Company Registration No. 04148677 (England and Wales)
Targetplace Limited
Unaudited accounts
for the year ended 31 March 2023
Targetplace Limited
Unaudited accounts
Contents
Targetplace Limited
Company Information
for the year ended 31 March 2023
Company Number
04148677 (England and Wales)
Registered Office
120 Collinwoood Gardens
Gants Hill
Ilford
Essex
IG5 0AL
United Kingdom
Accountants
Barrie D H Abrahams
120 Collinwood Gardens
Gants Hill
Ilford
Essex
IG5 0AL
Targetplace Limited
Statement of financial position
as at 31 March 2023
Investments
732,778
586,116
Cash at bank and in hand
114,962
317,851
Creditors: amounts falling due within one year
(12,780)
(11,280)
Net current assets
102,182
306,571
Net assets
834,960
892,687
Called up share capital
99
99
Profit and loss account
834,861
892,588
Shareholders' funds
834,960
892,687
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 December 2023 and were signed on its behalf by
Elyahu Goldstein
Director
Company Registration No. 04148677
Targetplace Limited
Notes to the Accounts
for the year ended 31 March 2023
Targetplace Limited is a private company, limited by shares, registered in England and Wales, registration number 04148677. The registered office is 120 Collinwoood Gardens, Gants Hill, Ilford, Essex, IG5 0AL, United Kingdom.
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Compliance with accounting standards
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. There were no material departures from that standard.
The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in compliance with FRS102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. The principal accounting policies adopted are set out below.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling , which is the functional currency of the company.
Monetary amounts in these accounts are rounded to the nearest £.n
Transactions i other currencies are recorded at the prevailing rate of exchange on the date of the transaction.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the rendering of services. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Targetplace Limited
Notes to the Accounts
for the year ended 31 March 2023
Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.
Financial liabilities are measured initially at transaction price and subsequently at amortised cost.
Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.
Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
of the timing difference.
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.
The company is not registered for value added tax. All expenditure is stated inclusive of value added tax. The company has no income subject to VAT.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions (ie) liabilities of uncertain timing or amount are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Targetplace Limited
Notes to the Accounts
for the year ended 31 March 2023
Investments in shares and crypto currencies are measured at fair value. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the investments are sold.
The COVID-19 pandemic has adversely affected the wider macro economy. It is possible that income will decline due to further lockdowns as it has impacted these accounts. These risks are beyond the control of the company and represent
uncertainty as to revenue and asset values for the forthcoming 12 months.
However, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future after taking into account all known factors including the present impact of COVID-19 and thus they continue to adopt the going concern basis of accounting in preparing the accounts.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates,
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Acquisition and disposals of investments
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the accounts accordingly.
On 11th March 2020 the World Health Organisation declared the coronavirus (COVID-19) a worldwide pandemic. There are no comparable recent events which may provide guidance as to the effects of the pandemic and the ultimate impact of COVID-19 is uncertain.
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Average number of employees
During the year the average number of employees was 1 (2022: 1).