Company Registration No. 05656739 (England and Wales)
FUNTASIA ENTERTAINMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
FUNTASIA ENTERTAINMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FUNTASIA ENTERTAINMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,014
Tangible assets
4
79,372
84,976
81,386
84,976
Current assets
Debtors
5
4,945
10,192
Cash at bank and in hand
13,907
30,315
18,852
40,507
Creditors: amounts falling due within one year
6
(34,927)
(84,845)
Net current liabilities
(16,075)
(44,338)
Total assets less current liabilities
65,311
40,638
Creditors: amounts falling due after more than one year
7
(47,500)
Provisions for liabilities
(14,194)
(15,210)
Net assets
3,617
25,428
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,615
25,426
Total equity
3,617
25,428
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 December 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 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.
FUNTASIA ENTERTAINMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2021 and are signed on its behalf by:
R S Lee
Director
Company Registration No. 05656739
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Funtasia Entertainment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 4 Bardel Court, Edward Close, YEOVIL, Somerset, BA22 8RU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements there continues to be a large scale uncertainty with regards to
Covid-19 on the global economy. The directors have assessed possible future scenarios in their efforts to take all
reasonable measures to ensure the business can continue for the foreseeable future. Based on the steps taken by
the company, in the directors' opinion it is wholly appropriate to continue preparing the accounts on the going
concern basis.
Amounts owing to the directors through their Director's Loan Account balances total £23,879 (2019: £70,931) and are reflected within short term creditors, hence the apparent net current liabilities position reported on the balance sheet. The directors will only draw on these loans when sufficient surplus cash permits, and so the adoption of the going concern basis is wholly appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
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 and accumulated impairment losses.
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 or valuation of assets less their residual values over their useful lives on the following bases:
Website
5 years straight line
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
4% reducing balance
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
During the year assets were not used for 90% of the time as a result of Covid related restrictions being placed on the business, as such the assets were only used for 10% of the year and the depreciation charged through the accounts reflects this.
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
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.
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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, loans from
fellow group companies and preference shares that are classified as debt, 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.
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.
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.
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
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
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
12
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
3
Intangible fixed assets
Website
£
Cost
At 1 January 2020
Additions
2,324
At 31 December 2020
2,324
Amortisation and impairment
At 1 January 2020
Amortisation charged for the year
310
At 31 December 2020
310
Carrying amount
At 31 December 2020
2,014
At 31 December 2019
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
29,885
276,332
2,332
15,210
323,759
Additions
380
1,357
1,737
Disposals
(6,210)
(6,210)
At 31 December 2020
29,885
276,712
3,689
9,000
319,286
Depreciation and impairment
At 1 January 2020
12,337
221,327
664
4,455
238,783
Depreciation charged in the year
70
1,382
70
127
1,649
Eliminated in respect of disposals
(518)
(518)
At 31 December 2020
12,407
222,709
734
4,064
239,914
Carrying amount
At 31 December 2020
17,478
54,003
2,955
4,936
79,372
At 31 December 2019
17,548
55,005
1,668
10,755
84,976
FUNTASIA ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,795
Corporation tax recoverable
4,083
Other debtors
862
7,397
4,945
10,192
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
2,500
Trade creditors
3,220
803
Taxation and social security
3,228
11,172
Other creditors
25,979
72,870
34,927
84,845
The long-term loans are secured by the companies assets and a partial guarantee has been provided by the Secretary of State as part of the Business Interruption Payment relief provided to companies during the pandemic.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
47,500
The long-term loans are secured by the companies assets and a partial guarantee has been provided by the Secretary of State as part of the Business Interruption Payment relief provided to companies during the pandemic.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
27,500
-