1st Tier Limited - Accounts to registrar (filleted)

Unaudited Financial Statements

for the Year Ended 28 February 2020

for

1st Tier Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S M P Windett

M P Windett

SECRETARY:

G Wilson

REGISTERED OFFICE:

30a Station Way

Cheam

Surrey

SM3 8SQ

REGISTERED NUMBER:

03717922 (England and Wales)

ACCOUNTANTS:

Williams & Co

Chartered Accountants

8-10 South Street

Epsom

Surrey

KT18 7PF

CURRENT ASSETS

Stocks

4

207,022

Debtors

5

213,527

58,927

Cash at bank

35,255

17,823

455,804

283,772

CREDITORS

Amounts falling due within one year

6

406,377

502,492

NET CURRENT ASSETS/(LIABILITIES)

49,427

(218,720

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

49,427

(218,720

)

CREDITORS

Amounts falling due after more than one
year

7

259,840

-

NET LIABILITIES

(210,413

)

(218,720

)

CAPITAL AND RESERVES

Called up share capital

9

2

Retained earnings

(210,415

)

(218,722

)

SHAREHOLDERS' FUNDS

(210,413

)

(218,720

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2020 and were signed on its behalf by:

M P Windett - Director

1.	STATUTORY INFORMATION

1st Tier Limited 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

STOCKS

2020

2019

£

Stocks

207,022

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Other debtors

213,527

58,927

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

VAT

18,282

15,344

Other creditors

25,000

Directors' current accounts

359,870

459,648

Deferred income

725

-

Accrued expenses

2,500

406,377

502,492

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2020

2019

£

Bank loans - 2-5 years

259,840

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

Bank loans

259,840

-

The bank loan is secured by way of a debenture and first charge over the company freehold property together with personal guarantees by the directors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

2

Ordinary shares

£1

2

1st Tier Limited - Accounts to registrar (filleted) - small 18.2

1st Tier Limited - Accounts to registrar (filleted) - small 18.2