Footloose Enterprises Limited Filleted accounts for Companies House (small and micro)

FOOTLOOSE ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03127212

Footloose Enterprises Limited

Filleted Unaudited Abridged Financial Statements

31 March 2020

Footloose Enterprises Limited

Abridged Financial Statements

Year Ended 31 March 2020

Contents	Pages

Officers and professional advisers	1

Abridged statement of financial position	2 to 3

Notes to the abridged financial statements	4 to 6

Footloose Enterprises Limited

Officers and Professional Advisers

The board of directors	Mr N Hughes
	Mrs J E Pedersen

Company secretary	Mrs J E Pedersen

Registered office	41 Northampton Road
	Bromham
	Bedford
	Bedfordshire
	MK43 8PB

Accountants	SR Howell & Co
	Chartered Certified Accountants
	88 High Street
	Ramsey
	Huntingdon
	Cambs
	PE26 1BS

Footloose Enterprises Limited

Abridged Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	2,610	3,506

Current assets

Debtors	164	1,360
Cash at bank and in hand	6,913	26,788
	-------	--------
	7,077	28,148

Creditors: amounts falling due within one year	( 18,075)	( 31,303)
	--------	--------
Net current liabilities	( 10,998)	( 3,155)
	--------	-------
Total assets less current liabilities	( 8,388)	351
	-------	----
Net (liabilities)/assets	( 8,388)	351
	-------	----

Capital and reserves

Called up share capital	300	300
Profit and loss account	( 8,688)	51
	-------	----
Shareholders (deficit)/funds	( 8,388)	351
	-------	----

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Footloose Enterprises Limited

Abridged Statement of Financial Position (continued)

31 March 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 27 May 2020 , and are signed on behalf of the board by:

„„„„„„„„„„„„„

Mr N Hughes Director

Company registration number: 03127212

Footloose Enterprises Limited

Notes to the Abridged Financial Statements

Year Ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Northampton Road, Bromham, Bedford, Bedfordshire, MK43 8PB.

2. Statement of compliance

These abridged 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

3.1 Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Revenue recognition

Turnover comprises the invoice value of goods and services supplied by the company during the year, net of trade discounts.

3.3 Income 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.

3.4 Tangible assets

Tangible fixed assets are stated at cost less depreciation.

3.5 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:

	Equipment	-	25 - 33% reducing balance

3.6 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.

3.7 Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	£
Cost
At 1 April 2019 and 31 March 2020	14,761
	--------
Depreciation
At 1 April 2019	11,255
Charge for the year	896
	--------
At 31 March 2020	12,151
	--------
Carrying amount
At 31 March 2020	2,610
	--------
At 31 March 2019	3,506
	--------

6. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Two directors	( 23,270)	5,900	( 17,370)
	--------	-------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Two directors	( 44,356)	21,086	( 23,270)
	--------	--------	--------