Company Registration No. 10539651 (England and Wales)
THINK BIG DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
THINK BIG DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THINK BIG DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,350
11,880
Current assets
Debtors
4
8,897
11,018
Cash at bank and in hand
5,828
2,417
14,725
13,435
Creditors: amounts falling due within one year
5
(36,027)
(40,900)
Net current liabilities
(21,302)
(27,465)
Total assets less current liabilities
(13,952)
(15,585)
Creditors: amounts falling due after more than one year
6
(25,355)
(34,202)
Net liabilities
(39,307)
(49,787)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(39,308)
(49,788)
Total equity
(39,307)
(49,787)
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 31 December 2018 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.
THINK BIG DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 July 2019 and are signed on its behalf by:
Mr L Lemard
Director
Company Registration No. 10539651
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Think Big Developments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
27 Old Gloucester Street, London, WC1N 3AX.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
The company has taken advantage of related party exemptions under paragraph 33.1A of FRS102 by virtue of Think Big Developments Limited being wholly owned by the parent company J&L Solutions Limited.
1.2
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
.
Turnover is recognised when goods and services are provided.
1.3
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:
Motor vehicles
20% straight line
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
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 6).
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
14,850
Disposals
(2,600)
At 31 December 2018
12,250
Depreciation and impairment
At 1 January 2018
2,970
Depreciation charged in the year
2,770
Eliminated in respect of disposals
(840)
At 31 December 2018
4,900
Carrying amount
At 31 December 2018
7,350
At 31 December 2017
11,880
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
7,228
7,311
Amounts owed by group undertakings
114
1
Other debtors
1,555
3,706
8,897
11,018
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
8,943
8,943
Trade creditors
3,543
19,590
Taxation and social security
596
1,752
Other creditors
22,945
10,615
36,027
40,900
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
18,405
25,012
Other creditors
6,950
9,190
25,355
34,202
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
0 Ordinary of £1 each
1
1