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Registration number: 06305643

The Fun Experts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Fun Experts Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

The Fun Experts Ltd

Company Information

Director

Mrs Sunny Sandwell

Company secretary

Mrs Sunny Sandwell

Registered office

4 Enterprise Workshops
Chain Caul Way
Ashton-On-Ribble
Preston
PR2 2YL

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Fun Experts Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Fun Experts Ltd for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of The Fun Experts Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Fun Experts Ltd and state those matters that we have agreed to state to the Board of Directors of The Fun Experts Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fun Experts Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Fun Experts Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Fun Experts Ltd. You consider that The Fun Experts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Fun Experts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

23 September 2024

 

The Fun Experts Ltd

(Registration number: 06305643)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

2,000

2,000

Debtors

5

341,507

51,056

Cash at bank and in hand

 

113,606

374,806

 

457,113

427,862

Creditors: Amounts falling due within one year

6

(400,916)

(441,021)

Net assets/(liabilities)

 

56,197

(13,159)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

56,097

(13,259)

Shareholders' funds/(deficit)

 

56,197

(13,159)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 September 2024
 

.........................................
Mrs Sunny Sandwell
Company secretary and director

 

The Fun Experts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Sunshine Events UK Limited.

The address of its registered office is:
4 Enterprise Workshops
Chain Caul Way
Ashton-On-Ribble
Preston
PR2 2YL
 

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred or when any terms and conditions relating to the grant are satisfied.

 

The Fun Experts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Fun Experts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 50 (2022 - 44).

4

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

 

The Fun Experts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

93,156

45,188

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

241,483

4,878

Prepayments

 

6,868

990

 

341,507

51,056

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

4,314

Trade creditors

 

28,376

30,224

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

33,665

Taxation and social security

 

146,892

140,497

Accruals and deferred income

 

22,302

29,999

Other creditors

 

203,346

202,322

 

400,916

441,021

Due after more than one year

Included within loans and borrowings less than one year is £Nil (2022: £4,314). This relates to commercial loans which are secured by way of a fixed and floating charge and negative pledge over the property and undertaking of the company.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £190,446 (2022: £236,761). This balance contains £Nil (2022: £Nil) in relation to the undiscounted total future payments due under non cancellable operating leases.

The company is party to a cross-guarantee in respect of certain borrowings undertaken by its parent company, The Fun Experts Holdings Ltd. The amount outstanding at the end of the period in respect of this debt was £190,446 (2022: £236,761).

8

Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by The Fun Experts Holdings Ltd.

 

The Fun Experts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is The Fun Experts Holdings Ltd, incorporated in England and Wales.