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Registered number: SC240957

Tangram Furnishers Limited

ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021


Tangram Furnishers Limited

ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS
J Darwell-Stone
S M Ramsay
REGISTERED OFFICE
33/37 Jeffrey Street
Edinburgh
City of Edinburgh
EH1 1DH
COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC240957
ACCOUNTANTS
Hodgson and Company
16 Barnes Green
Livingston
West Lothian
EH54 8PP

Tangram Furnishers Limited

ACCOUNTS
FOR THEYEARENDED31 DECEMBER 2021
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Tangram Furnishers Limited

BALANCE SHEET AT 31 December 2021
20212020
Notes££
FIXED ASSETS
Tangible assets414,4939,635
CURRENT ASSETS
Stock102,97082,165
Debtors6109,040101,333
Cash at bank and in hand398,417167,029
610,427350,527
CREDITORS: Amounts falling due within one year7477,840232,324
NET CURRENT ASSETS132,587118,203
TOTAL ASSETS LESS CURRENT LIABILITIES147,080127,838
CREDITORS: Amounts falling due after more than one year835,83345,833
PROVISIONS FOR LIABILITIES AND CHARGES92,1451,185
NET ASSETS109,10280,820
CAPITAL AND RESERVES
Called up share capital1022
Profit and loss account109,10080,818
SHAREHOLDERS' FUNDS109,10280,820
For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 8 September 2022 and signed on their behalf by
.............................
S M Ramsay
Director

Tangram Furnishers Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
1a. Basis Of Accounting FRS 1021 a
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The accounts have been prepared under the historical cost convention.
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Equipment 20%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.

Tangram Furnishers Limited

1f. Goodwill
Goodwill, being the amount paid in connection with the business in 2002, is being amortised evenly over its estimated useful life of ten years.
1g. Government Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually the submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
2. EMPLOYEES
20212020
No.No.
Average number of employees-6
3. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 1 January 202156,00056,000
At 31 December 202156,00056,000
Depreciation
At 1 January 202156,00056,000
At 31 December 202156,00056,000
Net Book Amounts
At 31 December 2021--

Tangram Furnishers Limited

4. TANGIBLE FIXED ASSETS
Improvement
to propertyEquipmentTotal
£££
Cost
At 1 January 202125,63858,52184,159
Additions-8,4838,483
At 31 December 202125,63867,00492,642
Depreciation
At 1 January 202125,63848,88674,524
For the year-3,6253,625
At 31 December 202125,63852,51178,149
Net Book Amounts
At 31 December 2021-14,49314,493
At 31 December 2020-9,6359,635
5. STOCK 20212020
££
Stock comprises:
Stock102,97082,165
102,97082,165
6. DEBTORS 20212020
££
Amounts falling due within one year
Trade debtors100,75682,629
Prepayments8,28418,704
109,040101,333

Tangram Furnishers Limited

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20212020
££
UK corporation tax17,40030,747
VAT27,03514,108
Social security and other taxes4,7956,842
Directors current account22
Bounce Back Loan10,0004,167
Trade creditors380,497162,962
Accrued expenses38,11113,496
477,840232,324
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20212020
££
Bounce Back Loan35,83345,833
35,83345,833
9. PROVISIONS FOR LIABILITIES 20212020
££
Deferred taxation2,1451,185
2,1451,185
10. SHARE CAPITAL 20212020
££
Allotted, issued and fully paid:
2 Ordinary of £1 each22
22