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REGISTERED NUMBER: 12671812 (England and Wales)















Unaudited Financial Statements

for the Period 1 July 2021 to 31 December 2022

for

Fountasia Limited

Fountasia Limited (Registered number: 12671812)






Contents of the Financial Statements
for the Period 1 July 2021 to 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fountasia Limited

Company Information
for the Period 1 July 2021 to 31 December 2022







DIRECTOR: A M Flynn





REGISTERED OFFICE: 72 Commercial Road
Paddock Wood
Tonbridge
Kent
TN12 6DP





REGISTERED NUMBER: 12671812 (England and Wales)





ACCOUNTANTS: M N Jenks & Co Limited
72 Commercial Road
Paddock Wood
Tonbridge
Kent
TN12 6DP

Fountasia Limited (Registered number: 12671812)

Balance Sheet
31 December 2022

31.12.22 30.6.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,527 37,758
Tangible assets 5 121,214 62,859
131,741 100,617

CURRENT ASSETS
Stocks 608,865 359,233
Debtors 6 1,356,952 607,070
Cash at bank 51,514 17,359
2,017,331 983,662
CREDITORS
Amounts falling due within one year 7 2,009,087 991,894
NET CURRENT ASSETS/(LIABILITIES) 8,244 (8,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,985

92,385

CREDITORS
Amounts falling due after more than one
year

8

(7,292

)

-

PROVISIONS FOR LIABILITIES 11 (24,572 ) (5,692 )
NET ASSETS 108,121 86,693

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 108,021 86,593
SHAREHOLDERS' FUNDS 108,121 86,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

Fountasia Limited (Registered number: 12671812)

Balance Sheet - continued
31 December 2022


The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 March 2024 and were signed by:





A M Flynn - Director


Fountasia Limited (Registered number: 12671812)

Notes to the Financial Statements
for the Period 1 July 2021 to 31 December 2022

1. STATUTORY INFORMATION

Fountasia Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The Company trades from Units 4-6, Westgate Industrial Estate, Newchurch, Romney Marsh, Kent TN29 0DZ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Director has reviewed the company's financial position and its financial commitments, together with the likely trading conditions over the next 12 months and is of the opinion that with the continued availability of sales invoice financing which is expected, together with other potential funding sources, the adoption of the going concern basis is appropriate in preparing the accounts.

Turnover
Turnover represents net invoiced sales of goods, excluding VAT and is recognised at the point of sale when the company has transferred to the buyer the significant risks and rewards of ownership of the goods.

Intangible fixed assets
Amortisation is provided at 33.33% on cost in order to write off the cost of goodwill and trade marks over their estimated useful economic lives.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment - 33.33% on equal instalments basis
Showroom - 33.33% on equal instalments basis

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure.

Taxation
Taxation represents the sum of tax currently payable and deferred tax using the tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fountasia Limited (Registered number: 12671812)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Pensions
The Company operates a defined contribution pension scheme for the benefit of the Employees. The pension charge represents the amounts payable by the Company to the pension scheme in the period. The assets of the scheme are held separately from the Company in independently administered funds.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2021 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Trade
Goodwill Marks Totals
£    £    £   
COST
At 1 July 2021
and 31 December 2022 35,471 18,991 54,462
AMORTISATION
At 1 July 2021 11,826 4,878 16,704
Amortisation for period 17,735 9,496 27,231
At 31 December 2022 29,561 14,374 43,935
NET BOOK VALUE
At 31 December 2022 5,910 4,617 10,527
At 30 June 2021 23,645 14,113 37,758

Fountasia Limited (Registered number: 12671812)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

5. TANGIBLE FIXED ASSETS
Plant and
equipment Showroom Totals
£    £    £   
COST
At 1 July 2021 25,993 50,785 76,778
Additions 143,986 - 143,986
Disposals - (50,785 ) (50,785 )
At 31 December 2022 169,979 - 169,979
DEPRECIATION
At 1 July 2021 4,537 9,382 13,919
Charge for period 44,228 8,464 52,692
Eliminated on disposal - (17,846 ) (17,846 )
At 31 December 2022 48,765 - 48,765
NET BOOK VALUE
At 31 December 2022 121,214 - 121,214
At 30 June 2021 21,456 41,403 62,859

6. DEBTORS
31.12.22 30.6.21
£    £   
Amounts falling due within one year:
Trade debtors 1,203,045 538,958
Other debtors 128,407 68,112
1,331,452 607,070

Amounts falling due after more than one year:
Other debtors 25,500 -

Aggregate amounts 1,356,952 607,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 30.6.21
£    £   
Bibby Financial Services Ltd - sales
financing

934,647

352,592
Other Loans (Unsecured) 74,744 -
Trade creditors 195,020 126,903
Corporation tax 19,222 19,222
Social security and other taxes 48,091 8,529
VAT 589,357 117,315
Other creditors 46,644 15,728
Shareholder loans 101,362 351,605
2,009,087 991,894

Bibby Financial Services Limited holds a fixed and floating charge over the whole of the company’s undertaking. The shareholder loans are unsecured and interest free.

Fountasia Limited (Registered number: 12671812)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 30.6.21
£    £   
Other Loans (Unsecured) 7,292 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 30.6.21
£    £   
Within one year 31,479 -
Between one and five years 18,383 -
49,862 -

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 30.6.21
£    £   
Bibby Financial Services Ltd - sales
financing

934,647

352,592

11. PROVISIONS FOR LIABILITIES
31.12.22 30.6.21
£    £   
Deferred tax 24,572 5,692

Deferred
tax
£   
Balance at 1 July 2021 5,692
Charge to Profit and Loss Account during period 18,880
Balance at 31 December 2022 24,572

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 30.6.21
value: £    £   
100 Ordinary shares £1 100 100

13. PENSION COMMITMENTS

The company operates a defined contribution auto-enrolment pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,489 (p/e 30.06.21 - £2,247) were due to the scheme. They are included in other creditors.

Fountasia Limited (Registered number: 12671812)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

14. CONTINGENT LIABILITIES

At 31 December 2022, the Company has entered into forward exchange contracts to purchase 1,205,688 US Dollars at an agreed sum of £1,024,994 (p/e 30.06.21 - £614,725) at different dates between 31 January 2023 and 31 August 2023 inclusive. These contracts have been fulfilled.

15. RELATED PARTIES

At 31 December 2022 the Company's issued share capital was held as to 82% by A M Flynn who holds a controlling interest in the company and is a Director of Fountasia Limited.

A M Flynn and M J Pollington (former Director) have entered into a joint and several guarantee for £80,000 (p/e 30.06.21 - £80,000) in respect of company borrowings from Bibby Financial Services Limited.