Twin Peaks Limited Company Accounts

TWIN PEAKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03150826

TWIN PEAKS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2017

TWIN PEAKS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

Contents	Page

Chartered accountants report to the director on the

preparation of the unaudited statutory financial statements 1

Balance sheet 2

Notes to the financial statements 3

TWIN PEAKS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TWIN PEAKS LIMITED

YEAR ENDED 30 SEPTEMBER 2017

As described on the balance sheet, the director of the company is responsible for the preparation of the financial statements for the year ended 30 September 2017, which comprise the balance sheet and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

WHEAWILL & SUDWORTH LIMITED Chartered Accountants

35 Westgate Huddersfield HD1 1PA

26 June 2018

TWIN PEAKS LIMITED

BALANCE SHEET

30 September 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	2,730	5,430

Current assets

Debtors	6	–	1,228
Cash at bank and in hand		888	107
		------------	------------
		888	1,335

Creditors: amounts falling due within one year	7	( 63,926)	( 53,484)
		------------	------------
Net current liabilities		( 63,038)	( 52,149)
		------------	------------
Total assets less current liabilities		( 60,308)	( 46,719)
		------------	------------
Net liabilities		( 60,308)	( 46,719)
		------------	------------

Capital and reserves

Called up share capital	8	2	2
Profit and loss account		( 60,310)	( 46,721)
		------------	------------
Members deficit		( 60,308)	( 46,719)
		------------	------------

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 profit and loss account has not been delivered.

For the year ending 30 September 2017 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 June 2018 , and are signed on behalf of the board by:

A Fuest
Director

Company registration number: 03150826

TWIN PEAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dolifor Barn, Ilanwrthwl, Llandrindod Wells, Powys, LD1 6NU.

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 the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Turnover

Turnover represents the value of goods sold and services provided net of value added tax.

Taxation

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.

Fixed assets

Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and 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:

	Office equipment	-	25% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Turnover

The turnover was derived from the company's principal activity which was carried out wholly within the United Kingdom.

5. Tangible assets

	Office equipment	Total
	£	£
Cost
At 1 October 2016 and 30 September 2017	31,664	31,664
	------------	------------
Depreciation
At 1 October 2016	26,234	26,234
Charge for the year	2,700	2,700
	------------	------------
At 30 September 2017	28,934	28,934
	------------	------------
Carrying amount
At 30 September 2017	2,730	2,730
	------------	------------
At 30 September 2016	5,430	5,430
	------------	------------

6. Debtors

	2017	2016
	£	£
Other debtors	–	1,228
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,942	–
Accruals and deferred income	1,000	1,000
Social security and other taxes	60	–
Director's loan account	60,924	52,484
	------------	------------
	63,926	53,484
	------------	------------

8. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	------------	------------	------------	------------

9. Related party transactions

Transactions with the director: Included within creditors is an amount of £60,924 (2016: £52,484) owed to A Fuest . The loan is unsecured, repayable on demand and currently interest free. The company is controlled by the director.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.