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Registration number: 10369386

Total Party Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Total Party Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Total Party Ltd

Company Information

Directors

Greg Brown

Rachel Brown

Registered office

Unit 2a
Nutsey Lane
Totton
Southampton
Hampshire
SO40 3NB

Accountants

Xebra Accounting
5a The Gardens
Fareham
Hampshire
PO16 8SS

 

Total Party Ltd

(Registration number: 10369386)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

35,000

35,000

Tangible assets

5

260,022

39,081

 

295,022

74,081

Current assets

 

Stocks

6

1,236,839

531,626

Debtors

7

80,027

15,544

Cash at bank and in hand

 

311,933

556,331

 

1,628,799

1,103,501

Creditors: Amounts falling due within one year

8

(771,364)

(482,472)

Net current assets

 

857,435

621,029

Total assets less current liabilities

 

1,152,457

695,110

Creditors: Amounts falling due after more than one year

8

-

(50,000)

Provisions for liabilities

(58,285)

-

Net assets

 

1,094,172

645,110

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

1,094,072

645,010

Shareholders' funds

 

1,094,172

645,110

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 August 2022 and signed on its behalf by:
 

 

Total Party Ltd

(Registration number: 10369386)
Balance Sheet as at 31 December 2021

.........................................
Greg Brown
Director

.........................................
Rachel Brown
Director

 

Total Party Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 2a
Nutsey Lane
Totton
Southampton
Hampshire
SO40 3NB
England

These financial statements were authorised for issue by the Board on 5 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Total Party Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Asset class

Depreciation method and rate

Furniture and Fixture

33% Straight Line

Office Equipment

33% Straight Line

Leasehold improvements

Straight Line over useful life of asset

Plant and Equipment

20% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% SL Over 10 Years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost net realisable value, after making due allowances for obsolete and clow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2020 - 28).

 

Total Party Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

50,000

50,000

At 31 December 2021

50,000

50,000

Amortisation

At 1 January 2021

15,000

15,000

At 31 December 2021

15,000

15,000

Carrying amount

At 31 December 2021

35,000

35,000

At 31 December 2020

35,000

35,000

5

Tangible assets

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Cost or valuation

At 1 January 2021

-

-

55,868

36,972

Additions

14,397

198,491

47,828

8,708

At 31 December 2021

14,397

198,491

103,696

45,680

Depreciation

At 1 January 2021

-

-

15,236

19,818

Charge for the year

-

25,833

27,872

13,483

At 31 December 2021

-

25,833

43,108

33,301

Carrying amount

At 31 December 2021

14,397

172,658

60,588

12,379

At 31 December 2020

-

-

21,927

17,154

 

Total Party Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Total
£

Cost or valuation

At 1 January 2021

92,840

Additions

269,424

At 31 December 2021

362,264

Depreciation

At 1 January 2021

35,054

Charge for the year

67,188

At 31 December 2021

102,242

Carrying amount

At 31 December 2021

260,022

At 31 December 2020

39,081

Included within the net book value of land and buildings above is £14,397 (2020 - £Nil) in respect of long leasehold land and buildings and £172,658 (2020 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2021
£

2020
£

Finished goods and goods for resale

1,236,839

531,626

7

Debtors

2021
£

2020
£

Trade debtors

-

1,351

Prepayments

80,027

14,193

80,027

15,544

 

Total Party Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

-

(1)

Trade creditors

 

359,007

250,688

Taxation and social security

 

402,694

223,205

Other creditors

 

9,663

8,580

 

771,364

482,472

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

-

50,000

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Share Issue of £1 each

100

100

100

100