1 March 2022 v2024.2.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP071595202022-03-012023-02-28071595202023-02-28071595202022-02-2807159520core:WithinOneYear2023-02-2807159520core:WithinOneYear2022-02-2807159520core:AfterOneYear2023-02-2807159520core:AfterOneYear2022-02-2807159520core:ShareCapital2023-02-2807159520core:ShareCapital2022-02-2807159520core:RetainedEarningsAccumulatedLosses2023-02-2807159520core:RetainedEarningsAccumulatedLosses2022-02-2807159520bus:Director12022-03-012023-02-2807159520core:NetGoodwill2022-03-012023-02-2807159520core:PlantMachinery2022-03-012023-02-2807159520core:FurnitureFittings2022-03-012023-02-2807159520core:OfficeEquipment2022-03-012023-02-28071595202021-03-012022-02-2807159520core:NetGoodwill2022-03-0107159520core:IntangibleAssetsOtherThanGoodwill2022-03-01071595202022-03-0107159520core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2807159520core:NetGoodwill2023-02-2807159520core:IntangibleAssetsOtherThanGoodwill2023-02-2807159520core:NetGoodwill2022-02-2807159520core:IntangibleAssetsOtherThanGoodwill2022-02-2807159520core:PlantMachinery2023-02-2807159520core:PlantMachinery2022-03-0107159520core:PlantMachinery2022-02-280715952012022-03-012023-02-2807159520countries:EnglandWales2022-03-012023-02-2807159520bus:AuditExemptWithAccountantsReport2022-03-012023-02-2807159520bus:PrivateLimitedCompanyLtd2022-03-012023-02-2807159520bus:SmallEntities2022-03-012023-02-2807159520bus:FullAccounts2022-03-012023-02-28
Company registration number:
07159520
Animation Supplies Ltd
Unaudited Filleted Financial Statements for the year ended
28 February 2023
Animation Supplies Ltd
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Intangible assets 5
4,230
 
8,100
 
Tangible assets 6
8,820
 
11,761
 
13,050
 
19,861
 
Current assets    
Stocks
88,880
 
82,653
 
Debtors 7
(3,967
)
(16,350
)
Cash at bank and in hand
56,726
 
92,667
 
141,639
 
158,970
 
Creditors: amounts falling due within one year 8
(47,999
)
(35,868
)
Net current assets
93,640
 
123,102
 
Total assets less current liabilities 106,690   142,963  
Creditors: amounts falling due after more than one year 9
(55,312
)
(80,852
)
Net assets
51,378
 
62,111
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
51,278
 
62,011
 
Shareholders funds
51,378
 
62,111
 
For the year ending
28 February 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 December 2023
, and are signed on behalf of the board by:
A Simmons
Director
Company registration number:
07159520
Animation Supplies Ltd
Notes to the Financial Statements
Year ended
28 February 2023

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Office equipment
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
4.00
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 March 2022
35,500
 
5,000
 
40,500
 
Additions -  
200
 
200
 
At
28 February 2023
35,500
 
5,200
 
40,700
 
Amortisation      
At
1 March 2022
28,400
 
4,000
 
32,400
 
Charge
3,550
 
520
 
4,070
 
At
28 February 2023
31,950
 
4,520
 
36,470
 
Carrying amount      
At
28 February 2023
3,550
 
680
 
4,230
 
At 28 February 2022
7,100
 
1,000
 
8,100
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2022
and
28 February 2023
110,322
 
Depreciation  
At
1 March 2022
98,561
 
Charge
2,941
 
At
28 February 2023
101,502
 
Carrying amount  
At
28 February 2023
8,820
 
At 28 February 2022
11,761
 

7 Debtors

20232022
££
Trade debtors
(7,685
)
(19,179
)
Other debtors
3,718
 
2,829
 
(3,967
)
(16,350
)

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
22,672
 
16,602
 
Trade creditors
7,723
 
13,858
 
Taxation and social security
5,048
 
1,730
 
Other creditors
12,556
 
3,678
 
47,999
 
35,868
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
55,312
 
80,852