Fantasy Prints Ltd Filleted accounts for Companies House (small and micro)

FANTASY PRINTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC240138

Fantasy Prints Ltd

Filleted Unaudited Financial Statements

For the year ended

30 November 2017

Fantasy Prints Ltd

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		471,236	107,388

Current assets

Stocks		22,500	17,500
Debtors	6	305,794	271,261
Cash at bank and in hand		805,145	852,308
		------------	------------
		1,133,439	1,141,069

Creditors: amounts falling due within one year	7	158,262		256,383
		------------		------------
Net current assets			975,177	884,686
			------------	---------
Total assets less current liabilities			1,446,413	992,074

Creditors: amounts falling due after more than one year	8		308,022	6,166

Provisions

Taxation including deferred tax	59,063	13,753
	------------	---------
Net assets	1,079,328	972,155
	------------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,078,328	971,155
	------------	---------
Shareholders funds	1,079,328	972,155
	------------	---------

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 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.

For the year ending 30 November 2017 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 .

Fantasy Prints Ltd

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 13 July 2018 , and are signed on behalf of the board by:

Miss S McMorn

Director

Company registration number: SC240138

Fantasy Prints Ltd

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Commercial Bank Building, Market Square, Duns, Berwickshire, TD11 3AL.

2. Statement of compliance

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

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.

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% reducing balance

	Website	-	33% reducing balance

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

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. Particulars of employees

The average number of persons employed by the company during the year amounted to 28 (2016: 25 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	User defined asset	Total
	£	£	£	£	£	£
Cost
At 1 Dec 2016	11,375	232,383	34,331	35,745	16,920	330,754
Additions	–	444,877	2,688	–	–	447,565
Disposals	–	( 94,000)	–	–	–	( 94,000)
	--------	---------	--------	--------	--------	---------
At 30 Nov 2017	11,375	583,260	37,019	35,745	16,920	684,319
	--------	---------	--------	--------	--------	---------
Depreciation
At 1 Dec 2016	–	165,073	22,009	23,919	12,365	223,366
Charge for the year	–	45,302	4,753	5,591	2,997	58,643
Disposals	–	( 68,926)	–	–	–	( 68,926)
	--------	---------	--------	--------	--------	---------
At 30 Nov 2017	–	141,449	26,762	29,510	15,362	213,083
	--------	---------	--------	--------	--------	---------
Carrying amount
At 30 Nov 2017	11,375	441,811	10,257	6,235	1,558	471,236
	--------	---------	--------	--------	--------	---------
At 30 Nov 2016	11,375	67,310	12,322	11,826	4,555	107,388
	--------	---------	--------	--------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	293,655	255,979
Other debtors	12,139	15,282
	---------	---------
	305,794	271,261
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	98,301	124,405
Corporation tax	4,823	76,376
Social security and other taxes	18,309	43,112
Other creditors	36,829	12,490
	---------	---------
	158,262	256,383
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	308,022	6,166
	---------	-------

9. Directors' advances, credits and guarantees

The directors' loan account was overdrawn in the prior year and for part of the current year. During the year the director repaid £85,000 (2016: £ 85,000 ) and withdrew £ 101,930 (2016: £71,880). At the reporting date the amounts due to the director by the company amounted to £11,857 (2015: due to the company £12,436). Statutory interest is charged on any overdrawn balances on a monthly basis.

10. Controlling party

The company was under the control of Miss S McMorn throughout the previous and current year. Miss S McMorn is the managing director and majority shareholder.