Tangible Memories Ltd
Tangible Memories Ltd
Registered number: 07855161
Financial Statements
For The Year Ended
31 December 2019
Keates & Co
377-399 London Road
Camberley
Surrey
GU15 3HL
Tangible Memories Ltd
Financial Statements
For The Year Ended
31 December 2019
Financial Statements
| Contents | |
| Page | |
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| Company Information | 1 |
| Accountant's Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4—5 |
Tangible Memories Ltd
Company Information
For The Year Ended
31 December 2019
Company Information
| Director |
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| Company Number |
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| Registered Office | Shutters |
| Leigh Place | |
| Cobham | |
| Surrey | |
| KT11 2HL | |
| Accountants |
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| Camberley | |
| Surrey | |
| GU15 3HL | |
Page 1
Tangible Memories Ltd
Accountant's Report
For The Year Ended
31 December 2019
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of
Tangible Memories Ltd
For The Year Ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Tangible Memories Ltd
For The Year Ended 31 December 2019 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of
Tangible Memories Ltd
, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of
Tangible Memories Ltd
and state those matters that we have agreed to state to the director of
Tangible Memories Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Tangible Memories Ltd
and its director, as a body, for our work or for this report.
It is your duty to ensure that
Tangible Memories Ltd
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Tangible Memories Ltd
. You consider that
Tangible Memories Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Tangible Memories Ltd
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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377-399 London Road
Camberley
Surrey
GU15 3HL
Page 2
Tangible Memories Ltd
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
07855161
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.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (26,865) | (25,286) | |||
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 5 form part of these financial statements.
Page 3
Tangible Memories Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2018: 1)
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Depreciation | |||
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| Net Book Value | |||
| As at
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| As at
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Page 4
Tangible Memories Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
4.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stocks |
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5.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
( |
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6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Other loans - 2-5 years |
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| Director's loan account |
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8.
Related Party Transactions
At the balance sheet date, the company owed to director K Hodgikinson is £4,782.87 ( 2018 : £4,691.86 ).
At the balance sheet date, the loan owed to D Hodgikinson (the director's father) was £26,078.63 (2018 ;£26,078.63 ) and a loan owed to
Hirslanden Corniche Ltd ( a company owned by the director's father) of £7,300 (2018 : £7,000) .
The director of Tangible memories, Kathryn Hodgikinson is the daughter of David Hodgikinson. David Hodgikinson is the director of Hirslanden Corniche too.
9.
General Information
Tangible Memories Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
07855161
. The registered office is Shutters, Leigh Place, Cobham, Surrey, KT11 2HL.
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