Company Registration No. 03515515 (England and Wales)
TALLSAND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
TALLSAND LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TALLSAND LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,428
3,036
Investments
4
37,653
37,653
40,081
40,689
Current assets
Stocks
718,617
1,076,484
Debtors
5
1,158,248
1,571,299
Cash at bank and in hand
52,917
177,459
1,929,782
2,825,242
Creditors: amounts falling due within one year
6
(2,914,618)
(2,869,813)
Net current liabilities
(984,836)
(44,571)
Total assets less current liabilities
(944,755)
(3,882)
Creditors: amounts falling due after more than one year
7
(439,000)
Net liabilities
(944,755)
(442,882)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(944,765)
(442,892)
Total equity
(944,755)
(442,882)
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 30 June 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.
The member has 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.
TALLSAND LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
J Schuman
Director
Company Registration No. 03515515
TALLSAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Tallsand Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. The outbreak has caused little disruption to the company’s business to date. The directors considers it unlikely that a prolonged outbreak will cause significant disruption. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. The directors, who are also shareholders of the company, have confirmed that themselves and the group provide ongoing support to the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover is recognised when the fair value of the consideration received or receivable for properties sold, with contracts exchanged and the transaction completed in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% on reducing balance
Motor vehicles
20% on reducing balance
1.5
Fixed asset investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Fixed assets in the form of equity investments for which there is no quoted market are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. If there is an objective evidence that an impairment loss on a financial asset classed as an investment has been incurred, then the Company measures the amount of loss as the difference.
1.6
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.
TALLSAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
TALLSAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants, which include amounts received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
3
3
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2020 and 30 June 2021
12,164
3,500
15,664
Depreciation and impairment
At 1 July 2020
9,328
3,300
12,628
Depreciation charged in the year
568
40
608
At 30 June 2021
9,896
3,340
13,236
Carrying amount
At 30 June 2021
2,268
160
2,428
At 30 June 2020
2,836
200
3,036
4
Fixed asset investments
2021
2020
£
£
Other investments other than loans
37,653
37,653
TALLSAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2020 & 30 June 2021
37,653
Carrying amount
At 30 June 2021
37,653
At 30 June 2020
37,653
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
61,909
62,109
Other debtors
1,096,339
1,509,190
1,158,248
1,571,299
Included in other debtors is an amount of £23,979 (2020: £190,491) due from the directors of the company and it is repayable on demand.
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
6,224
Taxation and social security
6,973
3,947
Other creditors
2,896,861
2,865,866
Accruals and deferred income
4,560
2,914,618
2,869,813
Included in other creditors is an amount of £Nil (2020: £183,302) due to the directors of the company and it is payable on demand.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
439,000
TALLSAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10