The Fun Fed Limited 31/03/2025 iXBRL

Company registration number: 05603348

The Fun Fed Limited

Unaudited filleted financial statements

31 March 2025

The Fun Fed Limited

Contents

Statement of financial position

Statement of changes in equity

Notes to the financial statements

The Fun Fed Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	7,105,000		7,050,000
		_________		_________
			7,105,000		7,050,000

Current assets
Debtors	6	48,928		13,999
Cash at bank and in hand		96,086		13,991
		_________		_________
		145,014		27,990
Creditors: amounts falling due
within one year	7	( 3,562,063)		( 3,618,033)
		_________		_________
Net current liabilities			( 3,417,049)		( 3,590,043)
			_________		_________
Total assets less current liabilities			3,687,951		3,459,957


Provisions for liabilities	8		( 810,477)		( 796,727)

			_________		_________
Net assets			2,877,474		2,663,230
			_________		_________

Capital and reserves
Called up share capital			540,000		540,000
Revaluation reserve			2,431,431		2,390,181
Profit and loss account			( 93,957)		( 266,951)
			_________		_________
Shareholders funds			2,877,474		2,663,230
			_________		_________

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 November 2025 , and are signed on behalf of the board by:

Mr Graham Edwards

Director

Company registration number: 05603348

The Fun Fed Limited

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 April 2023	540,000	2,330,181	( 407,209)	2,462,972

Profit for the year	-	-	200,258	200,258
	_________	_________	_________	_________
Total comprehensive income for the year:	-	-	200,258	200,258

Fair value adjustments to investment property	-	80,000	( 80,000)	-

Tax on fair value adjustments to investment property	-	( 20,000)	20,000	-

	_________	_________	_________	_________
At 31 March 2024 and 1 April 2024	540,000	2,390,181	( 266,951)	2,663,230

Profit for the year	-	-	214,244	214,244
	_________	_________	_________	_________
Total comprehensive income for the year:	-	-	214,244	214,244

Fair value adjustments to investment property	-	55,000	( 55,000)	-

Tax on fair value adjustments to investment property	-	(13,750)	13,750	-

	_________	_________	_________	_________
At 31 March 2025	540,000	2,431,431	(93,957)	2,877,474
	_________	_________	_________	_________

The Fun Fed Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ort House, 147 Arlington Road, London, NW1 7ET.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The preparation of financial statements in compliance with FRS102 Section 1A requires the use of certain critical accounting estimates. It also requires managment to exercise judgement in applying the company's accounting policies.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Turnover

Turnover is recognised net of value added tax in the Statement of Comprehensive Income as follows: Rental Income, service charge income and other income receivable from operating leases, net of lease incentives, is recognised evenly over the lease term except where an alternative basis represents the timing of the economic benefits to be derived from leases.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

3. Accounting policies (continued)

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fittings fixtures and equipment - 25 % reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property comprises freehold land, freehold buildings and buildings held under long leases. Investment properties are initially recognised at cost which comprises the purchase price and any directly attributable expenditure. Valuations are carried out at each reporting date to measure investment property at fair value. Any gain or loss is calculated by reference to the fair value at the last reporting date and is recognised in the Statement of Comprehensive Income.Subsequent expenditure is included in the investment properties carrying amount only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Statement of Comprehensive Income during the year in which they are incurred.

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.

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.

3. Accounting policies (continued)

Financial instruments

Financial AssetsBasic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Such assets are subsequently carried at amortised cost using the effective interest method.At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.Financial LiabilitiesBasic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. Inherent uncertainty about these assumptions and estimates could result in differing outcomes when assets are realised or when liabilities are settled. Judgements In applying the Company's accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the financial statements: Impairments Management considers external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability to judge whether there is an indicator of impairment of an asset. A provision for impairment or non-recoverability of an asset is recognised / (reversed) where evidence indicates to management that the asset's recoverable amount is less than its carrying amount / (greater than its previously impaired carrying amount). Deferred tax asset Management consider whether it is probable that there will be future taxable profits when considering the recognition of a deferred tax asset. Estimates Fair valuation of investment property The fair value of investment property is the directors' opinion of the estimated amount for which a property could exchange under an arm's length transaction at the Company's financial year end date. The directors, in forming their opinion, make a series of assumptions, which are typically market related such as investment yields and expected rental values, which are based on the directors' professional judgement, experience and market knowledge provided by external estate agents. There is an inherent degree of estimation uncertainty present in property valuations such that the net proceeds receivable on the future disposal of a property to a third party under an arm's length transaction within the next financial year may differ from the carrying amounts of properties

5. Tangible assets

	Fixtures, fittings and equipment	Tangible assets - user defined	Total
	£	£	£
Cost or valuation
At 1 April 2024	7,052	7,050,000	7,057,052
Revaluation	-	55,000	55,000
	_________	_________	_________
At 31 March 2025	7,052	7,105,000	7,112,052
	_________	_________	_________
Depreciation
At 1 April 2024 and 31 March 2025	7,052	-	7,052
	_________	_________	_________
Carrying amount
At 31 March 2025	-	7,105,000	7,105,000
	_________	_________	_________
At 31 March 2024	-	7,050,000	7,050,000
	_________	_________	_________

Investment property with a fair value of £7,105,000 (2024: £7,050,000) has been pledged as third party security for financing obtained by Elsa Holdings Limited, a related party.

6. Debtors

	2025	2024
	£	£
Deferred tax asset	35,330	-
Prepayments and accrued income	13,039	13,466
Other debtors	559	533
	_________	_________
	48,928	13,999
	_________	_________

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	3,692	2,440
Amounts owed to related companies	3,481,360	3,581,360
Accruals and deferred income	66,422	8,342
Corporation tax	-	15,319
Social security and other taxes	1,214	1,197
Other creditors	9,375	9,375
	_________	_________
	3,562,063	3,618,033
	_________	_________

8. Provisions

		Deferred tax
		£
	At 1 April 2024	796,727
	Additions	13,750
		_________
	At 31 March 2025	810,477
		_________

9. Operating leases

The company as lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	204,052	210,779
Later than 1 year and not later than 5 years	25,581	66,461
	_________	_________
	229,633	277,240
	_________	_________