FEAR OF TOAST LIMITED
FEAR OF TOAST LIMITED
Company No:
FEAR OF TOAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 MAY 2022
PAGES FOR FILING WITH THE REGISTRAR
FOR THE FINANCIAL YEAR ENDED 30 MAY 2022
PAGES FOR FILING WITH THE REGISTRAR
UNAUDITED FINANCIAL STATEMENTS
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2022 | 2021 | ||
£ | £ | |||
Restated - note 2 | ||||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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44,208 | 23,287 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 36,897 | 20,781 | ||
Total assets less current liabilities | 36,897 | 20,781 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.
The financial statements of Fear Of Toast Limited (registered number:
Martin John Harley
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
Fear Of Toast Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 83 Grampian Road, Torry, Aberdeen, AB11 8ED, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Going concern
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £63,287 (2021 - £31,659).
The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Prior year error
Payroll costs were incorrectly included in the previous years financial statements. Further details of the affected balances are provided at note 2 to the financial statements.
Turnover
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Employee benefits
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Fixtures and fittings |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Cash and cash equivalents
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2. Prior year adjustment
The financial statements to 30 May 2021 have been restated to remove payroll costs which had been incorrectly included and has resulted in the following adjustments:
As previously reported | Adjustment | As restated | ||||
Year ended 30 May 2021 | £ | £ | £ | |||
Debtors - Other debtors | 0 | 4,825 | 4,825 | |||
Creditors: amounts falling due within one year - Other creditors | 47,945 | (45,661) | 2,284 | |||
Director's salary | (47,013) | 47,013 | 0 | |||
Director's employers NI | (5,427) | 5,427 | 0 |
3. Employees
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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4. Tangible assets
Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 31 May 2021 |
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Disposals | (
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At 30 May 2022 |
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Accumulated depreciation | |||||
At 31 May 2021 |
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Disposals | (
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At 30 May 2022 |
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Net book value | |||||
At 30 May 2022 |
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At 30 May 2021 |
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5. Debtors
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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6. Cash and cash equivalents
2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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7. Creditors: amounts falling due within one year
2022 | 2021 | ||
£ | £ | ||
Corporation tax |
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Other taxation and social security |
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Other creditors |
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8. Called-up share capital
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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9. Related party transactions
Transactions with the entity's director
2022 | 2021 | ||
£ | £ | ||
Amounts due to the company from the director | 6,477 | 0 | |
Amounts due from the company to the director | 0 | 126 |
The loan is interest free and is repayable upon demand.