Registered number
08132438
THE FRUIT MACHINE LIMITED
Filleted Accounts
31 March 2024
THE FRUIT MACHINE LIMITED
Registered number: 08132438
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 72,415 87,066
Current assets
Stocks 3,505 4,031
Debtors 4 3,513 8,221
Cash at bank and in hand 37,064 55,441
44,082 67,693
Creditors: amounts falling due within one year 5 (53,344) (57,485)
Net current (liabilities)/assets (9,262) 10,208
Total assets less current liabilities 63,153 97,274
Creditors: amounts falling due after more than one year 6 (39,753) (59,706)
Provisions for liabilities (8,186) (10,867)
Net assets 15,214 26,701
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,114 26,601
Shareholders' funds 15,214 26,701
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Gaish
Director
Approved by the board on 23 July 2024
THE FRUIT MACHINE LIMITED
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 31,971 113,605 145,576
Additions 6,666 - 6,666
At 31 March 2024 38,637 113,605 152,242
Depreciation
At 1 April 2023 14,643 43,867 58,510
Charge for the year 4,797 16,520 21,317
At 31 March 2024 19,440 60,387 79,827
Net book value
At 31 March 2024 19,197 53,218 72,415
At 31 March 2023 17,328 69,738 87,066
4 Debtors 2024 2023
£ £
Other debtors 3,513 8,221
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,616 8,616
Obligations under finance lease and hire purchase contracts 24,086 24,085
Taxation and social security costs 8,035 11,704
Director's loan account 4,695 7,600
Other creditors 7,912 5,480
53,344 57,485
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,471 22,387
Obligations under finance lease and hire purchase contracts 25,282 37,319
39,753 59,706
7 Related party transactions
Dividends totalling £20,000 were paid to the director during the year. (2023 - £21,000)
8 Controlling party
Throughout this and the previous year the company was under the control of Mr C Gaish, the director and shareholder.
9 Other information
The Fruit Machine Limited is a private company limited by shares and incoporated in England. Its registered office is 25 Northfields Road, Cobham, KT11 1JL.
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