True Bride Limited 28/02/2021 iXBRL

True Bride Limited 28/02/2021 iXBRL

TRUE BRIDE LIMITED - Company Information

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Company registration number: 05501344
True Bride Limited
Unaudited filleted financial statements
28 February 2021
True Bride Limited
Contents
Statement of financial position
Notes to the financial statements
True Bride Limited
Statement of financial position
28 February 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 2,444 12,697
Investments 6 201 201
_______ _______
2,645 12,898
Current assets
Stocks 109,169 74,607
Debtors 7 142,585 259,009
Cash at bank and in hand 1,081,741 987,325
_______ _______
1,333,495 1,320,941
Creditors: amounts falling due
within one year 8 ( 137,295) ( 165,617)
_______ _______
Net current assets 1,196,200 1,155,324
_______ _______
Total assets less current liabilities 1,198,845 1,168,222
_______ _______
Net assets 1,198,845 1,168,222
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,198,844 1,168,221
_______ _______
Shareholders funds 1,198,845 1,168,222
_______ _______
For the year ending 28 February 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2021 , and are signed on behalf of the board by:
Mrs W S Wallis
Director
Company registration number: 05501344
True Bride Limited
Notes to the financial statements
Year ended 28 February 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 Brooklands House, 58 Marlborough Road, Lancing, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 33.33% and 50% on Cost
Motor vehicles - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2020: 12 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 29 February 2020 19,606 81,778 46,616 148,000
Additions - 1,414 - 1,414
Disposals - ( 49,236) - ( 49,236)
_______ _______ _______ _______
At 28 February 2021 19,606 33,956 46,616 100,178
_______ _______ _______ _______
Depreciation
At 29 February 2020 19,194 74,948 41,161 135,303
Charge for the year 121 6,091 5,455 11,667
Disposals - ( 49,236) - ( 49,236)
_______ _______ _______ _______
At 28 February 2021 19,315 31,803 46,616 97,734
_______ _______ _______ _______
Carrying amount
At 28 February 2021 291 2,153 - 2,444
_______ _______ _______ _______
At 28 February 2020 412 6,830 5,455 12,697
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 29 February 2020 and 28 February 2021 201 201
_______ _______
Impairment
At 29 February 2020 and 28 February 2021 - -
_______ _______
Carrying amount
At 28 February 2021 201 201
_______ _______
At 28 February 2020 201 201
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 123,679 249,865
Other debtors 18,906 9,144
_______ _______
142,585 259,009
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 50,000 -
Trade creditors 71,651 145,505
Corporation tax 8,789 2,546
Social security and other taxes - 17,566
Other creditors 6,855 -
_______ _______
137,295 165,617
_______ _______
9. Related party transactions
The company occupies premises owned by Merchant Investors 250 SIPP which owns the head lease of the property. This SIPP and the shares of the company are currently controlled by the executors of the estate of Mrs N J Flynn. The company paid rent to the SIPP fund of £28,500 (2020 - £28,500).
10. Controlling party
The company is controlled by the director W S Wallis.