Company Registration No. SC418876 (Scotland)
BIG THUMB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
BIG THUMB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BIG THUMB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,671
15,161
Current assets
Debtors
3
6,333
1,595
Cash at bank and in hand
38,790
50,878
45,123
52,473
Creditors: amounts falling due within one year
4
(7,175)
(13,243)
Net current assets
37,948
39,230
Total assets less current liabilities
49,619
54,391
Provisions for liabilities
(1,984)
(2,534)
Net assets
47,635
51,857
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
47,633
51,855
Total equity
47,635
51,857
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 March 2019 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.
BIG THUMB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 June 2019 and are signed on its behalf by:
Mr B Burnett
Mr J Brown
Director
Director
Company Registration No. SC418876
BIG THUMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Big Thumb Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Titanium 1, King's Inch Place, Renfrew, PA4 8WF.
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
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales services.
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:
Plant and equipment
25% reducing balance
Computers
33.33% on cost
Motor vehicles
25% reducing balance
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BIG THUMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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.
2
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2018
2,327
8,856
18,890
30,073
Additions
-
449
-
449
At 31 March 2019
2,327
9,305
18,890
30,522
Depreciation and impairment
At 1 April 2018
1,333
8,856
4,723
14,912
Depreciation charged in the year
249
148
3,542
3,939
At 31 March 2019
1,582
9,004
8,265
18,851
Carrying amount
At 31 March 2019
745
301
10,625
11,671
At 31 March 2018
994
-
14,167
15,161
BIG THUMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
1,595
Other debtors
6,333
-
6,333
1,595
4
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
5,704
262
Other taxation and social security
-
7,593
Other creditors
1,471
5,388
7,175
13,243
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Oridnary B of £1 each
1
1
2
2
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2019
2018
£
£
Dividends to directors
26,000
29,000
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Key management personnel
8
3,654
BIG THUMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
6
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Key management personnel
6,333
-
The amounts are unsecured, interest free and repayable on demand.