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REGISTERED NUMBER: 06444298 (England and Wales)















FUN FARM (LINCOLN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


FUN FARM (LINCOLN) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P J Coon
Mrs E L Coon





SECRETARY: P J Coon





REGISTERED OFFICE: c/o Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR





REGISTERED NUMBER: 06444298 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 339,983 394,507
339,983 394,507

CURRENT ASSETS
Stocks 13,334 12,134
Debtors 6 742,077 641,270
Cash at bank and in hand 183,568 169,208
938,979 822,612
CREDITORS
Amounts falling due within one year 7 306,328 242,930
NET CURRENT ASSETS 632,651 579,682
TOTAL ASSETS LESS CURRENT LIABILITIES 972,634 974,189

CREDITORS
Amounts falling due after more than one year 8 (61,125 ) -

PROVISIONS FOR LIABILITIES (52,468 ) (85,881 )
NET ASSETS 859,041 888,308

CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 859,035 888,302
SHAREHOLDERS' FUNDS 859,041 888,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





P J Coon - Director


FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Fun Farm (Lincoln) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised in the period which the facilities are used.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost, 10% on cost, 10% on reducing balance, 5% on cost and not provided
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price, less costs to complete and sell, and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2023 - 66 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 37,114
AMORTISATION
At 1 June 2023
and 31 May 2024 37,114
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 147,037 535,591 682,628
Additions 46,715 135,471 182,186
Disposals - (190,765 ) (190,765 )
At 31 May 2024 193,752 480,297 674,049
DEPRECIATION
At 1 June 2023 96,051 192,070 288,121
Charge for year 16,256 39,227 55,483
Eliminated on disposal - (9,538 ) (9,538 )
At 31 May 2024 112,307 221,759 334,066
NET BOOK VALUE
At 31 May 2024 81,445 258,538 339,983
At 31 May 2023 50,986 343,521 394,507

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 555 8,887
Amounts owed by group undertakings 721,603 627,661
Other debtors 19,919 4,722
742,077 641,270

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 6,438 -
Trade creditors 28,508 16,751
Taxation and social security 183,965 116,164
Other creditors 87,417 110,015
306,328 242,930

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 40,125 -
Other creditors 21,000 -
61,125 -

FUN FARM (LINCOLN) LIMITED (REGISTERED NUMBER: 06444298)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 A Ordinary £1 2 2
2 B Ordinary £1 2 2
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
6 6

10. RELATED PARTY DISCLOSURES

During the year, dividends totalling is £545,000 (2023: £350,000) were paid to a company under common control.

Amount due from the related party at the balance sheet date was £721,603 (2023: £627,661).

11. PARENT COMPANY

The directors consider P&E Trading Limited to be the parent company. The registered office of P&E Trading Limited is C/O Duncan & Toplis Limited, Enterprise Way, Pinchbeck, Spalding, Lincolnshire, England, PE11 3YR.