Registered number
08119874
Felt So Good Limited
Filleted Accounts
30 June 2024
Adams Root Ltd t/a Adams Root & Associates
Chartered Certified Accountants
Bristol
Felt So Good Limited
Registered number: 08119874
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 3,873
Tangible assets 4 31,886 43,549
31,887 47,422
Current assets
Stocks 95,000 70,000
Debtors 5 1,992,874 1,728,974
Cash at bank and in hand 13,964 20,499
2,101,838 1,819,473
Creditors: amounts falling due within one year 6 (439,732) (407,379)
Net current assets 1,662,106 1,412,094
Total assets less current liabilities 1,693,993 1,459,516
Creditors: amounts falling due after more than one year 7 (3,813) (15,251)
Provisions for liabilities (425) (425)
Net assets 1,689,755 1,443,840
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,689,655 1,443,740
Shareholder's funds 1,689,755 1,443,840
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss A Collinson
Director
Approved by the board on 27 September 2024
Felt So Good Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 19,365
At 30 June 2024 19,365
Amortisation
At 1 July 2023 15,492
Provided during the year 3,872
At 30 June 2024 19,364
Net book value
At 30 June 2024 1
At 30 June 2023 3,873
Website design costs are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 23,084 80,395 103,479
Additions 507 - 507
At 30 June 2024 23,591 80,395 103,986
Depreciation
At 1 July 2023 19,733 40,197 59,930
Charge for the year 2,120 10,050 12,170
At 30 June 2024 21,853 50,247 72,100
Net book value
At 30 June 2024 1,738 30,148 31,886
At 30 June 2023 3,351 40,198 43,549
5 Debtors 2024 2023
£ £
Trade debtors 2,462 5,775
Other debtors 1,990,412 1,723,199
1,992,874 1,728,974
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,438 11,438
Trade creditors 39,670 30,782
Taxation and social security costs 347,448 360,128
Other creditors 41,176 5,031
439,732 407,379
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,813 15,251
8 Loans to directors
Description and conditions B/fwd Paid in Repaid C/fwd
£ £ £ £
Miss A Collinson
This balance is interest free and there is no fixed date for repayment. - 2,052 - 2,052
- 2,052 - 2,052
9 Related party transactions
Miss A Collinson, the sole director and shareholder in Felt So Good Limited is also the sole director and shareholder in Conceptual Spaces Limited and Conceptual Spaces Property Investments Limited. As at the balance sheet date Felt So Good Limited had lent Conceptual Spaces Limited £ 289,481 and had lent £ 1,648,817 to Coceptual Spaces Property Investments Limited. These loans are interest free and there is no fixed date for repayment.
10 Controlling party
The company is under the control of Miss A Collinson, the sole director and shareholder.
11 Other information
Felt So Good Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 23 Malmesbury Road
Kingsditch Trading Estate
Cheltenham
Gloucestershire
GL51 9PL
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