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Registered number: 12076731
The Funky Tile Company Ltd
Financial Statements
For The Year Ended 31 July 2024
3 Stoke Damerel Business Ctr
5 Church Street
Plymouth
Devon
PL3 4DT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12076731
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 281 521
281 521
CURRENT ASSETS
Stocks 6 6,000 5,500
Cash at bank and in hand 9,609 6,609
15,609 12,109
Creditors: Amounts Falling Due Within One Year 7 (10,709 ) (11,239 )
NET CURRENT ASSETS (LIABILITIES) 4,900 870
TOTAL ASSETS LESS CURRENT LIABILITIES 5,181 1,391
NET ASSETS 5,181 1,391
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 4,981 1,191
SHAREHOLDERS' FUNDS 5,181 1,391
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Reece Evel
Director
20 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Funky Tile Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12076731 . The registered office is 3 Stoke Damerel Business Centre, 5 Church Street, Plymouth, Devon, PL3 4DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the website. It is amortised to profit and loss account over its estimated economic life of three years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% StraightLine
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of income and retained earnings because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
4. Intangible Assets
Website
£
Cost
As at 1 August 2023 2,323
As at 31 July 2024 2,323
Amortisation
As at 1 August 2023 2,323
As at 31 July 2024 2,323
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 August 2023 961
As at 31 July 2024 961
Depreciation
As at 1 August 2023 440
Provided during the period 240
As at 31 July 2024 680
Net Book Value
As at 31 July 2024 281
As at 1 August 2023 521
6. Stocks
2024 2023
£ £
Finished goods 6,000 5,500
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,471 5,072
Corporation tax 1,415 984
VAT 1,417 3,045
Accruals and deferred income 1,320 380
Directors' loan accounts 3,086 1,758
10,709 11,239
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
Page 5