Tilted Design Limited 31/12/2018 iXBRL

Tilted Design Limited 31/12/2018 iXBRL

TILTED DESIGN LIMITED - Company Information

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31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06920485 2018-01-01 2018-12-31 06920485 2018-12-31 06920485 2017-12-31 06920485 2017-01-01 2017-12-31 06920485 2017-12-31 06920485 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 06920485 core:FurnitureFittingsToolsEquipment 2018-01-01 2018-12-31 06920485 core:OnerousContractsExcludingVacantProperties 2018-01-01 2018-12-31 06920485 bus:Director2 2018-01-01 2018-12-31 06920485 bus:Director1 2018-01-01 2018-12-31 06920485 core:WithinOneYear 2018-12-31 06920485 core:WithinOneYear 2017-12-31 06920485 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 06920485 core:FurnitureFittingsToolsEquipment 2017-12-31 06920485 core:ShareCapital 2018-12-31 06920485 core:ShareCapital 2017-12-31 06920485 core:RetainedEarningsAccumulatedLosses 2018-12-31 06920485 core:RetainedEarningsAccumulatedLosses 2017-12-31 06920485 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 06920485 core:FurnitureFittingsToolsEquipment 2017-12-31 06920485 bus:Director1 2017-12-31 06920485 bus:Director1 2018-12-31 06920485 bus:Director1 2016-12-31 06920485 bus:Director1 2017-12-31 06920485 bus:Director1 2017-01-01 2017-12-31 06920485 bus:SmallEntities 2018-01-01 2018-12-31 06920485 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 06920485 bus:FullAccounts 2018-01-01 2018-12-31 06920485 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 06920485 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 06920485 core:OtherPropertyPlantEquipment 2018-01-01 2018-12-31 06920485 core:OtherPropertyPlantEquipment 2017-12-31 06920485 core:WithinOneYear 2018-01-01 2018-12-31
Company registration number: 06920485
Tilted Design Limited
Unaudited filleted financial statements
31 December 2018
TILTED DESIGN LIMITED
Contents
Statement of financial position
Notes to the financial statements
TILTED DESIGN LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 - 20,376
_______ _______
- 20,376
Current assets
Stocks - 81,681
Debtors 6 19,171 60,777
Cash at bank and in hand 268 88
_______ _______
19,439 142,546
Creditors: amounts falling due
within one year 7 ( 76,062) ( 112,227)
_______ _______
Net current (liabilities)/assets ( 56,623) 30,319
_______ _______
Total assets less current liabilities ( 56,623) 50,695
Provisions for liabilities - ( 2,503)
_______ _______
Net (liabilities)/assets ( 56,623) 48,192
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 ( 56,723) 48,092
_______ _______
Shareholders (deficit)/funds ( 56,623) 48,192
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:
Mr D H Trivett
Director
Company registration number: 06920485
TILTED DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is that of graphic and interior design consultancy.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 31 December 2018 the company had net current liabilities. However, the financial statements have been prepared on a going concern basis. This is dependent on the continued support of the creditors to enable the company to continue trading.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goodssupplied, net of discounts and Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
Other fixed assets - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2017: 5 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Website Total
£ £ £ £
Cost
At 1 January 2018 61,686 80,836 10,720 153,242
Additions - 333 - 333
Disposals ( 61,686) ( 81,169) ( 10,720) ( 153,575)
_______ _______ _______ _______
At 31 December 2018 - - - -
_______ _______ _______ _______
Depreciation
At 1 January 2018 49,069 73,077 10,720 132,866
Disposals ( 49,069) ( 73,077) ( 10,720) ( 132,866)
_______ _______ _______ _______
At 31 December 2018 - - - -
_______ _______ _______ _______
Carrying amount
At 31 December 2018 - - - -
_______ _______ _______ _______
At 31 December 2017 12,617 7,759 - 20,376
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors - 38,263
Other debtors 19,171 22,514
_______ _______
19,171 60,777
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 25,073 24,404
Trade creditors 9,489 7,005
Accruals and deferred income 6,000 9,108
Social security and other taxes 5,941 14,091
Other creditors 29,559 57,619
_______ _______
76,062 112,227
_______ _______
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 13,150
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 January 2018 Loans to / (from) the directors Amounts repaid Balance at 31 December 2018
£ £ £ £
Directors ( 1,828) ( 6,376) - ( 8,204)
_______ _______ _______ _______
Loans to / (from) directors at 1 January 2017 Loans to / (from) the directors Amounts repaid Balance at 31 December 2017
£ £ £ £
Directors ( 268) 927 ( 2,487) ( 1,828)
_______ _______ _______ _______