| Keep Thinking Big Ltd |
| Registered number: |
08618010 |
| Statement of Financial Position |
| as at 31 December 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
334 |
|
|
446 |
|
| Current assets |
| Cash at bank and in hand |
|
|
3,324 |
|
|
8,092 |
|
| Creditors: amounts falling due within one year |
5 |
|
(49,296) |
|
|
(60,711) |
|
| Net current liabilities |
|
|
|
(45,972) |
|
|
(52,619) |
|
| Net liabilities |
|
|
|
(45,638) |
|
|
(52,173) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(45,738) |
|
|
(52,273) |
|
| Shareholders' funds |
|
|
|
(45,638) |
|
|
(52,173) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr A B Lynch |
| Director |
| Approved by the board on 25 September 2020 |
|
| Keep Thinking Big Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
|
|
|
Going concern |
|
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future.
The company's business was adversely affected by the outbreak of Covid-19 in spring 2020. Whilst the long-term effect of the virus to the business is uncertain, the director of the company considers the going concern basis to be appropriate. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
| 2 |
Exceptional items |
2019 |
|
2018 |
| £ |
£ |
|
|
Loan to Lynch Estate Agents Ltd written off |
- |
|
37,711 |
|
|
|
|
|
|
- |
|
37,711 |
|
|
|
|
|
|
|
|
|
|
Items of expenditure of exceptions size or incidence |
|
In 2018 a loan made to Lynch Estate Agents Ltd for £37,111, was written off, due to the dissolution of the company. |
|
|
| 3 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2019 |
595 |
|
At 31 December 2019 |
595 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2019 |
149 |
|
Charge for the year |
112 |
|
At 31 December 2019 |
261 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
334 |
|
At 31 December 2018 |
446 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
- |
|
553 |
|
Accruals |
1,026 |
|
978 |
|
Other creditors |
48,270 |
|
59,180 |
|
|
|
|
|
|
49,296 |
|
60,711 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Other information |
|
|
Keep Thinking Big Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
25 Farringdon Street |
|
London |
|
England |
|
EC4A 4AB |
