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Registered Number: 05656739
England and Wales

 

 

 

FUNTASIA ENTERTAINMENT LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 154    619 
Tangible fixed assets 4 79,885    81,281 
80,039    81,900 
Current assets      
Debtors 5 22,094    25,169 
Cash at bank and in hand 29,084    21,999 
51,178    47,168 
Creditors: amount falling due within one year 6 (93,651)   (84,760)
Net current assets (42,473)   (37,592)
 
Total assets less current liabilities 37,566    44,308 
Creditors: amount falling due after more than one year 7 (25,000)   (30,555)
Provisions for liabilities 8 (11,453)   (12,696)
Net assets 1,113    1,057 
 

Capital and reserves
     
Called up share capital 9 2    2 
Profit and loss account 1,111    1,055 
Shareholders' funds 1,113    1,057 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 21 February 2025 and were signed on its behalf by:


-------------------------------
Mr R S Lee
Director
1
General Information
Funtasia Entertainment Limited is a private company, limited by shares, registered in England and Wales, registration number 05656739, registration address Unit 4 Bardel Court, Edward Close, Yeovil, BA22 8RU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Intangible assets other than goodwill
Intangible assets are stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 4% Reducing Balance
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2023 : 6).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 January 2024 2,324    2,324 
Additions  
Disposals  
At 31 December 2024 2,324    2,324 
Amortisation
At 01 January 2024 1,705    1,705 
Charge for year 465    465 
On disposals  
At 31 December 2024 2,170    2,170 
Net book values
At 31 December 2024 154    154 
At 31 December 2023 619    619 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 January 2024 29,885    302,208    9,625    7,801    349,519 
Additions   11,092        11,092 
Disposals        
At 31 December 2024 29,885    313,300    9,625    7,801    360,611 
Depreciation
At 01 January 2024 14,421    246,296    4,211    3,310    268,238 
Charge for year 617    9,394    1,354    1,123    12,488 
On disposals        
At 31 December 2024 15,038    255,690    5,565    4,433    280,726 
Net book values
Closing balance as at 31 December 2024 14,847    57,610    4,060    3,368    79,885 
Opening balance as at 01 January 2024 15,464    55,912    5,414    4,491    81,281 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 22,094    25,169 
22,094    25,169 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans & Overdrafts (Secured) 5,555    5,556 
PAYE & Social Security 350    1,061 
Accrued Expenses 1,800    1,751 
Other Creditors 36    941 
Director: Mr R S Lee 38,000    33,000 
Director: Mrs L M Lee 38,000    33,000 
VAT 9,910    9,451 
93,651    84,760 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 25,000    30,555 
25,000    30,555 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 11,453    12,696 
11,453    12,696 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Ordinary shares of £1.00 each  
 

10.

Guarantees



Bank Loans & Overdrafts
The Bank Loans & Overdrafts falling due within one year and after one year are secured by the companies assets and a partial guarantee has been provided by the Secretary of State as part of the Business Interruption Payment relief provided to companies during the pandemic. The Bank Loans & Overdrafts which fall due after five years are as follows:
Maximum Liability Incurred Amount Paid
2024
£
 2023
£
 2024
£
 2023
£
Bank Loans & Overdrafts2,778 8,334 5,556 5,556 
2778833455565556
2