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COMPANY REGISTRATION NUMBER: 07812731
Thatone Limited
Filleted Unaudited Abridged Financial Statements
31 March 2022
Thatone Limited
Abridged Financial Statements
Year Ended 31 March 2022
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Thatone Limited
Abridged Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
5
75,718
39,418
Current Assets
Stocks
10,077
3,447
Debtors
41,430
2,849
Cash at bank and in hand
97,787
38,148
---------
--------
149,294
44,444
Creditors: amounts falling due within one year
88,864
95,945
---------
--------
Net Current Assets/(Liabilities)
60,430
( 51,501)
---------
--------
Total Assets Less Current Liabilities
136,148
( 12,083)
Creditors: amounts falling due after more than one year
31,667
50,000
Provisions
14,386
---------
--------
Net Assets/(Liabilities)
90,095
( 62,083)
---------
--------
Capital and Reserves
Called up share capital
6
1
1
Profit and loss account
90,094
( 62,084)
--------
--------
Shareholders Funds/(Deficit)
90,095
( 62,083)
--------
--------
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Thatone Limited
Abridged Statement of Financial Position (continued)
31 March 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 30 August 2022 , and are signed on behalf of the board by:
Mr G Sinclair
Director
Company registration number: 07812731
Thatone Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Trippet Lane, Sheffield, S1 4FG.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity. In determining the appropriate basis of preparation of the financial statements, the director is required to consider whether the company can continue in operational existence for the foreseeable future, especially considering the impact of the coronavirus (covid 19). Despite the incredibly challenging environment, the various support measures announced by the Government have given the director a reasonable expectation that the company will be able to meet its liabilities as they fall due for the foreseeable future being at least twelve months from the date of this report. It is on this basis that the director considers it appropriate to prepare the financial statements on the going concern basis .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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 .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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 in other administrative expenses .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 8 ).
5. Tangible assets
£
Cost
At 1 April 2021
118,011
Additions
83,725
Disposals
( 32,967)
---------
At 31 March 2022
168,769
---------
Depreciation
At 1 April 2021
78,593
Charge for the year
16,616
Disposals
( 2,158)
---------
At 31 March 2022
93,051
---------
Carrying amount
At 31 March 2022
75,718
---------
At 31 March 2021
39,418
---------
6. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
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