Twelve22 Design & Colour Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07655417 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TWELVE22 DESIGN & COLOUR LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr K G M Gibb

REGISTERED OFFICE:

22 Churchfield Avenue

London

N12 0NT

REGISTERED NUMBER:

07655417 (England and Wales)

ACCOUNTANTS:

ELM Partners

Chartered Certified Accountants

Southgate Office Village

286a Chase Road

Southgate

London

N14 6HF

FIXED ASSETS

Tangible assets

4

7,136

11,433

CURRENT ASSETS

Debtors

5

208

1,436

Cash at bank

78,347

81,324

78,555

82,760

CREDITORS

Amounts falling due within one year

6

9,962

14,250

NET CURRENT ASSETS

68,593

68,510

TOTAL ASSETS LESS CURRENT LIABILITIES

75,729

79,943

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

75,727

79,941

SHAREHOLDERS' FUNDS

75,729

79,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 April 2024 and were signed by:

Mr K G M Gibb - Director

1.	STATUTORY INFORMATION

Twelve22 Design & Colour Ltd 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 represents net invoiced provision of services, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Computer equipment

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2023

1,454

41,223

42,677

Additions

-

886

886

At 31 March 2024

1,454

42,109

43,563

DEPRECIATION

At 1 April 2023

1,454

29,790

31,244

Charge for year

-

5,183

5,183

At 31 March 2024

1,454

34,973

36,427

NET BOOK VALUE

At 31 March 2024

-

7,136

7,136

At 31 March 2023

-

11,433

11,433

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

1,216

Prepayments

208

220

208

1,436

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Tax

9,083

11,813

Social security and other taxes

-

83

VAT

769

797

Directors' current accounts

110

1,469

Accrued expenses

-

88

9,962

14,250

7.	RELATED PARTY DISCLOSURES

Included in "Creditors: amounts falling due within one year" is an amount of £110 (2023: £1,469) due to the director of the company, Mr K Gibb. The loan is interest free.