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Registered number: 11788639
Fan Cave Group Ltd
Financial Statements
For The Year Ended 31 January 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11788639
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,637 28,527
Investments 5 50 -
27,687 28,527
CURRENT ASSETS
Stocks 6 550,000 250,000
Debtors 7 84,717 58,070
Cash at bank and in hand 71,915 57,979
706,632 366,049
Creditors: Amounts Falling Due Within One Year 8 (424,185 ) (271,452 )
NET CURRENT ASSETS (LIABILITIES) 282,447 94,597
TOTAL ASSETS LESS CURRENT LIABILITIES 310,134 123,124
Creditors: Amounts Falling Due After More Than One Year 9 (154,613 ) (45,539 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (7,736 ) (5,420 )
NET ASSETS 147,785 72,165
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 147,685 72,065
SHAREHOLDERS' FUNDS 147,785 72,165
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Hoyland
Director
31/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fan Cave Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11788639 . The registered office is Unit 13e 92 Burton Road, Sheffield, S3 8BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% - Straight Line
Motor Vehicles 25% - Reducing balance
Fixtures & Fittings 15%/33% - Reducing balance/Straight line
Computer Equipment 33% - Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 - 14,793 35,763 - 50,556
Additions 3,378 - 1,644 3,004 8,026
As at 31 January 2024 3,378 14,793 37,407 3,004 58,582
Depreciation
As at 1 February 2023 - 5,370 16,659 - 22,029
Provided during the period 42 2,356 6,109 409 8,916
As at 31 January 2024 42 7,726 22,768 409 30,945
Net Book Value
As at 31 January 2024 3,336 7,067 14,639 2,595 27,637
As at 1 February 2023 - 9,423 19,104 - 28,527
5. Investments
Unlisted
£
Cost
As at 1 February 2023 -
Additions 50
As at 31 January 2024 50
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 50
As at 1 February 2023 -
6. Stocks
2024 2023
£ £
Stock 550,000 250,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,302 23,604
Other debtors 872 34,466
24,174 58,070
Due after more than one year
Amounts owed by group undertakings 60,543 -
84,717 58,070
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 288,231 155,016
Bank loans and overdrafts 80,408 8,333
Other creditors 29,602 104,583
Taxation and social security 25,944 3,520
424,185 271,452
Assets held under hire purchase contracts are secured on the relevant fixed assets.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 154,613 39,167
Other creditors - 6,372
154,613 45,539
10. Deferred Taxation
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference
arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except
when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with
in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to
offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the
same tax authority.
2024 2023
£ £
Other timing differences 7,736 5,420
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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12. Related Party Transactions
Included within Other Creditors are loans from related parties amounting to £17,832.31. These loans are unsecured, interest free and repayable on demand.
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