Tutch Designs Limited - Period Ending 2015-02-28

Registration number: 06676663

Tutch Designs Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

Tutch Designs Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Tutch Designs Limited
(Registration number: 06676663)
Abbreviated Balance Sheet at 28 February 2015

		Note			28 February 2015 £			28 February 2014 £
Fixed assets
Intangible fixed assets					43,101			32,129
Tangible fixed assets					5,593			-
					48,694			32,129
Current assets
Stocks					6,694			7,451
Debtors					4,342			1,200
Cash at bank and in hand					4,793			6,347
					15,829			14,998
Creditors: Amounts falling due within one year					(151,860)			(90,510)
Net current liabilities					(136,031)			(75,512)
Net liabilities					(87,337)			(43,383)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(88,337)			(44,383)
Shareholders' deficit					(87,337)			(43,383)

For the year ending 28 February 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 November 2015 and signed on its behalf by:

......................................... Dr G E Cox Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

Tutch Designs Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Intellectual property	5% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance basis
Office equipment	33.33% straight line basis

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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Tutch Designs Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2014		33,962			-			33,962
Additions		12,983			6,247			19,230
At 28 February 2015		46,945			6,247			53,192
Depreciation
At 1 March 2014		1,833			-			1,833
Charge for the year		2,011			654			2,665
At 28 February 2015		3,844			654			4,498
Net book value
At 28 February 2015		43,101			5,593			48,694
At 28 February 2014		32,129			-			32,129

3	Share capital

Allotted, called up and fully paid shares

	28 February 2015						28 February 2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

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