The Fun Factory (NI) Limited - Period Ending 2016-05-31

Registration number: NI607484

 

The Fun Factory (NI) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

J A Mc Clements & Co
Financial Accountants
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

The Fun Factory (NI) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Fun Factory (NI) Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Fun Factory (NI) Limited for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Incorporated Public Accountants, we are subject to its ethical and other professional requirements which are required byThe Association of Incorporeted Public Accountants.

This report is made solely to the Board of Directors of The Fun Factory (NI) Limited , as a body, in accordance with the terms of our engagement letter dated 6 April 2013 . Our work has been undertaken solely to prepare for your approval the accounts of The Fun Factory (NI) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with regulations as required by The Association of Incorporated Public Accountants . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fun Factory (NI) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Fun Factory (NI) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Fun Factory (NI) Limited. You consider that The Fun Factory (NI) 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 accounts of The Fun Factory (NI) 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 accounts.

......................................

J A Mc Clements & Co
Financial Accountants
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

13 October 2016

Page 1

The Fun Factory (NI) Limited
(Registration number: NI607484)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					167,125			173,125
Current assets
Debtors		3			30,350			12,680
Cash at bank and in hand					36,252			31,993
					66,602			44,673
Creditors: Amounts falling due within one year					(267,094)			(235,061)
Net current liabilities					(200,492)			(190,388)
Total assets less current liabilities					(33,367)			(17,263)
Provisions for liabilities					(1,224)			(620)
Net liabilities					(34,591)			(17,883)
Capital and reserves
Called up share capital		4			2,000			2,000
Profit and loss account					(36,591)			(19,883)
Shareholders' deficit					(34,591)			(17,883)

For the year ending 31 May 2016 the company was entitled to exemption 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 13 October 2016

.........................................
Mrs Carolyn Carmichael
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

The Fun Factory (NI) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents the total Invoice Vlaue ,excluding value added tax , of sales made during the year.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected usefull life as follows:

Asset class	Depreciation method and rate
Land & Buildings	Straight Line over 40 years
Plant & Machinery	20% Straight Line
Fixtures & Fittings & Equipment	20% Straight Line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

The Fun Factory (NI) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		217,710			217,710
Additions		5,226			5,226
At 31 May 2016		222,936			222,936
Depreciation
At 1 June 2015		44,585			44,585
Charge for the year		11,226			11,226
At 31 May 2016		55,811			55,811
Net book value
At 31 May 2016		167,125			167,125
At 31 May 2015		173,125			173,125

3

Debtors

Debtors includes £nil (2015 - £nil) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Share Capital of £1 each		2,000			2,000			2,000			2,000

Page 4