Company Registration No. 03885856 (England and Wales)
Fantas-Tak Limited
Unaudited Financial Statements
For The Year Ended 31 October 2021
FANTAS-TAK LIMITED
Fantas-Tak Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
FANTAS-TAK LIMITED
Fantas-Tak Limited
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,535
145
Tangible assets
4
148,495
157,420
154,030
157,565
Current assets
Stocks
235,506
200,647
Debtors
5
979,187
888,997
Cash at bank and in hand
13,324
70,873
1,228,017
1,160,517
Creditors: amounts falling due within one year
6
(579,384)
(523,863)
Net current assets
648,633
636,654
Total assets less current liabilities
802,663
794,219
Creditors: amounts falling due after more than one year
7
(114,452)
(152,374)
Provisions for liabilities
(26,800)
(26,800)
Net assets
661,411
615,045
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
660,911
614,545
Total equity
661,411
615,045
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FANTAS-TAK LIMITED
Fantas-Tak Limited
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 March 2022 and are signed on its behalf by:
Mr R L Turner
Director
Company Registration No. 03885856
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
1
Accounting policies
Company information
Fantas-tak Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hillside House, Stewart Close, Eccleshill, Bradford, BD2 2EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The ultimate parent company is Fantas-Tak Group Ltd. The registered office address of Fantas-Tak Group Ltd is Hillside House, Stewart Close, Eccleshill, Bradford, United Kingdom, BD2 2EE. The company and it's parent compromise a small group and as such are exempt from preparing group accounts.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
the manufacture of adhesive materials
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following
basis
:
Software
33% straight line
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
20% reducing balance / 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 7 -
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
17
18
3
Intangible fixed assets
Other
£
Cost
At 1 November 2020
77,952
Additions
5,691
Disposals
(9,931)
At 31 October 2021
73,712
Amortisation
At 1 November 2020
77,807
Amortisation charged for the year
301
Disposals
(9,931)
At 31 October 2021
68,177
Carrying amount
At 31 October 2021
5,535
At 31 October 2020
145
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2020
149,864
738,136
888,000
Additions
373
28,745
29,118
Disposals
(21,538)
(21,538)
At 31 October 2021
150,237
745,343
895,580
Depreciation
At 1 November 2020
130,128
600,452
730,580
Depreciation charged in the year
6,169
31,874
38,043
Eliminated in respect of disposals
(21,538)
(21,538)
At 31 October 2021
136,297
610,788
747,085
Carrying amount
At 31 October 2021
13,940
134,555
148,495
At 31 October 2020
19,736
137,684
157,420
The net book value of assets held under hire purchase as at the balance sheet date is £
41,509
(20
20
- £
51,886
). Depreciation charged on these assets during the year amounted to £
10,377
(20
20
- £
1
2,
972
).
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
830,948
824,097
Amounts owed by group undertakings
89,291
Other debtors
58,948
64,900
979,187
888,997
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 9 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
37,318
Trade creditors
217,741
206,237
Taxation and social security
70,890
87,593
Other creditors
253,435
230,033
579,384
523,863
Included within
bank loans and overdrafts is £12,318 (2020 - £nil), which is secured by a
fixed and floating charge of the assets of the company
, and £25,000 (2020 - £nil) secured by the UK Government under
the Coronavirus Business Interruption Loan Scheme
.
Included within
other creditors is a balance of £
217,307
(20
20
- £
180,124
) relating to an invoice finance facility which is secured by a fixed and floating charge of the assets of the company, and £12,
922
(20
20
- £
12,520
) relating to hire purchase commitments that are secured against the assets to which the liabilities relate.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
100,000
125,000
Other creditors
14,452
27,374
114,452
152,374
Included within bank loans and overdrafts is £1
00
,000 (20
20
- £
125,000
) which is secured
by
the UK Government under the Coronavirus Business Interruption Loan Scheme. Included within other creditors is a balance of £
14,452
(20
20
- £
27,374
) relating to hire purchase commitments secured against the assets to which the liabilities relate.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
474,167
99,167
9
Events after the reporting date
Subsequent to the year end, the company acquired the entire share capital of Industrial Tape Solutions Limited.
A
t the time of approving the financial statements, Industrial Tape Solutions Limited is a wholly owned subsidiary of Fantas-tak Limited.
FANTAS-TAK LIMITED
Fantas-Tak Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 10 -
10
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2021
2020
2021
2020
£
£
£
£
Fantas-tak (Retail) Limited
7,364
7,364
Fantas-tak Group Limited
89,291
-
-
-
Simpson - Turner Limited
40,000
40,000
-
-
The above balance
s are
included within
debtors falling due within one year.