Footloose & Fancy Free (UK) Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05940158 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

FOOTLOOSE & FANCY FREE (UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Lingham-Wood

C Bradshaw

SECRETARY:

J Lingham-Wood

REGISTERED OFFICE:

The Hawthornes

Station Road

Shipton Under Wychwood

Oxfordshire

OX7 6BQ

REGISTERED NUMBER:

05940158 (England and Wales)

ACCOUNTANTS:

Howes & Co

Chartered Certified Accountants

2b Marston House

Cromwell Business Park

Chipping Norton

Oxfordshire

OX7 5SR

FIXED ASSETS

Tangible assets

4

43,386

28,366

CURRENT ASSETS

Debtors

5

689

1,353

Cash at bank

3

2,007

692

3,360

CREDITORS

Amounts falling due within one year

6

38,581

27,090

NET CURRENT LIABILITIES

(37,889

)

(23,730

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,497

4,636

PROVISIONS FOR LIABILITIES

7

4,506

4,506

NET ASSETS

991

130

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

990

129

SHAREHOLDERS' FUNDS

991

130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 June 2018 and were signed on its behalf by:

J Lingham-Wood - Director

1.	STATUTORY INFORMATION

Footloose & Fancy Free (UK) Ltd is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires

management to exercise its judgement in the process of applying accounting policies. The areas involving a

higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the

financial statements, are disclosed in the accounting policies below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised for the provision of services when it is probable that an economic benefit will flow to the

entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when

the stage of completion can be reliably measured.

Tangible fixed assets

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

Improvements to property

-

not provided

Fixtures & Equipment

-

25% on reducing balance

Computer Equipment

-

25% on reducing balance

No depreciation is provided in respect of the improvements to property. This conflicts with the requirements of

the Companies Act 2006 that all tangible assets should be depreciated. The directors consider that, as the

property is being fully maintained and its value is not diminishing, to depreciate it would not give a true and fair

view.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Fixtures

Computer

property

& Equipment

Equipment

Totals

£

£

£

£

COST

At 1 October 2016

27,580

4,051

195

31,826

Additions

15,216

-

-

15,216

At 30 September 2017

42,796

4,051

195

47,042

DEPRECIATION

At 1 October 2016

-

3,411

49

3,460

Charge for year

-

160

36

196

At 30 September 2017

-

3,571

85

3,656

NET BOOK VALUE

At 30 September 2017

42,796

480

110

43,386

At 30 September 2016

27,580

640

146

28,366

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

689

1,353

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

463

-

PAYE & Other Taxes

-

279

Other creditors

23,735

8,735

Directors' Current Account

12,141

16,635

Accruals & Deferred Income

2,242

1,441

38,581

27,090

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred Tax

4,506

4,506

Deferred

tax

£

Balance at 1 October 2016

4,506

Balance at 30 September 2017

4,506

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

Retained

earnings

£

At 1 October 2016

129

Profit for the year

861

At 30 September 2017

990

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company is operated from J Lingham-Wood's residential property.

Household running costs are apportioned between private and business costs based on the area occupied by the

business. During the year costs totalling £4,732 (2016: £17,083) were recharged to the company for rent, rates

and light & heat.

All transactions were undertaken at arms length on normal commercial terms.

11.	FIRST YEAR ADOPTION

The adoption of FRS 102 did not have a material impact on the financial statements and it was therefore not

considered necessary to restate the comparative accounting period at the date of transition of 1 October 2015.