2022-06-012023-05-312023-05-31false09749080IT SHOULD BE FUN 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IT SHOULD BE FUN LIMITED

Registered Number
09749080
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

IT SHOULD BE FUN LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

Mr S J Chrispin
Mrs A J Flood
Mr C A Wills

Company Secretary

Mr S J Chrispin

Registered Address

Si One
Parsons Green
St. Ives
PE27 4AA

Registered Number

09749080 (England and Wales)
IT SHOULD BE FUN LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets7-78
-78
Current assets
Stocks104,7154,909
Debtors111,5844,538
Cash at bank and on hand8991,815
7,19811,262
Creditors amounts falling due within one year12(447,338)(429,296)
Net current assets (liabilities)(440,140)(418,034)
Total assets less current liabilities(440,140)(417,956)
Net assets(440,140)(417,956)
Capital and reserves
Called up share capital200200
Profit and loss account(440,340)(418,156)
Shareholders' funds(440,140)(417,956)
The financial statements were approved and authorised for issue by the Board of Directors on 16 February 2024, and are signed on its behalf by:
Mr S J Chrispin
Director
Registered Company No. 09749080
IT SHOULD BE FUN LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
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.
3.Principal activities
The principal activity of the company is that of new product and service development.
4.Accounting policies
Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Property, plant and equipment policy
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Depreciation is provided so as to write off the cost or valuation of tangible fixed assets less their residual values over their useful lives as follows:

Straight line (years)
Plant and machinery3
Intangible assets policy
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation 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: Website Domain Amortised over its useful life of 5 years Trademarks Amortised over its useful life of 5 years
Stocks policy
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Research and development policy
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary assets and liabilities are retranslated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Gains and losses arising on translation in the period are included in profit or loss.
Employee benefits policy
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
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 and loans from parent company 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 receipts 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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, by way of continued support from CoAdventure Limited, to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
5.Critical estimates and judgements
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.
6.Employee information
The average number of persons, including directors, employed by the company during the year was:

20232022
Average number of employees during the year33
7.Intangible assets

Other

Total

££
Cost or valuation
At 01 June 229,4989,498
At 31 May 239,4989,498
Amortisation and impairment
At 01 June 229,4209,420
Charge for year7878
At 31 May 239,4989,498
Net book value
At 31 May 23--
At 31 May 227878
8.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 June 222,2492,249
At 31 May 232,2492,249
Depreciation and impairment
At 01 June 222,2492,249
At 31 May 232,2492,249
Net book value
At 31 May 23--
At 31 May 22--
9.Description of nature of transactions and balances with related parties
Other creditors include a loan from the parent undertaking of £430,004 (2022: £418,404) and loan from Simon Chrispin of £1,019 (2022: £739). Both loans are repayable on demand and are interest free
10.Stocks

2023

2022

££
Raw materials and consumables4,7154,909
Total4,7154,909
11.Debtors

2023

2022

££
Other debtors4633,198
Prepayments and accrued income1,1211,340
Total1,5844,538
12.Creditors within one year

2023

2022

££
Amounts owed to related parties431,023419,143
Other creditors14,6008,000
Accrued liabilities and deferred income1,7152,153
Total447,338429,296