Funtime Gifts Limited Accounts






Funtime Gifts Limited

	Company No. 02729111
		Information for Filing with The Registrar
		31 March 2025

at	31 March 2025
Company No.		02729111	Notes	2025	2024
				£	£
Fixed assets
	Intangible assets		4	1,706	1,706
	Tangible assets		5	21,945	32,205


				23,651	33,911
Current assets
	Stocks			1,326,556	1,589,621
	Debtors			252,915	277,630

	Cash at bank and in hand			183,065	185,885
				1,762,536	2,053,136
Creditors: Amount falling due within one year				(817,170)	(894,692)
Net current assets				945,366	1,158,444
Total assets less current liabilities				969,017	1,192,355
Creditors: Amounts falling due after more than one year				(175,722)	(168,056)



Net assets				793,295	1,024,299

Capital and reserves
	Called up share capital			332,334	452,334


	Capital redemption reserve		6	283,100	263,100
	Profit and loss account		6	177,861	308,865

Total equity				793,295	1,024,299



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2025 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

All the members have consented to the preparation of abridged financial statements for the year ended 31 March 2025 in accordance with the Companies Act 2006.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 12 November 2025 and signed on its behalf by:
N. Sugden
Director
12 November 2025

for the year ended 31 March 2025

General information

Funtime Gifts Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 02729111

Its registered office is:

Funtime Gifts Little Heath

Off St Marys Road

Swanley

Kent

BR8 7FN

The abridged accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006, including the provisions permitting an abridged profit and loss account and balance sheet to be prepared.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33% on cost and 15% reducing balance

Motor vehicles

25% straight line

Furniture, fittings and equipment

25% on cost and 15% reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2025	2024
			Number	Number
		The average monthly number of employees (including directors) during the year was:	12	13

4	Intangible fixed assets
			Total
			£
		Cost
		At 1 April 2024	12,536


		At 31 March 2025	12,536
		Amortisation and impairment
		At 1 April 2024	10,830



		At 31 March 2025	10,830
		Net book values
		At 31 March 2025	1,706
		At 31 March 2024	1,706

5	Tangible fixed assets
			Total
			£
		Cost or revaluation
		At 1 April 2024	412,289
		Additions	222



		At 31 March 2025	412,511
		Depreciation
		At 1 April 2024	380,084
		Charge for the year	10,482



		At 31 March 2025	390,566
		Net book values
		At 31 March 2025	21,945
		At 31 March 2024	32,205

6	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 April 2023	221,100	221,100


		Transfers	42,000	42,000
		At 31 March 2024 and 1 April 2024	263,100	263,100


		Transfers	20,000	20,000
		At 31 March 2025	283,100	283,100


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.