Faberge Fabrique Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02960325 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2021

for

Faberge Fabrique Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Kremishenski

Miss O Komarova

SECRETARY:

Mr N Kremishenski

REGISTERED OFFICE:

Wimbledon Dance Academy

71 Woodside

Wimbledon

London

SW19 7AF

REGISTERED NUMBER:

02960325 (England and Wales)

ACCOUNTANTS:

RNS Business Solutions Limited

Chartered Accountants

276 Preston Road

Harrow

Middlesex

HA3 0QA

FIXED ASSETS

Tangible assets

4

5,529

2,763

CURRENT ASSETS

Stocks

8,950

22,420

Debtors

5

48,194

28,984

Cash at bank and in hand

41,253

21,614

98,397

73,018

CREDITORS

Amounts falling due within one year

6

(46,023

)

(28,195

)

NET CURRENT ASSETS

52,374

44,823

TOTAL ASSETS LESS CURRENT LIABILITIES

57,903

47,586

PROVISIONS FOR LIABILITIES

(1,051

)

(525

)

NET ASSETS

56,852

47,061

CAPITAL AND RESERVES

Called up share capital

6

6

Profit and loss account

56,846

47,055

SHAREHOLDERS' FUNDS

56,852

47,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by:

Mr N Kremishenski - Director

Miss O Komarova - Director

1.	STATUTORY INFORMATION

Faberge Fabrique Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the dance goods has transferred to the buyer. This is usually at the point that the goods have been despatched to the customer.

Turnover from the rendering of dance teaching services is recognised by reference to the stage of completion of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Government grants

Government grants, including non-monetary grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised either based on the performance model or the accrual model. This policy is applied on a class-by-class basis.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

9,567

6,698

4,020

20,285

Additions

-

4,300

-

4,300

Disposals

-

(487

)

-

(487

)

At 31 March 2021

9,567

10,511

4,020

24,098

DEPRECIATION

At 1 April 2020

9,567

5,954

2,001

17,522

Charge for year

-

978

405

1,383

Eliminated on disposal

-

(336

)

-

(336

)

At 31 March 2021

9,567

6,596

2,406

18,569

NET BOOK VALUE

At 31 March 2021

-

3,915

1,614

5,529

At 31 March 2020

-

744

2,019

2,763

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

17,360

9,318

Other debtors

30,834

19,666

48,194

28,984

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade creditors

38,060

19,065

Taxation and social security

2,709

373

Other creditors

5,254

8,757

46,023

28,195

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/3/21

31/3/20

£

£

Within one year

43,000

43,000

Between one and five years

164,225

172,000

In more than five years

-

35,225

207,225

250,225

8.	RELATED PARTY DISCLOSURES

Included in creditors is an amount due to the directors and shareholders of £5,097 (2020: £1,447). The outstanding loan due is interest free and payable on demand.