Tutch Designs Limited - Period Ending 2020-02-29

Tutch Designs Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Tutch Designs Limited

(Registration number: 06676663)
Statement of Financial Position as at 29 February 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	28,836	31,183
Tangible assets	5	1,715	2,144
		30,551	33,327
Current assets
Stocks		9,825	10,585
Debtors	6	2,152	694
Cash at bank and in hand		1,188	817
		13,165	12,096
Creditors: Amounts falling due within one year	7	(194,522)	(191,473)
Net current liabilities		(181,357)	(179,377)
Net liabilities		(150,806)	(146,050)
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		(151,806)	(147,050)
Shareholders' deficit		(150,806)	(146,050)

Tutch Designs Limited

(Registration number: 06676663)
Statement of Financial Position as at 29 February 2020

For the financial year ending 29 February 2020 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 accounts for the year in question in accordance with section 476; and
•	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 Income Statement has been taken.

Approved and authorised by the Board on 19 February 2021 and signed on its behalf by:
 

.........................................

Dr G E Cox
Director

Tutch Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE
United Kingdom

These financial statements were authorised for issue by the Board on 19 February 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with FRS102 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.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses, will, likely, decrease as a result which will help to mitigate the impact on profits. The company has received assurances from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tutch Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance basis
Office equipment	33.33% straight line basis

Intangible assets

Separately acquired intangible assets are shown at historical cost.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Intellectual property	5% straight line basis

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 and work in progress comprises direct materials and, where applicable, direct labour costs and 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the statement of financial position. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Tutch Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

4	Intangible assets

	Intellectual Property £	Total £
Cost or valuation
At 1 March 2019	46,945	46,945
At 29 February 2020	46,945	46,945
Amortisation
At 1 March 2019	15,762	15,762
Amortisation charge	2,347	2,347
At 29 February 2020	18,109	18,109
Carrying amount
At 29 February 2020	28,836	28,836
At 28 February 2019	31,183	31,183

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2019	7,980	7,980
At 29 February 2020	7,980	7,980
Depreciation
At 1 March 2019	5,836	5,836
Charge for the year	429	429
At 29 February 2020	6,265	6,265
Carrying amount
At 29 February 2020	1,715	1,715
At 28 February 2019	2,144	2,144

Tutch Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2020

6

Debtors

	2020 £	2019 £
Prepayments	1,762	-
Other debtors	390	694
	2,152	694

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	133	1,220
Accruals and deferred income	1,075	1,100
Other creditors	193,314	189,153
	194,522	191,473