Minifigs Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Minifigs Limited

(Registration number: 08787988)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	99,332	53,750
Current assets
Stocks		135,000	140,000
Debtors	5	627,233	685,894
Cash at bank and in hand		2,075,650	1,100,799
		2,837,883	1,926,693
Creditors: Amounts falling due within one year	6	(477,111)	(269,596)
Net current assets		2,360,772	1,657,097
Total assets less current liabilities		2,460,104	1,710,847
Provisions for liabilities		(10,030)	(13,281)
Net assets		2,450,074	1,697,566
Capital and reserves
Called up share capital		2	2
Profit and loss account		2,450,072	1,697,564
Shareholders' funds		2,450,074	1,697,566

Minifigs Limited

(Registration number: 08787988)
Statement of Financial Position as at 31 December 2024 (continued)

For the financial year ending 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:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:
 

Mr N Savage Director

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Northwood Drive
Sheffield
South Yorkshire
S6 1RY
United Kingdom

Principal activity

The principal activity of the company is that of retail of customised lego figures.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Reclassification of comparative amounts

During the year it was identified that intangible assets last year were actually a short term bond which has been reinvested on maturity, the bond of £75,000 has been adjusted out of intangible assets and moved to Cash at bank and in hand.

It has also been identified that transaction fees from Shopify, Paypal and Worldpay had been included in administrative expenditure, this year it has been restated to cost of sales, which has increased cost of sales and decreased admin expenses by £63,802. The gross profit has gone from £1,424,833 to £1,361,031.

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land	Not depreciated
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Computer equipment	33% straight line

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past
event; it is probable that the entity will be required to transfer economic benefits in settlement and the
amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the
statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally
recognised as part of the cost of an asset. When a provision is measured at the present value of the
amount expected to be required to settle the obligation, the unwinding of the discount is recognised in
finance costs in profit or loss in the period it arises.

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Computer equipment £	Total £
Cost or valuation
At 1 January 2024	-	1,486	48,966	102,950	153,402
Additions	59,214	1,927	3,118	10,439	74,698
At 31 December 2024	59,214	3,413	52,084	113,389	228,100
Depreciation
At 1 January 2024	-	890	25,946	72,816	99,652
Charge for the year	-	630	6,535	21,951	29,116
At 31 December 2024	-	1,520	32,481	94,767	128,768
Carrying amount
At 31 December 2024	59,214	1,893	19,603	18,622	99,332
At 31 December 2023	-	596	23,020	30,134	53,750

Included within the net book value of land and buildings above is £59,214 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

	2024 £	2023 £
Other debtors	610,551	672,087
Prepayments	16,682	13,807
	627,233	685,894

Minifigs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	104,300	79,775
Taxation and social security	333,980	167,148
Accruals and deferred income	6,962	13,493
Other creditors	31,869	9,180
	477,111	269,596

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Directors	(6,705)	9,187	(31,204)	(28,722)

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Directors	(2,235)	41,270	(45,740)	(6,705)

Summary of transactions with related parties

As at the end of the year the company owed to Puffin House Ltd, a company under common control, £605,551 (2023: £605,999).