81STGENERATION LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08044842 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2020

for

81STGENERATION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J Walters

REGISTERED OFFICE:

24/26 Arcadia Avenue

London

N3 2JU

REGISTERED NUMBER:

08044842 (England and Wales)

ACCOUNTANTS:

Sterling Associates

Chartered Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

2,287

3,049

2,288

3,050

CURRENT ASSETS

Stocks

6

109,900

95,289

Debtors

7

4,441

17,394

Cash at bank

34,994

46,578

149,335

159,261

CREDITORS

Amounts falling due within one year

8

94,687

102,145

NET CURRENT ASSETS

54,648

57,116

TOTAL ASSETS LESS CURRENT LIABILITIES

56,936

60,166

PROVISIONS FOR LIABILITIES

109

182

NET ASSETS

56,827

59,984

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

56,826

59,983

SHAREHOLDERS' FUNDS

56,827

59,984

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2021 and were signed by:

J Walters - Director

1.	STATUTORY INFORMATION

81STGENERATION 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Stocks

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

Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

50,000

AMORTISATION

At 1 May 2019

and 30 April 2020

49,999

NET BOOK VALUE

At 30 April 2020

1

At 30 April 2019

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

and 30 April 2020

12,066

DEPRECIATION

At 1 May 2019

9,017

Charge for year

762

At 30 April 2020

9,779

NET BOOK VALUE

At 30 April 2020

2,287

At 30 April 2019

3,049

6.

STOCKS

2020

2019

£

£

Stocks

104,056

85,475

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

541

13,494

Other debtors

3,900

3,900

4,441

17,394

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

458

3,212

Taxation and social security

20,296

13,478

Other creditors

73,933

85,455

94,687

102,145

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

1

1

1

10.

RESERVES

Retained

earnings

£

At 1 May 2019

59,983

Profit for the year

48,843

Dividends

(52,000

)

At 30 April 2020

56,826

11.	ULTIMATE CONTROLLING PARTY

The controlling party is J Walters.