Company Registration No. 09364497 (England and Wales)
MADE BY ME CRAFTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MADE BY ME CRAFTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MADE BY ME CRAFTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,000
40,000
Tangible assets
4
8,656
7,207
48,656
47,207
Current assets
Stocks
10,000
15,000
Debtors
5
4,615
4,615
Cash at bank and in hand
37,814
36,210
52,429
55,825
Creditors: amounts falling due within one year
6
(53,392)
(54,237)
Net current (liabilities)/assets
(963)
1,588
Total assets less current liabilities
47,693
48,795
Creditors: amounts falling due after more than one year
7
(28,784)
(33,732)
Net assets
18,909
15,063
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
18,809
14,963
Total equity
18,909
15,063
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MADE BY ME CRAFTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 May 2025
Mrs T Lucey
Director
Company registration number 09364497 (England and Wales)
MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Made By Me Crafts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 227A West Street, Fareham, Hants, PO16 0HZ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years
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
25% reducing balance basis
Fixtures and fittings
25% reducing balance basis
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
40,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
40,000
At 31 December 2023
40,000
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
23,653
1,100
24,753
Additions
4,334
4,334
At 31 December 2024
27,987
1,100
29,087
Depreciation and impairment
At 1 January 2024
17,271
275
17,546
Depreciation charged in the year
2,679
206
2,885
At 31 December 2024
19,950
481
20,431
Carrying amount
At 31 December 2024
8,037
619
8,656
At 31 December 2023
6,382
825
7,207
MADE BY ME CRAFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,615
4,615
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,278
3,430
Other taxation and social security
23,704
12,636
Other creditors
23,410
38,171
53,392
54,237
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,784
33,732