2023-03-012024-02-292024-02-29false02858138Function Plan 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Function Plan Limited

Registered Number
02858138
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Function Plan Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

Steven Grant Warner

Company Secretary

WARNER, Daniel

Registered Address

Unit 1 Shaw Road
Oldham
OL1 4AB

Registered Number

02858138 (England and Wales)
Function Plan Limited
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets315,53595,546
15,53595,546
Current assets
Stocks32,60031,300
Debtors4800,601834,540
Cash at bank and on hand112,626107,662
945,827973,502
Creditors amounts falling due within one year5(660,939)(659,688)
Net current assets (liabilities)284,888313,814
Total assets less current liabilities300,423409,360
Creditors amounts falling due after one year6(142,103)(208,221)
Provisions for liabilities(3,884)(17,477)
Net assets154,436183,662
Capital and reserves
Called up share capital2020
Profit and loss account154,416183,642
Shareholders' funds154,436183,662
The financial statements were approved and authorised for issue by the Director on 14 November 2024, and are signed on its behalf by:
Steven Grant Warner
Director
Registered Company No. 02858138
Function Plan Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
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.
Employee 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.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2.Average number of employees

20242023
Average number of employees during the year1717
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23554,295
Additions(383,330)
Disposals(633)
At 29 February 24170,332
Depreciation and impairment
At 01 March 23458,749
Charge for year26,977
On disposals(330,929)
At 29 February 24154,797
Net book value
At 29 February 2415,535
At 28 February 2395,546
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables800,601834,540
Total800,601834,540
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables103,347230,591
Bank borrowings and overdrafts10,00010,000
Taxation and social security361,471264,984
Finance lease and HP contracts2,2217,550
Other creditors113,93395,596
Accrued liabilities and deferred income69,96750,967
Total660,939659,688
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts142,103202,321
Other creditors-5,900
Total142,103208,221