Company Registration No. 09364497 (England and Wales)
MADE BY ME CRAFTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MADE BY ME CRAFTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MADE BY ME CRAFTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,000
40,000
Tangible assets
4
7,207
4,177
47,207
44,177
Current assets
Stocks
15,000
10,000
Debtors
5
4,615
4,240
Cash at bank and in hand
36,210
46,093
55,825
60,333
Creditors: amounts falling due within one year
6
(54,237)
(44,368)
Net current assets
1,588
15,965
Total assets less current liabilities
48,795
60,142
Creditors: amounts falling due after more than one year
7
(33,732)
(38,558)
Net assets
15,063
21,584
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
14,963
21,484
Total equity
15,063
21,584

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MADE BY ME CRAFTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mrs T Lucey
Director
Company registration number 09364497 (England and Wales)
MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Made By Me Crafts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 227A West Street, Fareham, Hants, PO16 0HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance basis
Fixtures and fittings
25% reducing balance basis
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
20
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
40,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
40,000
At 31 December 2022
40,000
MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
19,321
-
0
19,321
Additions
4,332
-
0
4,332
Business combinations
-
0
1,100
1,100
At 31 December 2023
23,653
1,100
24,753
Depreciation and impairment
At 1 January 2023
15,144
-
0
15,144
Depreciation charged in the year
2,127
275
2,402
At 31 December 2023
17,271
275
17,546
Carrying amount
At 31 December 2023
6,382
825
7,207
At 31 December 2022
4,177
-
0
4,177
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,615
4,240
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,430
6,841
Other taxation and social security
12,636
4,366
Other creditors
38,171
33,161
54,237
44,368
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,732
38,558
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