Tim Falla Ltd - Period Ending 2019-03-31

Tim Falla Ltd - Period Ending 2019-03-31


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Registration number: 09126156

Tim Falla Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

 

Tim Falla Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 3

 

Tim Falla Ltd

(Registration number: 09126156)
Balance Sheet as at 31 March 2019

Note

2019
£

2018
£

Current assets

 

Debtors

4

56,380

30,046

Cash at bank and in hand

 

276,824

157,360

 

333,204

187,406

Creditors: Amounts falling due within one year

5

(52,063)

(36,016)

Net assets

 

281,141

151,390

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

281,140

151,389

Total equity

 

281,141

151,390

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Director's Report and the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 September 2019
 

.........................................

T P O Falla
Director

 

Tim Falla Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the director on 27 September 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the royalties earned in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in 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 income 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tim Falla Ltd

Notes to the Financial Statements for the Year Ended 31 March 2019

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2018 - 1).

4

Debtors

2019
£

2018
£

Prepayments and accrued income

56,380

30,046

5

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Director's loan account

6

143

143

Taxation and social security

 

51,236

35,273

Accruals and deferred income

 

684

600

 

52,063

36,016

6

Related party transactions

Loans from related parties

2019

Key management
£

At start and end of period

143

2018

Key management
£

At start and end of period

143

Terms of loans from related parties

The loan from key management is interest free and repayable on demand.