REGISTERED NUMBER: |
Fantasy Prints Group Limited |
Unaudited Financial Statements |
for the Year Ended 31st July 2023 |
REGISTERED NUMBER: |
Fantasy Prints Group Limited |
Unaudited Financial Statements |
for the Year Ended 31st July 2023 |
Fantasy Prints Group Limited (Registered number: 13533759) |
Contents of the Financial Statements |
for the year ended 31st July 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 | to | 4 |
Fantasy Prints Group Limited |
Company Information |
for the year ended 31st July 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Fantasy Prints Group Limited (Registered number: 13533759) |
Balance Sheet |
31st July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fantasy Prints Group Limited (Registered number: 13533759) |
Notes to the Financial Statements |
for the year ended 31st July 2023 |
1. | Statutory information |
Fantasy Prints Group Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - intercompany loans, accruals and directors' loans. |
Directors' loans (being repayable on demand), intercompany loans and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Group accounts |
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts. |
Fantasy Prints Group Limited (Registered number: 13533759) |
Notes to the Financial Statements - continued |
for the year ended 31st July 2023 |
2. | Accounting policies - continued |
Going concern |
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st August 2022 |
and 31st July 2023 |
Net book value |
At 31st July 2023 |
At 31st July 2022 |
5. | Debtors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Loan |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Related party disclosures |
At 31st July 2023 a loan of £1,312 (2022 - £nil) was outstanding payable by the company to Fantasy Prints Limited, a subsidiary of Fantasy Prints Group Limited. This loan is unsecured, interest free and is payable on demand. |
In the accounting period ended 31st July 2022 a loan of £250,000 was made to Ariel Properties Limited, a company which is wholly owned by one of the directors. Interest is being charged on the outstanding amount using market interest rates. As this is an interest only loan the amount outstanding as at 31st July 2023 is £250,000 (2022 - £250,000). |