| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2025 |
| for |
| Fun Farm Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2025 |
| for |
| Fun Farm Limited |
| Fun Farm Limited (Registered number: 03370803) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2025 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Statement of financial position | 3 | to | 4 |
| Notes to the financial statements | 5 | to | 10 |
| Fun Farm Limited |
| Company Information |
| for the Year Ended 31 May 2025 |
| Directors: |
| Registered office: |
| Business address: |
| Registered number: |
| Accountants: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Fun Farm Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fun Farm Limited for the year ended 31 May 2025 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Fun Farm Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Fun Farm Limited and state those matters that we have agreed to state to the Board of Directors of Fun Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fun Farm Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Fun Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fun Farm Limited. You consider that Fun Farm Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Fun Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Fun Farm Limited (Registered number: 03370803) |
| Statement of Financial Position |
| 31 May 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investment property | 7 |
| Current assets |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 9 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Fun Farm Limited (Registered number: 03370803) |
| Statement of Financial Position - continued |
| 31 May 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2025 |
| 1. | Statutory information |
| Fun Farm Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
| Tangible assets |
| Tangible assets are initially recorded at cost, and 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. |
| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 3. | Accounting policies - continued |
| Depreciation |
| Leasehold improvements | - |
| Plant and equipment | - |
| Motor vehicles | - |
| Office equipment | - |
| Amortisation |
| Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
| Goodwill - straight line over 5 years |
| If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates |
| . |
| Impairment of fixed assets |
| 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. |
| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
| For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
| Investment properties |
| Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment properties, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be be reliably measurable on an on-going basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 3. | Accounting policies - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
| 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. |
| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| 5. | Intangible fixed assets |
| Goodwill |
| £ |
| Cost |
| At 1 June 2024 |
| and 31 May 2025 |
| Amortisation |
| At 1 June 2024 |
| and 31 May 2025 |
| Net book value |
| At 31 May 2025 |
| At 31 May 2024 |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 6. | Tangible fixed assets |
| Leasehold | Plant and | Motor | Office |
| improvements | equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 June 2024 |
| Additions |
| At 31 May 2025 |
| Depreciation |
| At 1 June 2024 |
| Charge for year |
| At 31 May 2025 |
| Net book value |
| At 31 May 2025 |
| At 31 May 2024 |
| 7. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 June 2024 |
| Disposals | ( |
) |
| At 31 May 2025 |
| Net book value |
| At 31 May 2025 |
| At 31 May 2024 |
| Investment properties are included at fair value which has been reviewed by the directors at 31 May 2025. |
| 8. | Debtors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 9. | Creditors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Other creditors | 2,950 | 3,075 |
| Social security and other taxes |
| Pension creditor | 3,286 | - |
| VAT | 28,414 | 32,395 |
| Directors' current accounts | 24,921 | 55,087 |
| Accruals and deferred income |
| 10. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | £1 | 45,000 | 45,000 |
| Ordinary B shares | £1 | 10 | 10 |
| 45,010 | 45,010 |
| Fun Farm Limited (Registered number: 03370803) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2025 |
| 12. | Ultimate controlling party |
| The ultimate parent company is Fun Farm Holding Company Limited, a company registered in England and Wales with its registered office address at Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. |
| The company together with its parent company and other subsidiary comprise a small group and are exempt from preparing consolidated accounts. |
| During the year, the group entered the following related party transactions: |
| Transfer of Investment properties: |
| On 25 October 2024, the group transferred its investment properties in Fun Farm Limited to Fun Farm Investments Limited fellow group undertaking, at no consideration. |
| Carrying amount of investment transferred: £1,716,198.00 |
| Nature of transaction: Internal group restructuring |
| Accounting treatment: Transfer recorded at carrying value; no gain or loss recognised |
| Tax Implications |
| The transfer of the investment at no consideration was part of a group reorganisation and qualifies for relief under section 171 of the Taxation of Chargeable Gains Act 1992, which allows for no gain/no loss treatment on transfers between group companies. |
| No corporation tax charge arose on the transfer. |
| The base cost of the investment for Fun Farm Investments Limited is inherited from Fun Farm Limited. |
| The transaction did not trigger any deferred tax assets or liabilities. |
| The group has considered the impact on group relief and capital gains group membership, and no adverse tax consequences were identified. |