180 East Limited 31/12/2019 iXBRL

180 East Limited 31/12/2019 iXBRL

180 EAST LIMITED - Company Information

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Company registration number: 08808380
180 East Limited
Unaudited filleted financial statements
31 December 2019
180 East Limited
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
180 East Limited
Balance sheet
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - 3,920
Tangible assets 6 2,600 3,032
_______ _______
2,600 6,952
Current assets
Stocks 47,929 35,676
Debtors 7 53,220 19,935
Cash at bank and in hand 423,412 578,734
_______ _______
524,561 634,345
Creditors: amounts falling due
within one year 8 ( 32,146) ( 61,736)
_______ _______
Net current assets 492,415 572,609
_______ _______
Total assets less current liabilities 495,015 579,561
_______ _______
Net assets 495,015 579,561
_______ _______
Capital and reserves
Called up share capital 619 619
Share premium account 719,677 719,677
Profit and loss account ( 225,281) ( 140,735)
_______ _______
Shareholders funds 495,015 579,561
_______ _______
For the year ending 31 December 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2020 , and are signed on behalf of the board by:
Mr W Turnage
Director
Company registration number: 08808380
180 East Limited
Statement of changes in equity
Year ended 31 December 2019
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 January 2018 451 349,838 ( 52,109) 298,180
Loss for the year ( 88,626) ( 88,626)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 88,626) ( 88,626)
Issue of shares 168 369,839 370,007
_______ _______ _______ _______
Total investments by and distributions to owners 168 369,839 - 370,007
_______ _______ _______ _______
At 31 December 2018 and 1 January 2019 619 719,677 ( 140,735) 579,561
Loss for the year ( 84,546) ( 84,546)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 84,546) ( 84,546)
_______ _______ _______ _______
At 31 December 2019 619 719,677 ( 225,281) 495,015
_______ _______ _______ _______
180 East Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85 Great Portland Street, London, W1W 7LT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2019 and 31 December 2019 19,600 19,600
_______ _______
Amortisation
At 1 January 2019 15,680 15,680
Charge for the year 3,920 3,920
_______ _______
At 31 December 2019 19,600 19,600
_______ _______
Carrying amount
At 31 December 2019 - -
_______ _______
At 31 December 2018 3,920 3,920
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2019 7,443 1,091 8,534
Additions - 298 298
_______ _______ _______
At 31 December 2019 7,443 1,389 8,832
_______ _______ _______
Depreciation
At 1 January 2019 4,787 715 5,502
Charge for the year 531 199 730
_______ _______ _______
At 31 December 2019 5,318 914 6,232
_______ _______ _______
Carrying amount
At 31 December 2019 2,125 475 2,600
_______ _______ _______
At 31 December 2018 2,656 376 3,032
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 49,546 19,935
Other debtors 3,674 -
_______ _______
53,220 19,935
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 15,020 15,020
Trade creditors 9,822 24,394
Social security and other taxes - 119
Other creditors 7,304 22,203
_______ _______
32,146 61,736
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr W Turnage ( 15,380) 17,543 2,163
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr W Turnage ( 37,815) 22,435 ( 15,380)
_______ _______ _______
10. Controlling party
The company is controlled by Mr W Turnage (Director) by virtue of his shareholding.