Tim Tiley Limited - Period Ending 2019-12-31
Tim Tiley Limited - Period Ending 2019-12-31
Registration number:
Tim Tiley Limited
for the Year Ended 31 December 2019
Pages for filing with Registrar
Tim Tiley Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tim Tiley Limited
Company Information
Directors |
T F T Tiley M Tiley |
Registered office |
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Registered number |
01365677 |
Accountants |
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Tim Tiley Limited
(Registration number: 01365677)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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137,628 |
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Total equity |
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137,728 |
Tim Tiley Limited
(Registration number: 01365677)
Balance Sheet as at 31 December 2019
For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses are taken to profit or loss, and classified within administrative expenses.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Land and buildings |
Over the life of the lease |
Display stands |
10% on cost |
Fixtures and fittings |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised at the transaction price.
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tangible fixed assets |
Land and buildings |
Display stands |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 January 2019 |
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Additions |
- |
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- |
- |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
- |
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- |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
- |
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- |
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At 31 December 2018 |
- |
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- |
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Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
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Debtors: amounts falling due within one year |
2019 |
2018 |
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Trade debtors |
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Prepayments |
6,300 |
9,323 |
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Creditors |
Note |
2019 |
2018 |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
956 |
1,651 |
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VAT |
128 |
495 |
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Accruals |
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Directors' loan accounts |
135,593 |
154,506 |
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Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Directors' loan accounts |
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The bank overdraft is secured by a fixed and floating charge over all the assets of the company as well as by a personal guarantee from the director, T F T Tiley.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
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