COMPANY REGISTRATION NUMBER:
11298624
Touch of Class (London) Ltd
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Filleted Unaudited Financial Statements
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Touch of Class (London) Ltd
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Statement of Financial Position
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30 April 2019
Fixed assets
Current assets
Debtors
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6
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36,015
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Cash at bank and in hand
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19,979
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--------
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55,994
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Creditors: amounts falling due within one year
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7
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33,830
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--------
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Net current assets
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22,164
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--------
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Total assets less current liabilities
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31,364
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Creditors: amounts falling due after more than one year
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8
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6,568
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--------
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Net assets
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24,796
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--------
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Capital and reserves
Called up share capital
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100
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Profit and loss account
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24,696
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--------
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Shareholders funds
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24,796
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--------
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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 comprehensive income has not been delivered.
For the period ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Touch of Class (London) Ltd
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Statement of Financial Position (continued)
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30 April 2019
These financial statements were approved by the
board of directors
and authorised for issue on
13 December 2019
, and are signed on behalf of the board by:
Mr S D Mascarenhas
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Director
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Company registration number:
11298624
Touch of Class (London) Ltd
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Notes to the Financial Statements
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Period from 9 April 2018 to 30 April 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Beechcroft Road, Bushey, WD23 JU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period
.
Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Plant and machinery
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-
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20% straight line
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Motor vehicles
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-
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20% straight line
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Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
3
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5.
Tangible assets
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Plant and machinery
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Motor vehicles
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Total
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£
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£
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£
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Cost
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At 9 April 2018
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–
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–
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–
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Additions
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1,500
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10,000
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11,500
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At 30 April 2019
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1,500
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10,000
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11,500
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Depreciation
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At 9 April 2018
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–
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–
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–
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Charge for the period
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300
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2,000
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2,300
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At 30 April 2019
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300
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2,000
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2,300
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Carrying amount
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At 30 April 2019
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1,200
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8,000
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9,200
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6.
Debtors
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30 Apr 19
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£
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Trade debtors
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12,360
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Other debtors
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23,655
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36,015
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--------
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7.
Creditors:
amounts falling due within one year
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30 Apr 19
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£
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Trade creditors
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8,102
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Corporation tax
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8,450
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Social security and other taxes
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13,076
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Other creditors
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4,202
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--------
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33,830
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--------
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8.
Creditors:
amounts falling due after more than one year
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30 Apr 19
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£
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Other creditors
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6,568
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9.
Director's advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102.