Company registration number 07412548 (England and Wales)
MEGAFLATABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MEGAFLATABLES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
MEGAFLATABLES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
69,813
2,784
Current assets
Stocks
216,000
240,000
Debtors
5
195,651
265,186
Cash at bank and in hand
194,957
121,966
606,608
627,152
Creditors: amounts falling due within one year
6
(236,241)
(192,351)
Net current assets
370,367
434,801
Total assets less current liabilities
440,180
437,585
Creditors: amounts falling due after more than one year
7
(135,690)
(175,397)
Net assets
304,490
262,188
Capital and reserves
Called up share capital
144,490
144,490
Profit and loss reserves
160,000
117,698
Total equity
304,490
262,188

For the financial year ended 31 October 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 July 2025
Mr J Spence
Director
Company registration number 07412548 (England and Wales)
MEGAFLATABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Megaflatables Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Grange, Lordship Road, Writtle, Chelmsford, Essex, England, CM1 3WT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

1.3
Intangible fixed assets

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% SL & 25% SL
Fixtures and fittings
33% SL
Computers
25% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

 

Other financial liabilities including loans, are also measured at transaction price since the difference between this basis and the amortised cost is not material.

MEGAFLATABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases
As lessee

Rentals are payable under operating leases and charged to the profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
7,993
Amortisation and impairment
At 1 November 2023 and 31 October 2024
7,993
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
MEGAFLATABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
64,229
Additions
74,235
Disposals
(5,019)
At 31 October 2024
133,445
Depreciation and impairment
At 1 November 2023
61,445
Depreciation charged in the year
4,422
Eliminated in respect of disposals
(2,235)
At 31 October 2024
63,632
Carrying amount
At 31 October 2024
69,813
At 31 October 2023
2,784
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
146,736
137,123
Other debtors
48,915
128,063
195,651
265,186
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
63,059
71,567
Trade creditors
2,928
2,968
Corporation tax
-
0
12,831
Other taxation and social security
94,002
100,317
Other creditors
76,252
4,668
236,241
192,351
MEGAFLATABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
135,690
175,397
8
Directors' advances, credits and guarantees

At the balance sheet date £5,272 (2023: £85,657) was due to the company from the director. This amount has been included within other debtors. Interest is charged on this balance at the official rate of interest.

9
Leases

Minimum lease payments under non-cancellable operating leases fall due as follows:

 

 

2024 2023

 

Within one year             £64,162    £42,600

 

Between one and five years     £343,489    £301,415

 

Total                 £407,651    £344,015

 

The annual operating lease commitments shown above relate to company vehicles and rental of commercial units.

10
Related party disclosures

At the balance sheet date, the following amounts were owed by related parties, and included in debtors.

 

2024     2023

 

Megaflatables Projects Limited £20,500 £20,500     

 

Inflatables Limited     £16,000     £16,000

 

Total             £36,500     £36,500

 

 

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