Twisted F1 Limited Filleted accounts for Companies House (small and micro)

TWISTED F1 LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09488166 2021-01-01 2021-12-31 09488166 2021-12-31 09488166 2020-12-31 09488166 bus:Director1 2021-01-01 2021-12-31 09488166 core:WithinOneYear 2021-12-31 09488166 core:WithinOneYear 2020-12-31 09488166 core:ShareCapital 2021-12-31 09488166 core:ShareCapital 2020-12-31 09488166 core:RetainedEarningsAccumulatedLosses 2021-12-31 09488166 core:RetainedEarningsAccumulatedLosses 2020-12-31 09488166 bus:SmallEntities 2021-01-01 2021-12-31 09488166 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09488166 bus:FullAccounts 2021-01-01 2021-12-31 09488166 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 09488166 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 09488166

Twisted F1 Limited

Filleted Unaudited Financial Statements

31 December 2021

Twisted F1 Limited

Statement of Financial Position

31 December 2021

	2021	2020
Note	£	£

Current assets

Stocks		88,062	88,062
Debtors	4	93	3,195
Cash at bank and in hand		1	4
		--------	--------
		88,156	91,261

Creditors: amounts falling due within one year	5	88,200	91,285
		--------	--------
Net current liabilities		44	24
		----	----
Total assets less current liabilities		( 44)	( 24)
		----	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 144)	( 124)
	----	----
Shareholders deficit	( 44)	( 24)
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 September 2022 , and are signed on behalf of the board by:

Mr C Fawcett
Director

Company registration number: 09488166

Twisted F1 Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Severfield Close, Thirsk, YO7 3BY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	( 7)	3,095
Other debtors	100	100
	----	-------
	93	3,195
	----	-------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	88,062	88,062
Trade creditors	–	540
Amounts owed to group undertakings and undertakings in which the company has a participating interest	138	2,683
	--------	--------
	88,200	91,285
	--------	--------