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REGISTERED NUMBER: SC240138 (Scotland)











































Fantasy Prints Limited

Unaudited Financial Statements

for the Year Ended 30th November 2023






Fantasy Prints Limited (Registered number: SC240138)






Contents of the Financial Statements
for the year ended 30th November 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 8


Fantasy Prints Limited

Company Information
for the year ended 30th November 2023







Directors: Miss S McMorn
J Collin
J D Dougall





Registered office: 11a Well Tower Park
Ayton
Berwickshire
TD14 5RR





Registered number: SC240138 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Fantasy Prints Limited (Registered number: SC240138)

Balance Sheet
30th November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 159,808 189,762

Current assets
Stocks 94,000 76,000
Debtors 5 221,055 221,189
Cash at bank and in hand 984,256 801,597
1,299,311 1,098,786
Creditors
Amounts falling due within one year 6 453,387 428,607
Net current assets 845,924 670,179
Total assets less current liabilities 1,005,732 859,941

Creditors
Amounts falling due after more than one
year

7

(18,389

)

(28,680

)

Provisions for liabilities (28,666 ) (25,752 )
Net assets 958,677 805,509

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 957,677 804,509
958,677 805,509

Fantasy Prints Limited (Registered number: SC240138)

Balance Sheet - continued
30th November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 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 28th August 2024 and were signed on its behalf by:





Miss S McMorn - Director


Fantasy Prints Limited (Registered number: SC240138)

Notes to the Financial Statements
for the year ended 30th November 2023

1. Statutory information

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

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Legal fees - 25% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on reducing balance and 25% on reducing balance

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

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, receivable loans, trade creditors, accruals, bank loans, hire purchase contracts and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, receivable loans, trade creditors 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.


Fantasy Prints Limited (Registered number: SC240138)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

2. Accounting policies - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond 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. The company continues to trade profitably, accordingly they continue to adopt the going concern basis in preparing these financial statements.

Fantasy Prints Limited (Registered number: SC240138)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

3. Employees and directors

The average number of employees during the year was 31 (2022 - 30 ) .

4. Tangible fixed assets
Fixtures
Legal Plant and and
fees machinery fittings
£    £    £   
Cost
At 1st December 2022 11,375 649,556 9,247
Additions - 16,595 -
Disposals (11,375 ) - -
At 30th November 2023 - 666,151 9,247
Depreciation
At 1st December 2022 11,375 488,519 8,972
Charge for year - 41,811 69
Eliminated on disposal (11,375 ) - -
At 30th November 2023 - 530,330 9,041
Net book value
At 30th November 2023 - 135,821 206
At 30th November 2022 - 161,037 275

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1st December 2022 34,745 53,202 758,125
Additions - 2,692 19,287
Disposals - - (11,375 )
At 30th November 2023 34,745 55,894 766,037
Depreciation
At 1st December 2022 14,935 44,562 568,363
Charge for year 4,953 2,408 49,241
Eliminated on disposal - - (11,375 )
At 30th November 2023 19,888 46,970 606,229
Net book value
At 30th November 2023 14,857 8,924 159,808
At 30th November 2022 19,810 8,640 189,762

Fantasy Prints Limited (Registered number: SC240138)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 157,014 158,894
Amounts owed by group undertakings 1,312 1,312
Other debtors 62,729 60,983
221,055 221,189

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 22,612 23,127
Hire purchase contracts - 34,215
Trade creditors 248,941 220,578
Taxation and social security 178,467 144,558
Other creditors 3,367 6,129
453,387 428,607

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 18,389 28,680

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 34,215

Hire purchase contracts are secured against the assets to which they relate.

Fantasy Prints Limited (Registered number: SC240138)

Notes to the Financial Statements - continued
for the year ended 30th November 2023

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30th November 2023 and 30th November 2022:

20232022
££
Director 1
Balance outstanding at start of year30,785-
Amounts advanced52,37931,685
Amounts repaid(30,585)(900)
Balance outstanding at end of year52,57930,785

20232022
££
Director 2
Balance outstanding at start of year8,789-
Amounts advanced8,6458,889
Amounts repaid(10,000)(100)
Balance outstanding at end of year7,4348,789

These loans are unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.

10. Related party disclosures

Fantasy Prints Limited is a fully owned subsidiary of Fantasy Prints Group Limited. Fantasy Prints Group Limited is a private company, limited by shares, registered in England and Wales.

At 30th November 2023 a loan of £1,312 (2022 - £1,312) was outstanding payable to the company by Fantasy Prints Group Limited. This loan is unsecured, interest free and is repayable on demand.