Company registration number 11498414 (England and Wales)
DEA TORBAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DEA TORBAY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DEA TORBAY LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,580
7,580
Tangible assets
4
2,923
4,337
9,503
11,917
Current assets
Debtors
5
14,219
32,809
Cash at bank and in hand
23,140
19,637
37,359
52,446
Creditors: amounts falling due within one year
6
(15,686)
(18,500)
Net current assets
21,673
33,946
Total assets less current liabilities
31,176
45,863
Creditors: amounts falling due after more than one year
7
(8,833)
Provisions for liabilities
(555)
(824)
Net assets
30,621
36,206
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
30,619
36,204
Total equity
30,621
36,206
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 December 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 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.
DEA TORBAY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr A D Coleman
Mrs S Coleman
Director
Director
Company Registration No. 11498414
DEA TORBAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
DEA Torbay Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Steam Shop, Pottery Road, Bovey Tracey, Devon, TQ13 9TZ.
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. The principal accounting policies adopted are set out below.
1.2
Reporting period
The previous accounting period had been extended by 5 months to 31 December 2020. These financial statements reflect a 12 month period and therefore the results are not directly comparable to those of the period ended 31 December 2020.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade and settlement discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% per annum on cost.
Computers
33% per annum on cost.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DEA TORBAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
10,000
Amortisation and impairment
At 1 January 2021
2,420
Amortisation charged for the year
1,000
At 31 December 2021
3,420
Carrying amount
At 31 December 2021
6,580
At 31 December 2020
7,580
DEA TORBAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
6,939
Additions
530
At 31 December 2021
7,469
Depreciation
At 1 January 2021
2,602
Depreciation charged in the year
1,944
At 31 December 2021
4,546
Carrying amount
At 31 December 2021
2,923
At 31 December 2020
4,337
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,075
Other debtors
13,144
32,809
14,219
32,809
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
1,167
Taxation and social security
6,428
8,463
Other creditors
9,258
8,870
15,686
18,500
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
8,833
DEA TORBAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
2
2
2
2
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
32,809
19,017
418
(39,100)
13,144
32,809
19,017
418
(39,100)
13,144
The advances are unsecured and repayable on demand.