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Registered number: 13413109
Fun Park Ltd
Financial Statements
For The Year Ended 31 May 2024
Retail Efficiency Ltd
49a Fitzherbert Road
Farlington
Hants
PO6 1RU
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13413109
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 781,999 495,459
781,999 495,459
CURRENT ASSETS
Cash at bank and in hand 9,037 43,944
9,037 43,944
Creditors: Amounts Falling Due Within One Year 5 (418,371 ) (158,355 )
NET CURRENT ASSETS (LIABILITIES) (409,334 ) (114,411 )
TOTAL ASSETS LESS CURRENT LIABILITIES 372,665 381,048
Creditors: Amounts Falling Due After More Than One Year 6 (322,446 ) (333,007 )
NET ASSETS 50,219 48,041
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 50,217 48,039
SHAREHOLDERS' FUNDS 50,219 48,041
For the year ending 31 May 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Charmaine Davis
Director
18/08/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Fun Park Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13413109 . The registered office is 49a Fitzherbert Road, Portsmouth, PO6 1RU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 June 2023 556,510
Additions 373,429
As at 31 May 2024 929,939
Depreciation
As at 1 June 2023 61,051
Provided during the period 86,889
As at 31 May 2024 147,940
...CONTINUED
Page 2
Page 3
Net Book Value
As at 31 May 2024 781,999
As at 1 June 2023 495,459
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 79,181 62,965
Trade creditors - 14,372
VAT 56,308 31,078
Directors' loan accounts 282,882 49,940
418,371 158,355
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 322,446 333,007
7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 79,181 62,965
Later than one year and not later than five years 322,446 333,007
401,627 395,972
401,627 395,972
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 3