Funder Island Ltd 09013502 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of amusement and recreation activities. Digita Accounts Production Advanced 6.30.9574.0 true true true 09013502 2023-04-01 2024-03-31 09013502 2024-03-31 09013502 core:CurrentFinancialInstruments 2024-03-31 09013502 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09013502 core:Goodwill 2024-03-31 09013502 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 09013502 core:MotorVehicles 2024-03-31 09013502 core:PlantMachinery 2024-03-31 09013502 core:ParentEntities 2024-03-31 09013502 bus:SmallEntities 2023-04-01 2024-03-31 09013502 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09013502 bus:FilletedAccounts 2023-04-01 2024-03-31 09013502 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09013502 bus:RegisteredOffice 2023-04-01 2024-03-31 09013502 bus:Director1 2023-04-01 2024-03-31 09013502 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09013502 core:Goodwill 2023-04-01 2024-03-31 09013502 core:Buildings 2023-04-01 2024-03-31 09013502 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 09013502 core:MotorVehicles 2023-04-01 2024-03-31 09013502 core:PlantMachinery 2023-04-01 2024-03-31 09013502 core:VehiclesPlantMachinery 2023-04-01 2024-03-31 09013502 core:ParentEntities 2023-04-01 2024-03-31 09013502 1 2023-04-01 2024-03-31 09013502 countries:EnglandWales 2023-04-01 2024-03-31 09013502 2023-03-31 09013502 core:Goodwill 2023-03-31 09013502 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 09013502 core:MotorVehicles 2023-03-31 09013502 core:PlantMachinery 2023-03-31 09013502 core:ParentEntities 2023-03-31 09013502 2022-04-01 2023-03-31 09013502 2023-03-31 09013502 core:CurrentFinancialInstruments 2023-03-31 09013502 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09013502 core:Goodwill 2023-03-31 09013502 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 09013502 core:MotorVehicles 2023-03-31 09013502 core:PlantMachinery 2023-03-31 09013502 core:ParentEntities 2023-03-31 09013502 core:ParentEntities 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09013502

Funder Island Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Funder Island Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Funder Island Ltd

(Registration number: 09013502)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

59,608

65,570

Tangible assets

5

72,824

47,092

 

132,432

112,662

Current assets

 

Stocks

6

150

150

Debtors

7

1,387

1,916

Cash at bank and in hand

 

152,334

210,783

 

153,871

212,849

Creditors: Amounts falling due within one year

8

(44,980)

(118,843)

Net current assets

 

108,891

94,006

Total assets less current liabilities

 

241,323

206,668

Provisions for liabilities

(18,206)

(9,059)

Net assets

 

223,117

197,609

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

223,017

197,509

Shareholders' funds

 

223,117

197,609

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

 

Funder Island Ltd

(Registration number: 09013502)
Statement of Financial Position as at 31 March 2024 (continued)


Mr G Holland
Director

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is the provision of amusement and recreation activities.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

straight line over the life of the lease

Plant and machinery

12.5% straight line, 33.33% and 66.67% straight line for finance lease assets

Motor vehicles

25% straight line

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 6).

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

119,228

119,228

At 31 March 2024

119,228

119,228

Amortisation

At 1 April 2023

53,658

53,658

Amortisation charge

5,962

5,962

At 31 March 2024

59,620

59,620

Carrying amount

At 31 March 2024

59,608

59,608

At 31 March 2023

65,570

65,570

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

7,527

191,542

-

199,069

Additions

-

446

53,015

53,461

Disposals

-

(4,200)

-

(4,200)

At 31 March 2024

7,527

187,788

53,015

248,330

Depreciation

At 1 April 2023

-

151,977

-

151,977

Charge for the year

-

10,725

13,254

23,979

Eliminated on disposal

-

(450)

-

(450)

At 31 March 2024

-

162,252

13,254

175,506

Carrying amount

At 31 March 2024

7,527

25,536

39,761

72,824

At 31 March 2023

7,527

39,565

-

47,092

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £7,527 (2023 - £7,527) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

150

150

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

11

327

334

Other debtors

 

212

1,582

Prepayments

 

848

-

 

1,387

1,916

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

366

Taxation and social security

33,628

102,209

Accruals and deferred income

1,835

5,875

Other creditors

9,517

10,393

44,980

118,843

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Funder Island Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Financial commitments, guarantees and contingencies

Other financial commitments

The total amount of financial commitments not included in the statement of financial position is £182,153 (2023 - £182,950).

11

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

334

334

Advanced

67,994

67,994

Repaid

(68,000)

(68,000)

At end of period

328

328

2023

Parent
£

Total
£

Advanced

334

334

At end of period

334

334

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is Funder Island Holdings Limited, incorporated in England and Wales.