TT Luxury Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 13096060 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

TT LUXURY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Arron William Honzik

Grant Andrew Honzik

REGISTERED OFFICE:

Acklam Hall Office 12

Hall Drive

Acklam

Middlesbrough

TS5 7DY

REGISTERED NUMBER:

13096060 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

Lawrence House

James Nicolson Link

Clifton Moor

York

North Yorkshire

YO30 4WG

FIXED ASSETS

Tangible assets

4

20,229

13,775

CURRENT ASSETS

Stocks

5

278,490

184,040

Debtors

6

2,170

2,000

Cash at bank and in hand

134,954

153,976

415,614

340,016

CREDITORS

Amounts falling due within one year

7

200,599

351,162

NET CURRENT ASSETS/(LIABILITIES)

215,015

(11,146

)

TOTAL ASSETS LESS CURRENT LIABILITIES

235,244

2,629

PROVISIONS FOR LIABILITIES

3,844

2,617

NET ASSETS

231,400

12

CAPITAL AND RESERVES

Called up share capital

100

1

Profit and loss account

231,300

11

SHAREHOLDERS' FUNDS

231,400

12

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2023 and were signed on its behalf by:

Arron William Honzik - Director

1.	STATUTORY INFORMATION

TT Luxury Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

INCOME RECOGNITION

Income is recognised when goods and services have been delivered to customers such that the risks and rewards of ownership have transferred to them.

OPERATING LEASES

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the lease period on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2022

2,997

11,250

14,247

Additions

13,197

-

13,197

At 31 December 2022

16,194

11,250

27,444

DEPRECIATION

At 1 January 2022

472

-

472

Charge for year

3,930

2,813

6,743

At 31 December 2022

4,402

2,813

7,215

NET BOOK VALUE

At 31 December 2022

11,792

8,437

20,229

At 31 December 2021

2,525

11,250

13,775

5.

STOCKS

2022

2021

£

£

Stocks

278,490

184,040

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

170

-

Prepayments and accrued income

2,000

2,000

2,170

2,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,172

35,320

Tax

66,378

9,711

Social security and other taxes

-

3,506

VAT

14,215

15,008

Other creditors

1,741

2,650

Directors' current accounts

114,093

282,967

Accrued expenses

2,000

2,000

200,599

351,162

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £269. Contributions totalling £628 were payable to the fund at the year end and are included in creditors.

9.	OTHER FINANCIAL COMMITMENTS

The company has a lease for it's operating premises to 17 November 2022. The company paid rent of £21,216 during the year. Due to be paid next year is £21,216.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2022 and the period ended 31 December 2021:

2022

2021

£

£

Arron William Honzik

Balance outstanding at start of year

(282,967

)

-

Amounts advanced

198,874

-

Amounts repaid

(30,000

)

(282,967

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(114,093

)

(282,967

)

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Arron William Honzik.