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Company registration number: 07578695
Fanny & Clara Ltd
Unaudited filleted financial statements
31 March 2024
Fanny & Clara Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Fanny & Clara Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 3,158 36,568
_______ _______
3,158 36,568
Current assets
Stocks 2,090 2,013
Debtors 7 1,793 2,580
Cash at bank and in hand 6,805 3,565
_______ _______
10,688 8,158
Creditors: amounts falling due
within one year 8 ( 12,083) ( 7,728)
_______ _______
Net current (liabilities)/assets ( 1,395) 430
_______ _______
Total assets less current liabilities 1,763 36,998
Creditors: amounts falling due
after more than one year 9 ( 6,404) ( 31,636)
Provisions for liabilities ( 600) ( 2,434)
_______ _______
Net (liabilities)/assets ( 5,241) 2,928
_______ _______
Capital and reserves
Called up share capital 190 190
Profit and loss account ( 5,431) 2,738
_______ _______
Shareholder (deficit)/funds ( 5,241) 2,928
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mrs Claire Slater
Director
Company registration number: 07578695
Fanny & Clara Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 190 4,944 5,134
Profit for the year 11,126 11,126
_______ _______ _______
Total comprehensive income for the year - 11,126 11,126
Dividends paid and payable ( 13,332) ( 13,332)
_______ _______ _______
Total investments by and distributions to owners - ( 13,332) ( 13,332)
_______ _______ _______
At 31 March 2023 and 1 April 2023 190 2,739 2,929
Profit for the year 13,561 13,561
_______ _______ _______
Total comprehensive income for the year - 13,561 13,561
Dividends paid and payable ( 21,731) ( 21,731)
_______ _______ _______
Total investments by and distributions to owners - ( 21,731) ( 21,731)
_______ _______ _______
At 31 March 2024 190 ( 5,431) ( 5,241)
_______ _______ _______
Fanny & Clara Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Rastall Cottages, Main Road, Hathersage, Hope Valley, S32 1BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 5,132 -
Adjustments in respect of previous periods - ( 1,598)
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,834) 1,682
_______ _______
Tax on profit 3,298 84
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19.00 % (2023: -%).
2024 2023
£ £
Profit before taxation 16,859 11,210
_______ _______
Profit multiplied by rate of tax 3,203 -
Adjustments in respect of prior periods - ( 1,598)
Effect of expenses not deductible for tax purposes 94 -
Effect of capital allowances and depreciation 6,349 -
Utilisation of tax losses ( 4,514) -
_______ _______
Tax on profit 5,132 (1,598)
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 8,111 43,143 51,254
Disposals - ( 43,143) ( 43,143)
_______ _______ _______
At 31 March 2024 8,111 - 8,111
_______ _______ _______
Depreciation
At 1 April 2023 3,900 10,786 14,686
Charge for the year 1,053 - 1,053
Disposals - ( 10,786) ( 10,786)
_______ _______ _______
At 31 March 2024 4,953 - 4,953
_______ _______ _______
Carrying amount
At 31 March 2024 3,158 - 3,158
_______ _______ _______
At 31 March 2023 4,211 32,357 36,568
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,028 -
Other debtors 765 2,580
_______ _______
1,793 2,580
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,686 4,686
Trade creditors - 721
Corporation tax 5,132 -
Social security and other taxes 16 -
Other creditors 2,249 2,321
_______ _______
12,083 7,728
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,404 10,705
Other creditors - 20,931
_______ _______
6,404 31,636
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 600 2,434
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 1,834) 1,682
_______ _______
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,028 -
Cash at bank 6,805 3,565
_______ _______
7,833 3,565
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 11,090 42,857
Trade creditors (-) 721
Accruals 2,249 2,477
_______ _______
13,339 46,055
_______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Claire Slater - - -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Claire Slater 4,915 ( 4,915) -
_______ _______ _______
13. Controlling party
The company is controlled by the director Claire Slater as she owns all of the issued share capital of the company.