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Registration number: 08343050

Tiptaft & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Tiptaft & Son Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Tiptaft & Son Limited

Company Information

Director

Mr Charlie Tiptaft

Registered office

108 Bramshot Avenue
London
SE7 7JN

Accountants

Field Sullivan Limited
70 Royal Hill
Greenwich
London
SE10 8RF

 

Tiptaft & Son Limited

Director's Report for the Year Ended 31 December 2021

The director presents his report and the financial statements for the year ended 31 December 2021.

Director of the company

The director who held office during the year was as follows:

Mr Charlie Tiptaft

Principal activity

The principal activity of the company is the provision of consultancy services

Small companies provision statement

This report has 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.

Approved and authorised by the director on 14 September 2022
 

.........................................
Mr Charlie Tiptaft
Director

 

Tiptaft & Son Limited

(Registration number: 08343050)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Cash at bank and in hand

 

7,686

20,224

Creditors: Amounts falling due within one year

6

(5,139)

(12,464)

Net assets

 

2,547

7,760

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

2,447

7,660

Shareholders' funds

 

2,547

7,760

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.

Director's 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 director acknowledges his 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 director on 14 September 2022
 

.........................................
Mr Charlie Tiptaft
Director

 

Tiptaft & Son Limited

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 England and Wales.

The address of its registered office is:
108 Bramshot Avenue
London
SE7 7JN
England

These financial statements were authorised for issue by the director on 14 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The accounts have not been prepared on a going concern basis as the company ceased trading on the 31 December 2021.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and income is recognised when the service is delivered. If the service being delivered spans the Company's year end the income is apportioned on a pro rata basis over the duration of the service.

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.

 

Tiptaft & Son Limited

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

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:

Asset class

Depreciation method and rate

Office equipment

3 year straight line basis

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Tiptaft & Son Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2021
£

2020
£

Current taxation

UK corporation tax

2,146

9,218

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,647

1,647

At 31 December 2021

1,647

1,647

Depreciation

At 1 January 2021

1,647

1,647

At 31 December 2021

1,647

1,647

Carrying amount

At 31 December 2021

-

-

 

Tiptaft & Son Limited

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

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

2,146

9,218

Accruals and deferred income

2,211

2,611

Amounts due to related parties

782

635

5,139

12,464

7

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £120.00 (2020 - £280.00) per ordinary share

 

12,000

 

28,000

         

 

Tiptaft & Son Limited

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

8

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2021
£

2020
£

Remuneration

9,000

8,956

Summary of transactions with other related parties


Charlie Tiptaft
(Director and sole shareholder)

 
During the year the director received dividends totalling £12,000 (2020: £28,000) and also incurred £2,020 (2020: £1,900) of business expenses paid personally. The director also received a salary of £9,000 (2020: £8,956). At the balance sheet date the amount due to Charlie Tiptaft was £782 (2020: £636).

 

9

COVID 19

During the year the company's activities have been significantly adversley affected by COVID - 19. Due to the company losing a significant contract at the begining of the first lockdown and this contract has yet to begin again.

10

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100