Funky Monkeys Softplay Newport Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI619517 (Northern Ireland)

Financial Statements for the Year Ended 31 May 2022

for

Funky Monkeys Softplay Newport Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs A Simpson

M Simpson

H Moore

REGISTERED OFFICE:

9 Castlewellan Road

Rathfriland

Co. Down

BT34 5LY

REGISTERED NUMBER:

NI619517 (Northern Ireland)

AUDITORS:

Farrell & Farrell

35 Main St

Hilltown

Newry

Co. Down

BT34 5UJ

FIXED ASSETS

Tangible assets

4

62,127

65,608

CURRENT ASSETS

Stocks

2,989

2,646

Debtors

5

197,915

268,652

Cash at bank and in hand

46,078

12,391

246,982

283,689

CREDITORS

Amounts falling due within one year

163,037

169,285

NET CURRENT ASSETS

83,945

114,404

TOTAL ASSETS LESS CURRENT LIABILITIES

146,072

180,012

CREDITORS

Amounts falling due after more than one year

(84,577

)

(139,214

)

PROVISIONS FOR LIABILITIES

(9,295

)

(5,722

)

NET ASSETS

52,200

35,076

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

52,100

34,976

SHAREHOLDERS' FUNDS

52,200

35,076

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2023 and were signed on its behalf by:

Mrs A Simpson - Director

M Simpson - Director

1.	STATUTORY INFORMATION

Funky Monkeys Softplay Newport Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2021

279,301

Additions

17,566

At 31 May 2022

296,867

DEPRECIATION

At 1 June 2021

213,693

Charge for year

21,047

At 31 May 2022

234,740

NET BOOK VALUE

At 31 May 2022

62,127

At 31 May 2021

65,608

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

84,577

139,215

6.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

-

50,000

Other loans

139,214

196,989

139,214

246,989

Loans are secured by: fixed and floating charges over the company; an inter-company cross guarantee; and personal guarantees provided by the directors.

Funky Monkeys Softplay Newport Ltd has also cross guaranteed other inter-company loans.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary Share Capital

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 June 2021

34,976

Profit for the year

67,124

Dividends

(50,000

)

At 31 May 2022

52,100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jayme Farrell (Senior Statutory Auditor)

for and on behalf of Farrell & Farrell

10.	OPERATING LEASE COMMITMENTS

The company has total future operating lease commitments of £70,002.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Funky Monkeys Playcentres Ltd.