Tim Tiley Limited - Period Ending 2021-12-31
Tim Tiley Limited - Period Ending 2021-12-31
Registration number:
Tim Tiley Limited
for the Year Ended 31 December 2021
Pages for filing with Registrar
Tim Tiley Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tim Tiley Limited
Company Information
Directors |
T F T Tiley M Tiley |
Registered office |
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Registered number |
01365677 |
Accountants |
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Tim Tiley Limited
(Registration number: 01365677)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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125,707 |
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Total equity |
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125,807 |
Tim Tiley Limited
(Registration number: 01365677)
Balance Sheet as at 31 December 2021
For the financial 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.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised for issue by the
.........................................
Director
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses are taken to profit or loss, and classified within administrative expenses.
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Land and buildings |
Over the life of the lease |
Display stands |
10% on cost |
Fixtures and fittings |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
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 comprises direct materials and, where applicable, 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.
Trade creditors
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible fixed assets |
Land and buildings |
Display stands |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 January 2021 |
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Disposals |
- |
( |
( |
- |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
- |
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- |
- |
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Eliminated on disposal |
- |
( |
( |
- |
( |
At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
- |
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- |
- |
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At 31 December 2020 |
- |
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- |
- |
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Stocks |
2021 |
2020 |
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Finished goods and goods for resale |
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Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors: amounts falling due within one year |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
570 |
7,857 |
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Creditors |
Note |
2021 |
2020 |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
397 |
331 |
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VAT |
- |
2,640 |
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Accruals |
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Directors' loan accounts |
135,989 |
117,415 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Tim Tiley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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Bank loan |
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Directors' loan accounts |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank loan |
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The bank overdraft is secured by a fixed and floating charge over all the assets of the company as well as by a personal guarantee from the director, T F T Tiley.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
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Total lease committment |
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- |