Orange Balloon Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09278545 (England and Wales)

ORANGE BALLOON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs S J Penney

REGISTERED OFFICE:

Station House

North Street

Havant

Hampshire

PO9 1QU

REGISTERED NUMBER:

09278545 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

4

-

3,675

Tangible assets

5

936

427

936

4,102

CURRENT ASSETS

Stocks

-

8,890

Debtors

6

1,052

722

Cash at bank

7,130

6,252

8,182

15,864

CREDITORS

Amounts falling due within one year

7

57,863

53,320

NET CURRENT LIABILITIES

(49,681

)

(37,456

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(48,745

)

(33,354

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(48,747

)

(33,356

)

SHAREHOLDERS' FUNDS

(48,745

)

(33,354

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 5 October 2020 and were signed by:

Mrs S J Penney - Director

1.	STATUTORY INFORMATION

Orange Balloon 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 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 derived from ordinary activities, stated net of Value Added Tax. The revenue is recognised

at the point when the company satisfies a performance obligation to a customer as agreed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fee are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other

short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are

shown within borrowings or current liabilities.

Trade and other creditors

Short term trade 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

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.

Going concern

The company has the continued financial support of its director Mrs S J Penney, who has agreed not

to request repayment of her loan until the company has the funds available. On this basis the director

of Orange Balloon Limited considers it appropriate to prepare accounts on the going concern basis.

The financial statements do not include any adjustments that would result in the company suffering

further trading losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2018

7,000

Disposals

(7,000

)

At 31 October 2019

-

AMORTISATION

At 1 November 2018

3,325

Charge for year

583

Eliminated on disposal

(3,908

)

At 31 October 2019

-

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

3,675

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

641

Additions

1,083

At 31 October 2019

1,724

DEPRECIATION

At 1 November 2018

214

Charge for year

574

At 31 October 2019

788

NET BOOK VALUE

At 31 October 2019

936

At 31 October 2018

427

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

1,052

722

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1

-

Other creditors

57,862

53,320

57,863

53,320