Company Registration No. 04716246 (England and Wales)
ULTIMATE FUN OBSESSIONS LIMITED
Unaudited accounts
for the year ended 31 March 2024
ULTIMATE FUN OBSESSIONS LIMITED
Unaudited accounts
Contents
ULTIMATE FUN OBSESSIONS LIMITED
Company Information
for the year ended 31 March 2024
Company Number
04716246 (England and Wales)
Registered Office
41 ALEXANDRA PARADE
WESTON-SUPER-MARE
NORTH SOMERSET
BS23 1QZ
Accountants
Belvedere Chartered Accountants
ULTIMATE FUN OBSESSIONS LIMITED
Statement of financial position
as at 31 March 2024
Tangible assets
1,094
1,642
Inventories
242,322
254,865
Cash at bank and in hand
25,870
14,871
Creditors: amounts falling due within one year
(206,539)
(207,493)
Net current assets
61,671
62,819
Called up share capital
102
102
Profit and loss account
62,663
64,359
Shareholders' funds
62,765
64,461
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 August 2024 and were signed on its behalf by
Dominic Early
Director
Company Registration No. 04716246
ULTIMATE FUN OBSESSIONS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
ULTIMATE FUN OBSESSIONS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04716246. The registered office is 41 ALEXANDRA PARADE, WESTON-SUPER-MARE, NORTH SOMERSET, BS23 1QZ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
25% Straight Line
ULTIMATE FUN OBSESSIONS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2023
8,686
7,917
16,603
At 31 March 2024
8,686
7,917
16,603
At 1 April 2023
7,044
7,917
14,961
Charge for the year
548
-
548
At 31 March 2024
7,592
7,917
15,509
At 31 March 2024
1,094
-
1,094
At 31 March 2023
1,642
-
1,642
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
886
424
Trade creditors
5,826
21,700
Taxes and social security
-
4,115
Loans from directors
197,252
171,965
The amount due to the Director is interest free and repayable on demand.
Allotted, called up and fully paid:
102 Ordinary shares of £1 each
102
102
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Average number of employees
During the year the average number of employees was 3 (2023: 3).