ACCOUNTS - Final Accounts preparation

TUILCEAN LTD - Company Information

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Registered number: 10917838

TUILCEAN LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2019

TUILCEAN LTD

REGISTERED NUMBER: 10917838

BALANCE SHEET

AS AT 31 AUGUST 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets		663		884
		663		884
Current assets
Debtors: amounts falling due within one year	-		6,750
Cash at bank and in hand	5,213		21,026
	5,213		27,776
Creditors: amounts falling due within one year	(2,532)		(11,313)
Net current assets		2,681		16,463
Total assets less current liabilities		3,344		17,347

Net assets		3,344		17,347

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TUILCEAN LTD

REGISTERED NUMBER: 10917838

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2019

	2019	2018
Note	£	£

Capital and reserves
Called up share capital	1	1
Profit and loss account	3,343	17,346
	3,344	17,347

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2019.

Aileen Morrison

Director

The notes on pages 3 to 7 form part of these financial statements.

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TUILCEAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

1.	General information

Tuilcean Ltd
Company registration 10917838 incorporated in England and Wales. A private company limited by shares.
Company registered office address:
32 Walter Bigg Way
Wallingford
OX10 8FB
United Kingdom
Providing management consultancy services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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TUILCEAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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TUILCEAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

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TUILCEAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 September 2018	1,179
	At 31 August 2019	1,179
	Depreciation
	At 1 September 2018	295
	Charge for the year on owned assets	221
	At 31 August 2019	516
	Net book value
	At 31 August 2019	663

Debtors

					2019	2018
					£	£


Trade debtors	-	6,750
	-	6,750

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	5,213	21,026
	5,213	21,026

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TUILCEAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	13	(69)
Corporation tax	237	9,856
Other creditors	1,832	26
Accruals and deferred income	450	1,500
	2,532	11,313

8.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	5,213	21,026

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £800 (2018: £Nil). Contributions totalling £Nil (2018: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

10.	Related party transactions
	At the balance sheet date, the company owed the Director £1,832 (2018: £26). The amount is unsecured, is interest free and disclosed within other creditors falling due within one year.

11.	Controlling party

The company is controlled by the director by virtue of their shareholding.

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