Viva La Tipi Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09250506

Viva La Tipi Ltd

Filleted Unaudited Financial Statements

31 October 2019

Viva La Tipi Ltd

Financial Statements

Year ended 31 October 2019

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

Viva La Tipi Ltd

Balance Sheet

31 October 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	4	31,402	13,042

Current assets

Debtors	5	9,884	5,719
Cash at bank and in hand		5,730	893
		--------	-------
		15,614	6,612

Creditors: amounts falling due within one year	6	51,800	27,615
		--------	--------
Net current liabilities		36,186	21,003
		--------	--------
Total assets less current liabilities		( 4,784)	( 7,961)

Provisions

Taxation including deferred tax	6,000	2,000
	--------	-------
Net liabilities	( 10,784)	( 9,961)
	--------	-------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 11,784)	( 10,961)
	--------	--------
Shareholders deficit	( 10,784)	( 9,961)
	--------	--------

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 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 profit and loss account has not been delivered.

For the year ending 31 October 2019 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 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 .

Viva La Tipi Ltd

Balance Sheet (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 7 September 2020 , and are signed on behalf of the board by:

Mr J L Mays-Woodhead

Director

Company registration number: 09250506

Viva La Tipi Ltd

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 29 King Street, Newcastle-under-Lyme, Staffordshire, ST5 1ER. The company registration number is 09250506 .

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the director that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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. 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 material 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

All fixed assets are initially recorded at cost.

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:

Office equipment	-	25% straight line
Plant and machinery	-	10% straight line
Equipment	-	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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

4. Tangible assets

	Office equipment	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 November 2018	453	15,114	2,450	18,017
Additions	–	22,422	–	22,422
	----	--------	-------	--------
At 31 October 2019	453	37,536	2,450	40,439
	----	--------	-------	--------
Depreciation
At 1 November 2018	340	2,778	1,857	4,975
Charge for the year	113	3,753	196	4,062
	----	--------	-------	--------
At 31 October 2019	453	6,531	2,053	9,037
	----	--------	-------	--------
Carrying amount
At 31 October 2019	–	31,005	397	31,402
	----	--------	-------	--------
At 31 October 2018	113	12,336	593	13,042
	----	--------	-------	--------

5. Debtors

	2019	2018
	£	£
Other debtors	9,884	5,719
	-------	-------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	1,915	963
Other creditors	49,885	26,652
	--------	--------
	51,800	27,615
	--------	--------