Tides Business Development Ltd - Period Ending 2018-12-31

Registration number: 08386281

Tides Business Development Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Tides Business Development Ltd

(Registration number: 08386281)
Balance Sheet as at 31 December 2018

	Note	2018  £	2017  £
Fixed assets
Tangible assets	4	2,370	-
Current assets
Debtors	5	3,995	2
Cash at bank and in hand		438	-
		4,433	2
Creditors: Amounts falling due within one year	6	(2,675)	-
Net current assets		1,758	2
Total assets less current liabilities		4,128	2
Deferred tax liabilities	7	(403)	-
Net assets		3,725	2
Capital and reserves
Called up share capital		2	2
Profit and loss account		3,723	-
Total equity		3,725	2

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2019 and signed on its behalf by:
 

N R Stewart
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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Tides Business Development Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Tides Business Development Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

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Tides Business Development Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2018  No.	2017  No.
Average number of employees	2	2

4

Tangible assets

	Office equipment £	Total £
Cost
Additions	2,832	2,832
At 31 December 2018	2,832	2,832
Depreciation
Charge for the year	462	462
At 31 December 2018	462	462
Carrying amount
At 31 December 2018	2,370	2,370

5

Debtors

	2018  £	2017  £
Trade debtors	3,066	-
Other debtors	929	2
	3,995	2

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Trade creditors		450	-
Social security and other taxes		237	-
Accrued expenses		750	-
Corporation tax liability		1,238	-
		2,675	-

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Tides Business Development Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

7

Deferred tax

Deferred tax assets and liabilities

2018	Liability £
Accelerated tax depreciation	403

8

Related party transactions

Other transactions with directors

At the balance sheet date, the directors, Mrs E R Stewart and N R Stewart, owed the company £929 (2017: £Nil). No interest was charged on the loan and it is repayable on demand.

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