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No description of principal activity
2019-06-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
10999081
2019-06-01
2020-05-31
10999081
2020-05-31
10999081
2018-06-01
2019-05-31
10999081
2019-05-31
10999081
bus:Director1
2019-06-01
2020-05-31
10999081
core:WithinOneYear
2020-05-31
10999081
core:WithinOneYear
2019-05-31
10999081
core:AfterOneYear
2020-05-31
10999081
core:AfterOneYear
2019-05-31
10999081
core:ShareCapital
2020-05-31
10999081
core:ShareCapital
2019-05-31
10999081
core:RetainedEarningsAccumulatedLosses
2020-05-31
10999081
core:RetainedEarningsAccumulatedLosses
2019-05-31
10999081
bus:SmallEntities
2019-06-01
2020-05-31
10999081
bus:Audited
2019-06-01
2020-05-31
10999081
bus:AbridgedAccounts
2019-06-01
2020-05-31
10999081
bus:SmallCompaniesRegimeForAccounts
2019-06-01
2020-05-31
10999081
bus:PrivateLimitedCompanyLtd
2019-06-01
2020-05-31
|
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Tang Interiors Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
10999081
|
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 MAY 2020
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 May 2020
Current assets
|
Debtors |
5 |
912,197 |
|
995,193 |
|
|
Cash at bank and in hand |
31,703 |
|
324,301 |
|
|
------------ |
|
-------------- |
|
|
943,900 |
|
1,319,494 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
726,374 |
|
1,182,480 |
|
|
------------ |
|
-------------- |
|
|
Net current assets |
|
217,526 |
|
137,014 |
|
|
------------ |
|
------------ |
|
Total assets less current liabilities |
|
217,526 |
|
137,014 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
39,272 |
|
44,007 |
|
|
------------ |
|
------------ |
|
Net assets |
|
178,254 |
|
93,007 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
100 |
|
Profit and loss account |
|
178,154 |
|
92,907 |
|
|
------------ |
|
------------ |
|
Shareholders funds |
|
178,254 |
|
93,007 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 December 2020
, and are signed on behalf of the board by:
Company registration number:
10999081
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 2020
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Colmore Tang House, Broadway, Broad Street, Birmingham, B15 1BJ.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. The stage of completion is assessed by quantity surveyors Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to Nil
(2019:
2
).
There are no employees directly employed by Tang Interiors limited. The wages costs in the accounts relate to wages recharged from the parent company Colmore Tang Construction Limited.
5.
Debtors
Debtors include amounts of £47,022 (2019: £56,425) falling due after more than one year.
6.
Summary Audit Opinion
The auditor's report for the year dated 18 December 2020 was unqualified.
The senior statutory auditor was
D J Hanby
, for and on behalf of
Langard Lifford Hall Limited
.
