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COMPANY REGISTRATION NUMBER: 9669503
Funtimes Entertainments Limited
Filleted Unaudited Financial Statements
30 June 2023
Funtimes Entertainments Limited
Financial Statements
Period from 1 January 2023 to 30 June 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Funtimes Entertainments Limited
Statement of Financial Position
30 June 2023
30 Jun 23
31 Dec 22
Note
£
£
Fixed assets
Tangible assets
6
113,716
130,899
Current assets
Debtors
7
12,393
7,723
Cash at bank and in hand
20,339
26,816
--------
--------
32,732
34,539
Creditors: amounts falling due within one year
8
( 138,617)
( 158,302)
---------
---------
Net current liabilities
( 105,885)
( 123,763)
---------
---------
Total assets less current liabilities
7,831
7,136
Creditors: amounts falling due after more than one year
9
( 19,532)
( 23,802)
Provisions
10
( 452)
( 16,490)
--------
--------
Net liabilities
( 12,153)
( 33,156)
--------
--------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
( 12,154)
( 33,157)
--------
--------
Shareholders deficit
( 12,153)
( 33,156)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 June 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Funtimes Entertainments Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Mr L J Bridges
Director
Company registration number: 9669503
Funtimes Entertainments Limited
Notes to the Financial Statements
Period from 1 January 2023 to 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 44 Hamilton House, Hamilton Terrace, Milford Haven, SA73 3JP. During the period the company changed its year end from 31st December 2023 to 30th June 2023, for administrative purposes.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tax on profit/(loss)
Major components of tax (income)/expense
Period from
1 Jan 23 to
Year to
30 Jun 23
31 Dec 22
£
£
Deferred tax:
Origination and reversal of timing differences
( 16,038)
7,599
--------
-------
Tax on profit/(loss)
( 16,038)
7,599
--------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
168,891
37,792
206,683
Additions
4,161
4,161
Other movements
( 14,879)
( 14,879)
---------
--------
---------
At 30 June 2023
158,173
37,792
195,965
---------
--------
---------
Depreciation
At 1 January 2023
56,211
19,573
75,784
Charge for the period
5,098
1,367
6,465
---------
--------
---------
At 30 June 2023
61,309
20,940
82,249
---------
--------
---------
Carrying amount
At 30 June 2023
96,864
16,852
113,716
---------
--------
---------
At 31 December 2022
112,680
18,219
130,899
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2023
6,225
-------
At 31 December 2022
6,730
-------
7. Debtors
30 Jun 23
31 Dec 22
£
£
Trade debtors
1,390
Other debtors
11,003
7,723
--------
-------
12,393
7,723
--------
-------
Other debtors include an amount of £Nil (2022 - £Nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
30 Jun 23
31 Dec 22
£
£
Bank loans and overdrafts (secured)
3,552
1,781
Trade creditors
6,290
17,226
Hire purchase agreements (secured)
1,966
1,884
Corporation tax
1,821
Other creditors
126,809
135,590
---------
---------
138,617
158,302
---------
---------
9. Creditors: amounts falling due after more than one year
30 Jun 23
31 Dec 22
£
£
Bank loans and overdrafts (secured)
18,989
22,243
Hire purchase agreements (secured)
543
1,559
--------
--------
19,532
23,802
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £4,780 (2022: £15,120) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
16,490
Charge against provision
( 16,038)
--------
At 30 June 2023
452
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Jun 23
31 Dec 22
£
£
Included in provisions (note 10)
452
16,490
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Jun 23
31 Dec 22
£
£
Accelerated capital allowances
452
16,490
----
--------
12. Called up share capital
Issued, called up and fully paid
30 Jun 23
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Related party transactions
The company was under the control of Mr L J Bridges , the director, throughout the current period and previous year by virtue of his sole shareholding.