2022-06-012023-05-312023-05-31false0726548720/20 INDUSTRIES 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20/20 INDUSTRIES LTD

Registered Number
07265487
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

20/20 INDUSTRIES LTD
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

McCormack, Lee

Registered Address

Topps Business Centre
Hinde Hill Street
Heywood
OL10 1AQ

Registered Number

07265487 (England and Wales)
20/20 INDUSTRIES LTD
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets514,16416,164
Tangible assets622,97230,435
37,13646,599
Current assets
Debtors118,529111,851
Cash at bank and on hand2,67644,468
121,205156,319
Creditors amounts falling due within one year(49,238)(81,017)
Net current assets (liabilities)71,96775,302
Total assets less current liabilities109,103121,901
Creditors amounts falling due after one year(13,500)(19,500)
Provisions for liabilities(5,743)(5,783)
Net assets89,86096,618
Capital and reserves
Called up share capital49,00049,000
Profit and loss account40,86047,618
Shareholders' funds89,86096,618
The financial statements were approved and authorised for issue by the Director on 7 November 2023, and are signed on its behalf by:
McCormack, Lee
Director
Registered Company No. 07265487
20/20 INDUSTRIES LTD
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Intangible assets policy
Intangible fixed assets are stated at cost or valuation less amortisation. Amortisation provided on all tangible fixed assets at 17%.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government grants in respect of the Coronavirus Job Retention Scheme are recognised within the Income Statement on an accruals basis.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year22
5.Intangible assets

Total

£
Cost or valuation
At 01 June 2224,164
At 31 May 2324,164
Amortisation and impairment
At 01 June 228,000
Charge for year2,000
At 31 May 2310,000
Net book value
At 31 May 2314,164
At 31 May 2216,164
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 June 2256,033
At 31 May 2356,033
Depreciation and impairment
At 01 June 2225,598
Charge for year7,463
At 31 May 2333,061
Net book value
At 31 May 2322,972
At 31 May 2230,435