Company Registration No. 01013702 (England and Wales)
TYPHOON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
TYPHOON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TYPHOON LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,755
8,425
Current assets
Stocks
1,269,774
975,930
Debtors
4
1,060,097
1,181,556
Cash at bank and in hand
793,086
869,730
3,122,957
3,027,216
Creditors: amounts falling due within one year
5
(189,084)
(172,330)
Net current assets
2,933,873
2,854,886
Total assets less current liabilities
2,952,628
2,863,311
Provisions for liabilities
(3,564)
(363)
Net assets
2,949,064
2,862,948
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
2,948,564
2,862,448
Total equity
2,949,064
2,862,948
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TYPHOON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 June 2021 and are signed on its behalf by:
C Ying
J Chong-Monserrate
Director
Director
Company Registration No. 01013702
TYPHOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
Typhoon Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Gladstone House, 77-79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.
The company's principal place of business is Unit K, Colindale Business Park, Carlisle Road, London, NW9 0HN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director
s
ha
ve
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
Management have considered the impact of COVID-19 on operations and do not anticipate a significant impact.
Thus
t
he director
s
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods). This is usually at the point that the customer has signed for the delivery of the goods.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on cost
Computers
33% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
TYPHOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
TYPHOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
G
rants
received in the year are in relation to job retention scheme claims and are
recognised
on an accruals basis
at the fair value of the
amount
receive
d
or receivable
.
Grants are recognised in the period in which they relate to.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
7
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2019
15,536
36,405
51,941
Additions
2,928
12,564
15,492
Disposals
(11,930)
(6,000)
(17,930)
At 30 June 2020
6,534
12,564
30,405
49,503
Depreciation and impairment
At 1 July 2019
14,049
29,467
43,516
Depreciation charged in the year
755
2,094
2,313
5,162
Eliminated in respect of disposals
(11,930)
(6,000)
(17,930)
At 30 June 2020
2,874
2,094
25,780
30,748
Carrying amount
At 30 June 2020
3,660
10,470
4,625
18,755
At 30 June 2019
1,487
6,938
8,425
TYPHOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
53,561
186,083
Amounts owed by group undertakings
984,366
961,556
Other debtors
3,947
1,520
Prepayments and accrued income
18,223
32,397
1,060,097
1,181,556
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
67,010
35,305
Corporation tax
109,399
94,539
Other taxation and social security
1,347
19,361
Other creditors
571
9,032
Accruals and deferred income
10,757
14,093
189,084
172,330
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
50,000
7
Events after the reporting date
The ongoing impact of COVID-19 on the business and its environment are set out in the Accounting Policies in note 1.2.
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
984,366
961,556
Dividends paid to parent company
172,000
68,700
TYPHOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
9
Parent company
The ultimate controlling party is New Typhoon Limited, the immediate parent company of Typhoon Limited.