Twist & Shout Advertising and Communications Limited Filleted accounts for Companies House (small and micro)

TWIST & SHOUT ADVERTISING AND COMMUNICATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07682187

Twist & Shout Advertising and Communications Limited

Filleted Unaudited Financial Statements

30 June 2021

Twist & Shout Advertising and Communications Limited

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		17,963	6,402

Current assets

Debtors	7	245,066	206,655
Cash at bank and in hand		80,178	103,696
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
		325,244	310,351

Creditors: amounts falling due within one year	8	182,396		118,061
		ÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄ
Net current assets			142,848	192,290
			ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			160,811	198,692

Creditors: amounts falling due after more than one year	9		156,667	196,667

Provisions

Taxation including deferred tax	3,234	597
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Net assets	910	1,428
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

Twist & Shout Advertising and Communications Limited

Statement of Financial Position (continued)

30 June 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital		850	850
Capital redemption reserve	10	150	150
Profit and loss account	10	( 90)	428
		ÄÄÄÄ	ÄÄÄÄÄÄÄ
Shareholders funds		910	1,428
		ÍÍÍÍ	ÍÍÍÍÍÍÍ

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 comprehensive income has not been delivered.

For the year ending 30 June 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 were approved by the board of directors and authorised for issue on 4 January 2022 , and are signed on behalf of the board by:

Mr R J Belbin

Director

Company registration number: 07682187

Twist & Shout Advertising and Communications Limited

Notes to the Financial Statements

Year ended 30 June 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 Tallford House, 38 Walliscote Road, Weston-super-Mare, Somerset, BS23 1LP, United Kingdom. The trading address is The Set, Bath Road Studios, 470 Bath Road, Arnos Vale, Bristol, BS4 3HG. The principle activity of the company during the year was advertising and communications.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Straight line over 5 years
Patents, trademarks and licences	-	Straight line over 4 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Fixtures and fittings	-	Straight line over 4 years
Computer equipment	-	`Straight line over 3 years`

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 13 ).

5. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 July 2020 and 30 June 2021	50,000	10,834	60,834
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Amortisation
At 1 July 2020 and 30 June 2021	50,000	10,834	60,834
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Carrying amount
At 30 June 2021	–	–	–
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
At 30 June 2020	–	–	–
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2020	6,796	47,894	54,690
Additions	119	18,943	19,062
	ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
At 30 June 2021	6,915	66,837	73,752
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Depreciation
At 1 July 2020	5,692	42,596	48,288
Charge for the year	335	7,166	7,501
	ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
At 30 June 2021	6,027	49,762	55,789
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Carrying amount
At 30 June 2021	888	17,075	17,963
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
At 30 June 2020	1,104	5,298	6,402
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

7. Debtors

	2021	2020
	£	£
Trade debtors	101,661	83,735
Other debtors	143,405	122,920
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	245,066	206,655
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	40,000	3,333
Trade creditors	46,676	26,353
Social security and other taxes	44,487	42,964
Other creditors	51,233	45,411
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	182,396	118,061
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

The finance lease liabilities of £1,438 (2020 - £4,013) included in current liabilities are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	156,667	196,667
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £36,667) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	–	3,081
Later than 1 year and not later than 5 years	37,936	–
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄ
	37,936	3,081
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12. Events after the end of the reporting period

Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that as at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.

13. Directors ' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Directors	107,596	108,850	( 107,596)	108,850
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Directors	–	107,596	–	107,596
	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ