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Company Registration Number: NI628508
 
 
Funky Fun Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2025
Funky Fun Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Cheryl Johnston
Andrew Johnston
 
 
Company Registration Number NI628508
 
 
Registered Office and Business Address 11 Gransha Close
Comber
Newtownards
Down
BT23 5RB
United Kingdom
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Ulster Bank
  Arches Retail Park
  Connswater Link
  Belfast
  Antrim
  BT5 4AF



Funky Fun Ltd

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Funky Fun Ltd
for the financial year ended 31 January 2025
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2025 as set out on pages  to 12 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Funky Fun Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 January 2025 your duty to ensure that Funky Fun Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Funky Fun Ltd. You consider that Funky Fun Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Funky Fun Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
20 March 2025



Funky Fun Ltd
Company Registration Number: NI628508
STATEMENT OF FINANCIAL POSITION
as at 31 January 2025

2025 2024
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 40,291 30,557
───────── ─────────
 
Current Assets
Inventories 5 3,450 5,050
Receivables 6 8,530 20,374
Cash and cash equivalents 111,523 114,900
───────── ─────────
123,503 140,324
───────── ─────────
Payables: amounts falling due within one year 7 (21,821) (44,785)
───────── ─────────
Net Current Assets 101,682 95,539
───────── ─────────
Total Assets less Current Liabilities 141,973 126,096
 
Payables:
amounts falling due after more than one year 8 (25,279) (30,707)
 
Provisions for liabilities 10 (4,872) (3,031)
───────── ─────────
Net Assets 111,822 92,358
═════════ ═════════
 
Equity
Called up share capital 2 (19,498)
Retained earnings 111,820 111,856
───────── ─────────
Equity attributable to owners of the company 111,822 92,358
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 20 March 2025 and signed on its behalf by
           
           
           
________________________________          
Cheryl Johnston          
Director          
           



Funky Fun Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2025

   
1. General Information
 
Funky Fun Ltd is a company limited by shares incorporated in Northern Ireland. 11 Gransha Close, Comber, Newtownards, Down, BT23 5RB, United Kingdom is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 25% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a stakeholder pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
       
3. Employees
 
The average monthly numbers of employees, including directors, during the financial year was 32. (2024 - 35).
 
  2025 2024
  Number Number
 
Employees 32 35
  ═════════ ═════════
           
4. Property, plant and equipment
  Long Fixtures, Motor Total
  leasehold fittings and vehicles  
  property equipment    
  £ £ £ £
Cost
At 1 February 2024 15,085 149,125 32,631 196,841
Additions - 9,909 12,950 22,859
Disposals - - (19,641) (19,641)
  ───────── ───────── ───────── ─────────
At 31 January 2025 15,085 159,034 25,940 200,059
  ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2024 4,466 132,433 29,385 166,284
Charge for the financial year 3,771 6,106 3,248 13,125
On disposals - - (19,641) (19,641)
  ───────── ───────── ───────── ─────────
At 31 January 2025 8,237 138,539 12,992 159,768
  ───────── ───────── ───────── ─────────
Carrying amount
At 31 January 2025 6,848 20,495 12,948 40,291
  ═════════ ═════════ ═════════ ═════════
At 31 January 2024 10,619 16,692 3,246 30,557
  ═════════ ═════════ ═════════ ═════════
       
5. Inventories 2025 2024
  £ £
 
Finished goods and goods for resale 3,450 5,050
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2025 2024
  £ £
 
Trade receivables 8,530 20,156
Taxation  (Note 9) - 218
  ───────── ─────────
  8,530 20,374
  ═════════ ═════════
       
7. Payables 2025 2024
Amounts falling due within one year £ £
 
Bank loan 6,222 6,222
Trade payables 1,571 515
Taxation  (Note 9) 11,262 14,577
Directors' current accounts 266 20,971
Accruals 2,500 2,500
  ───────── ─────────
  21,821 44,785
  ═════════ ═════════
       
8. Payables 2025 2024
Amounts falling due after more than one year £ £
 
Bank loan 25,279 30,707
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 6,222 6,222
Repayable between one and two years 6,222 6,222
Repayable between two and five years 19,057 18,666
Repayable in five years or more - 5,819
  ───────── ─────────
  31,501 36,929
  ═════════ ═════════
 
       
9. Taxation 2025 2024
  £ £
 
Receivables:
PAYE / NI - 218
  ═════════ ═════════
Payables:
VAT 3,626 4,107
Corporation tax 7,207 10,470
PAYE / NI 429 -
  ───────── ─────────
  11,262 14,577
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2025 2024
  £ £ £
 
At financial year start 3,031 3,031 3,620
Charged to profit and loss 1,841 1,841 (589)
  ───────── ───────── ─────────
At financial year end 4,872 4,872 3,031
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2025.