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2017-12-31
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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
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2016-10-01
2017-12-31
06920485
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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.