Company Registration No. 04601200 (England and Wales)
Fantas-Tak (Retail) Limited
Unaudited Financial Statements
For The Period Ended 30 April 2020
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,174
9,964
Tangible assets
4
43,454
46,684
50,628
56,648
Current assets
Stocks
200,839
201,809
Debtors
5
440,814
457,322
Cash at bank and in hand
133,198
14,847
774,851
673,978
Creditors: amounts falling due within one year
6
(738,443)
(646,670)
Net current assets
36,408
27,308
Total assets less current liabilities
87,036
83,956
Provisions for liabilities
(7,400)
(9,000)
Net assets
79,636
74,956
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
79,536
74,856
Total equity
79,636
74,956
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 period ended 30 April 2020 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 period 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 (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 July 2020 and are signed on its behalf by:
Mr R L Turner
Director
Company Registration No. 04601200
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Fantas-tak (Retail) 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving these. Accordingly, these financial statements have been prepared on the going concern basis
true
1.3
Reporting period
These financial statements present the 18 month period to 30 April 2020. As such, the comparative amounts presented in the financial statements (including the related notes) are not directly comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
marketing and sale 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.
1.5
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.
Amortisation is recognised so as to write off the cost
o
f assets less their residual values over their useful lives on the following bases:
Software
20% straight line
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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:
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
20% reducing balance
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
.
1.7
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 replacement cost and 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.
1.8
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.
1.9
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.
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 (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 6 -
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
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.
1.14
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.
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2018
Number
Number
Total
7
8
3
Intangible fixed assets
Other
£
Cost
At 1 November 2018 and 30 April 2020
29,081
Amortisation
At 1 November 2018
19,117
Amortisation charged for the period
2,790
At 30 April 2020
21,907
Carrying amount
At 30 April 2020
7,174
At 31 October 2018
9,964
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2018
147,787
Additions
10,271
At 30 April 2020
158,058
Depreciation
At 1 November 2018
101,103
Depreciation charged in the period
13,501
At 30 April 2020
114,604
Carrying amount
At 30 April 2020
43,454
At 31 October 2018
46,684
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 8 -
5
Debtors
2020
2018
Amounts falling due within one year:
£
£
Trade debtors
181,855
212,193
Other debtors
258,959
245,129
440,814
457,322
6
Creditors: amounts falling due within one year
2020
2018
£
£
Bank loans and overdrafts
-
26,990
Trade creditors
586,034
431,584
Taxation and social security
35,002
18,489
Other creditors
117,407
169,607
738,443
646,670
The debt factoring accounts included within other creditors are secured by fixed charges over the assets of the company.
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2020
2018
Amounts due to related parties
£
£
Other related parties
7,364
7,364
The above balance is included within Creditors; Other creditors.
The following amounts were outstanding at the reporting end date:
2020
2018
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
241,000
241,000
The above balance is included within Debtors; Other debtors.
FANTAS-TAK (RETAIL) LIMITED
Fantas-Tak (Retail) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 9 -
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr P T Simpson & Mr R L Turner
-
-
12,212
12,212
-
12,212
12,212
The entire balance of the loan was repaid to the company by 31 May 2020.