Company Registration No. 10539651 (England and Wales)
THINK BIG DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THINK BIG DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THINK BIG DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,288
13,256
Current assets
Debtors
5
68,488
36,021
Cash at bank and in hand
12,385
68,488
48,406
Creditors: amounts falling due within one year
6
(35,676)
(32,572)
Net current assets
32,812
15,834
Net assets
43,100
29,090
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
43,099
29,089
Total equity
43,100
29,090
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 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 23 March 2022 and are signed on its behalf by:
Mr R Jeffers
Director
Company Registration No. 10539651
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
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 subsidiary 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:
Computers
33% straight line
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
THINK BIG DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
15,698
Additions
1,782
At 31 December 2021
17,480
Depreciation and impairment
At 1 January 2021
2,442
Depreciation charged in the year
4,750
At 31 December 2021
7,192
Carrying amount
At 31 December 2021
10,288
At 31 December 2020
13,256
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
11,954
25,152
Other debtors
56,534
10,869
68,488
36,021
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
5,227
2,817
Trade creditors
478
9,776
Amounts owed to group undertakings
3,949
3,088
Corporation tax
14,606
7,433
Other taxation and social security
6,170
3,144
Other creditors
5,246
6,314
35,676
32,572