TLIP Limited - Period Ending 2021-03-31
TLIP Limited - Period Ending 2021-03-31
Registration number:
TLIP Limited
for the Year Ended 31 March 2021
TLIP Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
TLIP Limited
Company Information
Directors |
Mr E Nevard Mr P Lynch Miss C Mack Mr A Turnbull |
Registered office |
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Accountants |
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TLIP Limited
(Registration number: 08876859)
Balance Sheet as at 31 March 2021
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2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 March 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 profit and loss account has been taken.
Approved and authorised by the
TLIP Limited
(Registration number: 08876859)
Balance Sheet as at 31 March 2021
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TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
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.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Going concern
The financial statements have been prepared on a going concern basis. The directors are confident, despite the Covid19 pandemic, that the company will be trading for the foreseeable future due to the reasons stated in the directors report.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred 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.
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line |
Office equipment |
33.3% straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks and domains |
20% straight line |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Stocks
Costs are included as work in progress within stock to the extent that they have not been matched with contract work accounted for as revenue in the year. Amounts included in work in progress are stated at cost, including absorption of relevant overheads, after provision has been made for any foreseeable losses.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
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.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the year, was
TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
- |
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At 31 March 2020 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 April 2020 |
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- |
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Additions |
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Disposals |
( |
- |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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- |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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- |
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TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Stocks |
2021 |
2020 |
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Work in progress |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments |
18,338 |
16,304 |
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Creditors |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
12,516 |
6,423 |
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Related party transactions |
Transactions with directors |
2021 |
At 1 April 2020 |
Advances to directors |
Repayments by director |
At 31 March 2021 |
Mr A Turnbull |
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Loan with interest charged |
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( |
- |
Loan with interest charged |
- |
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- |
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60,441 |
13,492 |
(68,141) |
5,792 |
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TLIP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
9 |
Related party transactions (continued) |
2020 |
At 1 April 2019 |
Advances to directors |
At 31 March 2020 |
Mr A Turnbull |
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Loan with interest charged |
- |
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60,441 |
60,441 |
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Off-balance sheet arrangements |
Operating lease commitments
The company had total non cancellable operating lease commitments within 1 Year £26,100 (2020 2-5 years £54,000)