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REGISTERED NUMBER: 03373410 (England and Wales)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Funk Designs Limited

Funk Designs Limited (Registered number: 03373410)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Funk Designs Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D L Peacock
T Peterson
L Johnson





SECRETARY: D A Peterson





REGISTERED OFFICE: Kepier House
Belmont Business Park
Durham
County Durham
DH1 1TW





REGISTERED NUMBER: 03373410 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Funk Designs Limited (Registered number: 03373410)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,135 6,137

CURRENT ASSETS
Stocks 184,425 152,805
Debtors 5 194,033 207,208
Cash at bank and in hand 711,681 515,664
1,090,139 875,677
CREDITORS
Amounts falling due within one year 6 216,907 194,086
NET CURRENT ASSETS 873,232 681,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,367

687,728

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 880,267 687,628
SHAREHOLDERS' FUNDS 880,367 687,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





D L Peacock - Director


Funk Designs Limited (Registered number: 03373410)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Funk Designs 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.

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.

There were no material departures from the standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions concluded under normal market conditions.

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

Income recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

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

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


Funk Designs Limited (Registered number: 03373410)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Invoice financing
The invoice financing creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023 7,979 832 9,313 18,124
Additions - - 2,095 2,095
At 29 February 2024 7,979 832 11,408 20,219
DEPRECIATION
At 1 March 2023 1,938 736 9,313 11,987
Charge for year 798 24 275 1,097
At 29 February 2024 2,736 760 9,588 13,084
NET BOOK VALUE
At 29 February 2024 5,243 72 1,820 7,135
At 28 February 2023 6,041 96 - 6,137

Funk Designs Limited (Registered number: 03373410)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 169,487 182,026
Other debtors 18,693 24,503
Invoice financing 2,458 679
Prepayments and accrued income 3,395 -
194,033 207,208

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 119,221 110,609
Taxation and social security 89,995 75,310
Other creditors 4,663 5,467
Accruals and deferred income 3,028 2,700
216,907 194,086

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RELATED PARTY DISCLOSURES

There were no related party transactions other then those concluded under normal market conditions, except for those shown below:

2024 2023
£ £
Amounts owed by shareholders 3,000 -
No interest has been charged.