the financial year ending 27 July 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 her 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.

Approved and authorised by the director on 19 April 2024
 

.........................................
Miss Serena H S P Patel
Director

 

Econofun Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2023

1

General information

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

The address of its registered office is:
1 Forum House
Empire Way
Wembley
Middlesex
HA9 0AB

These financial statements were authorised for issue by the director on 19 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales returns 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.

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Econofun Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2023

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.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 and are recognised at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 28 July 2022

500

500

At 27 July 2023

500

500

Amortisation

Carrying amount

At 27 July 2023

500

500

At 27 July 2022

500

500

 

Econofun Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 July 2023

5

stocks

2023
£

2022
£

Other inventories

1,856

1,868

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Director's loan

16,929

15,618

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100