Rolys Fudge Franchising Limited Filleted accounts for Companies House (small and micro)

ROLYS FUDGE FRANCHISING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03160248

Rolys Fudge Franchising Limited

Filleted Unaudited Financial Statements

28 February 2022

Rolys Fudge Franchising Limited

Statement of Financial Position

28 February 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		52,974	40,219

Current assets

Stocks		75,480	74,384
Debtors	6	66,120	48,994
Cash at bank and in hand		356,461	157,327
		---------	---------
		498,061	280,705

Creditors: amounts falling due within one year	7	80,890		37,350
		---------		---------
Net current assets			417,171	243,355
			---------	---------
Total assets less current liabilities			470,145	283,574

Creditors: amounts falling due after more than one year	8	–	9,164
		---------	---------
Net assets		470,145	274,410
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	470,143	274,408
	---------	---------
Shareholder funds	470,145	274,410
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 .

Rolys Fudge Franchising Limited

Statement of Financial Position (continued)

28 February 2022

These financial statements were approved by the board of directors and authorised for issue on 22 September 2022 , and are signed on behalf of the board by:

C A Jones

Director

Company registration number: 03160248

Rolys Fudge Franchising Limited

Notes to the Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Office, 4 Higher Yalberton Road, Paignton, Devon, TQ5 7PD.

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.

Judgements and key sources of estimation uncertainty

In the process of applying the Company's accounting policies, no judgment has been made by management which will, in their opinion, have significant effects on the amounts recognised in the financial statements. In calculating deferred tax, assumptions have been made regarding future rates of taxation but these do not bear significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year.

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.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Website	Total
	£	£	£	£	£	£
Cost
At 1 Mar 2021	–	22,849	26,779	16,562	16,350	82,540
Additions	8,423	4,512	28,275	1,538	–	42,748
Disposals	–	–	( 26,799)	–	–	( 26,799)
	-------	--------	--------	--------	--------	--------
At 28 Feb 2022	8,423	27,361	28,255	18,100	16,350	98,489
	-------	--------	--------	--------	--------	--------
Depreciation
At 1 Mar 2021	–	7,640	11,725	12,533	10,443	42,341
Charge for the year	–	4,929	7,069	1,429	1,472	14,899
Disposals	–	–	( 11,725)	–	–	( 11,725)
	-------	--------	--------	--------	--------	--------
At 28 Feb 2022	–	12,569	7,069	13,962	11,915	45,515
	-------	--------	--------	--------	--------	--------
Carrying amount
At 28 Feb 2022	8,423	14,792	21,186	4,138	4,435	52,974
	-------	--------	--------	--------	--------	--------
At 28 Feb 2021	–	15,209	15,054	4,029	5,907	40,199
	-------	--------	--------	--------	--------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	28,480	6,113
Other debtors	37,640	42,881
	--------	--------
	66,120	48,994
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	58,747	7,476
Other creditors	22,143	29,874
	--------	--------
	80,890	37,350
	--------	--------

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

	2022	2021
	£	£
Other creditors	–	9,164
	----	-------

9. Financial instruments

The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash consideration expected to be paid or received, after taking account of impairment adjustment.

10. Directors' advances, credits and guarantees

During the year, the Director Mrs C Jones, held a current account with the company. At the year end the balance owed by the Director to the Company was £9,300(2021: £9,672)

11. Related party transactions