Tim Falla Ltd - Period Ending 2018-03-31

Tim Falla Ltd - Period Ending 2018-03-31


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Registration number: 09126156

Tim Falla Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Tim Falla Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 3

 

Tim Falla Ltd

(Registration number: 09126156)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Current assets

 

Debtors

4

30,046

250

Cash at bank and in hand

 

157,360

82,805

 

187,406

83,055

Creditors: Amounts falling due within one year

5

(36,016)

(17,096)

Net assets

 

151,390

65,959

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

151,389

65,958

Total equity

 

151,390

65,959

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

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 Director's Report and the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 August 2018 and signed on its behalf by:
 

.........................................

T P O Falla
Director

 

Tim Falla Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 7 August 2018.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the royalties earned in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Tim Falla Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Share capital

Ordinary shares are classified as equity. 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 1 (2017 - 1).

4

Debtors

2018
£

2017
£

Prepayments and accrued income

30,046

250

5

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Director's loan account

143

143

Taxation and social security

35,273

16,353

Accruals and deferred income

600

600

36,016

17,096