Company registration number 07264202 (England and Wales)
THE TAFFETA ROOM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
THE TAFFETA ROOM LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
THE TAFFETA ROOM LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,717
4,634
Current assets
Stocks
4,651
4,938
Cash at bank and in hand
2,090
8,882
6,741
13,820
Creditors: amounts falling due within one year
4
(212,726)
(212,452)
Net current liabilities
(205,985)
(198,632)
Net liabilities
(202,268)
(193,998)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(202,270)
(194,000)
Total equity
(202,268)
(193,998)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
Ms J Cameron
Director
Company Registration No. 07264202
THE TAFFETA ROOM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

The Taffeta Room Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Burnham Yard, London End, Beaconsfield, Bucks, United Kingdom, HP9 2JH.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
Straight line over 3 years
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.7

Going concern

The financial statements have been prepared on a going concern basis as the director, Mrs J Cameron, has confirmed that she will continue to provide financial support to the company.

THE TAFFETA ROOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.8

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
7,110
26,637
3,919
37,666
Depreciation and impairment
At 1 June 2022
6,882
22,802
3,348
33,032
Depreciation charged in the year
57
575
285
917
At 31 May 2023
6,939
23,377
3,633
33,949
Carrying amount
At 31 May 2023
171
3,260
286
3,717
At 31 May 2022
228
3,835
571
4,634
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
375
427
Other creditors
212,351
212,025
212,726
212,452
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