Tilted Design Limited 31/12/2017 iXBRL

Tilted Design Limited 31/12/2017 iXBRL

TILTED DESIGN LIMITED - Company Information

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31/12/2017 2017-12-31 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 2016-10-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06920485 2016-10-01 2017-12-31 06920485 2017-12-31 06920485 2016-09-30 06920485 2015-10-01 2016-09-30 06920485 2016-09-30 06920485 core:LandBuildings core:ShortLeaseholdAssets 2016-10-01 2017-12-31 06920485 core:FurnitureFittingsToolsEquipment 2016-10-01 2017-12-31 06920485 core:OnerousContractsExcludingVacantProperties 2016-10-01 2017-12-31 06920485 bus:Director2 2016-10-01 2017-12-31 06920485 bus:Director1 2016-10-01 2017-12-31 06920485 core:WithinOneYear 2017-12-31 06920485 core:WithinOneYear 2016-09-30 06920485 core:LandBuildings core:ShortLeaseholdAssets 2016-09-30 06920485 core:FurnitureFittingsToolsEquipment 2016-09-30 06920485 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 06920485 core:FurnitureFittingsToolsEquipment 2017-12-31 06920485 core:AfterOneYear 2016-09-30 06920485 core:ShareCapital 2017-12-31 06920485 core:ShareCapital 2016-09-30 06920485 core:RetainedEarningsAccumulatedLosses 2017-12-31 06920485 core:RetainedEarningsAccumulatedLosses 2016-09-30 06920485 core:BetweenOneFiveYears 2016-09-30 06920485 core:LandBuildings core:ShortLeaseholdAssets 2016-09-30 06920485 core:FurnitureFittingsToolsEquipment 2016-09-30 06920485 bus:Director1 2016-09-30 06920485 bus:Director1 2017-12-31 06920485 bus:Director1 2015-09-30 06920485 bus:Director1 2016-09-30 06920485 bus:SmallEntities 2016-10-01 2017-12-31 06920485 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-12-31 06920485 bus:FullAccounts 2016-10-01 2017-12-31 06920485 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-12-31 06920485 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-12-31 06920485 core:NetworkAssets 2016-10-01 2017-12-31 06920485 core:CommunicationNetworkEquipment 2016-09-30 06920485 core:CommunicationNetworkEquipment 2017-12-31 06920485 core:WithinOneYear 2016-10-01 2017-12-31
Company registration number: 06920485
Tilted Design Limited
Unaudited filleted financial statements
31 December 2017
TILTED DESIGN LIMITED
Contents
Statement of financial position
Notes to the financial statements
TILTED DESIGN LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2017
31/12/17 30/09/16
Note £ £ £ £
Fixed assets
Tangible assets 5 20,376 37,322
_______ _______
20,376 37,322
Current assets
Stocks 81,681 86,000
Debtors 6 60,777 104,010
Cash at bank and in hand 88 105
_______ _______
142,546 190,115
Creditors: amounts falling due
within one year 7 ( 112,227) ( 113,463)
_______ _______
Net current assets 30,319 76,652
_______ _______
Total assets less current liabilities 50,695 113,974
Creditors: amounts falling due
after more than one year 8 - ( 5,556)
Provisions for liabilities ( 2,503) ( 3,723)
_______ _______
Net assets 48,192 104,695
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 48,092 104,595
_______ _______
Shareholders funds 48,192 104,695
_______ _______
For the period ending 31 December 2017 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 period 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 June 2018 , 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
PERIOD ENDED 31 DECEMBER 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 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 period amounted to 5 (2016: 6 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Website Total
£ £ £ £
Cost
At 1 October 2016 61,686 78,578 10,720 150,984
Additions - 2,258 - 2,258
_______ _______ _______ _______
At 31 December 2017 61,686 80,836 10,720 153,242
_______ _______ _______ _______
Depreciation
At 1 October 2016 36,732 66,210 10,720 113,662
Charge for the year 12,337 6,867 - 19,204
_______ _______ _______ _______
At 31 December 2017 49,069 73,077 10,720 132,866
_______ _______ _______ _______
Carrying amount
At 31 December 2017 12,617 7,759 - 20,376
_______ _______ _______ _______
At 30 September 2016 24,954 12,368 - 37,322
_______ _______ _______ _______
6. Debtors
31/12/17 30/09/16
£ £
Trade debtors 38,263 70,175
Other debtors 22,514 33,835
_______ _______
60,777 104,010
_______ _______
7. Creditors: amounts falling due within one year
31/12/17 30/09/16
£ £
Bank loans and overdrafts 24,404 52,432
Trade creditors 7,005 18,179
Accruals and deferred income 9,108 8,432
Social security and other taxes 14,091 31,384
Other creditors 57,619 3,036
_______ _______
112,227 113,463
_______ _______
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
31/12/17 30/09/16
£ £
Other creditors - 5,556
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. 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 -
Later than 1 year and not later than 5 years - 40,822
_______ _______
11. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
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)
_______ _______ _______ _______
Loans to / (from) directors at 1 January 2016 Loans to / (from) the directors Amounts repaid Balance at 31 December 2016
£ £ £ £
Directors ( 268) - - ( 268)
_______ _______ _______ _______
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2016.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the period
No transitional adjustments were required.