REGISTERED NUMBER: |
Fantasy Prints Limited |
Unaudited Financial Statements |
for the Year Ended 30th November 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Fantasy Prints Limited (Registered number: SC240138) |
Balance Sheet - continued |
30th November 2023 |
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 Limited (Registered number: SC240138) |
Notes to the Financial Statements |
for the year ended 30th November 2023 |
1. | Statutory information |
Fantasy Prints Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Legal fees | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
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 |
4. | Tangible fixed assets |
Fixtures |
Legal | Plant and | and |
fees | machinery | fittings |
£ | £ | £ |
Cost |
At 1st December 2022 |
Additions |
Disposals | ( |
) |
At 30th November 2023 |
Depreciation |
At 1st December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th November 2023 |
Net book value |
At 30th November 2023 |
At 30th November 2022 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1st December 2022 |
Additions |
Disposals | ( |
) |
At 30th November 2023 |
Depreciation |
At 1st December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th November 2023 |
Net book value |
At 30th November 2023 |
At 30th November 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
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: |
2023 | 2022 |
£ | £ |
Director 1 |
Balance outstanding at start of year | 30,785 | - |
Amounts advanced | 52,379 | 31,685 |
Amounts repaid | (30,585 | ) | (900 | ) |
Balance outstanding at end of year | 52,579 | 30,785 |
2023 | 2022 |
£ | £ |
Director 2 |
Balance outstanding at start of year | 8,789 | - |
Amounts advanced | 8,645 | 8,889 |
Amounts repaid | (10,000 | ) | (100 | ) |
Balance outstanding at end of year | 7,434 | 8,789 |
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. |