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COMPANY REGISTRATION NUMBER: 06847239
Twelvebaskets Limited
Unaudited Financial Statements
For the year ended
28 February 2023
Twelvebaskets Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
6
Twelvebaskets Limited
Directors' Report
Year ended 28 February 2023
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2023 .
Directors
The directors who served the company during the year were as follows:
P Grewcock
W Grewcock
R Harris
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 November 2023 and signed on behalf of the board by:
P Grewcock
Director
Registered office:
1 Pebble Lane
Budleigh Salterton
Devon
England
EX9 6NN
Twelvebaskets Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Twelvebaskets Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Twelvebaskets Limited for the year ended 28 February 2023, which comprise the profit and loss account, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Twelvebaskets Limited, as a body, in accordance with the terms of our engagement letter dated 14 January 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Twelvebaskets Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twelvebaskets Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Twelvebaskets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Twelvebaskets Limited. You consider that Twelvebaskets Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Twelvebaskets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
VOGAN ACCOUNTANCY LIMITED Chartered accountants
2 Chancery Lane Wakefield West Yorkshire WF1 2SS
28 November 2023
Twelvebaskets Limited
Profit and Loss Account
Year ended 28 February 2023
2023
2022
Note
£
£
Turnover
55,716
51,114
Cost of sales
9,858
11,600
--------
--------
Gross profit
45,858
39,514
Administrative expenses
39,642
37,183
Other operating income
5,000
--------
--------
Operating profit
6,216
7,331
Other interest receivable and similar income
59
2
--------
--------
Profit before taxation
5
6,275
7,333
Tax on profit
988
1,377
-------
-------
Profit for the financial year and total comprehensive income
5,287
5,956
-------
-------
Dividends paid and payable
( 6,000)
( 6,000)
Retained earnings at the start of the year
5,642
5,686
-------
-------
Retained earnings at the end of the year
4,929
5,642
-------
-------
All the activities of the company are from continuing operations.
Twelvebaskets Limited
Balance Sheet
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
4,641
4,497
Current assets
Debtors
8
878
793
Cash at bank and in hand
11,185
13,655
--------
--------
12,063
14,448
Creditors: amounts falling due within one year
9
10,890
12,445
--------
--------
Net current assets
1,173
2,003
-------
-------
Total assets less current liabilities
5,814
6,500
Provisions
Taxation including deferred tax
881
854
-------
-------
Net assets
4,933
5,646
-------
-------
Capital and reserves
Called up share capital
3
3
Capital redemption reserve
1
1
Profit and loss account
4,929
5,642
-------
-------
Shareholders funds
4,933
5,646
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Twelvebaskets Limited
Balance Sheet (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
P Grewcock
Director
Company registration number: 06847239
Twelvebaskets Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Pebble Lane, Budleigh Salterton, Devon, EX9 6NN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity. Monetary amounts included in the financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the sales value (excluding VAT) of goods supplied and work done in the year under contracts to supply goods and services to third parties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
16% straight line
Development costs
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
The directors have reviewed the rate of depreciation used in prior years and have decided that it needs to be adjusted. As a result of the change the depreciation charge for the year has been increased by £2,759 and the profit before tax for the year has reduced by the same amount.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
3,434
753
-------
----
6. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
37,600
15,937
53,537
--------
--------
--------
Amortisation
At 1 March 2022 and 28 February 2023
37,600
15,937
53,537
--------
--------
--------
Carrying amount
At 28 February 2023
--------
--------
--------
At 28 February 2022
--------
--------
--------
7. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2022
16,569
16,569
Additions
3,578
3,578
--------
--------
At 28 February 2023
20,147
20,147
--------
--------
Depreciation
At 1 March 2022
12,072
12,072
Charge for the year
3,434
3,434
--------
--------
At 28 February 2023
15,506
15,506
--------
--------
Carrying amount
At 28 February 2023
4,641
4,641
--------
--------
At 28 February 2022
4,497
4,497
--------
--------
8. Debtors
2023
2022
£
£
Trade debtors
823
793
Other debtors
55
----
----
878
793
----
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
961
1,467
Other creditors
9,929
10,978
--------
--------
10,890
12,445
--------
--------
Included in " Other Creditors: Amounts falling due within one year" are the following balances due to the directors : W Grewcock Nil (2022: £2) P Grewcock £2 (2022: £2) R Harris £2 (2022: £2) The balances are unsecured, interest free and repayable on demand.
10. Directors' advances, credits and guarantees
Included in "Other debtors" (note 8) is an amount of £55 (2022: Nil) due from W Grewcock. The balance is unsecured, interest free and repayable on demand.