Registered number
07646352
Tiwani Promotions Limited
Unaudited Filleted Accounts
31 December 2022
Tiwani Promotions Limited
Registered number: 07646352
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 13,854 8,146
Current assets
Stocks 207,041 133,707
Debtors 4 147,618 128,247
Cash at bank and in hand 562,382 701,538
917,041 963,492
Creditors: amounts falling due within one year 5 (1,240,837) (1,373,360)
Net current liabilities (323,796) (409,868)
Total assets less current liabilities (309,942) (401,722)
Creditors: amounts falling due after more than one year 6 (29,939) (39,708)
Net liabilities (339,881) (441,430)
Capital and reserves
Called up share capital 100 100
Profit and loss account (339,981) (441,530)
Shareholders' funds (339,881) (441,430)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Varnava
Director
Approved by the board on 23 February 2024
Tiwani Promotions Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 26,409
Additions 8,153
At 31 December 2022 34,562
Depreciation
At 1 January 2022 18,263
Charge for the year 2,445
At 31 December 2022 20,708
Net book value
At 31 December 2022 13,854
At 31 December 2021 8,146
4 Debtors 2022 2021
£ £
Trade debtors 3,040 50,680
Other debtors 144,578 77,567
147,618 128,247
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 9,750 9,511
Trade creditors 210,100 268,475
Taxation and social security costs 8,408 4,812
Other creditors 1,012,579 1,090,562
1,240,837 1,373,360
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 29,939 39,708
7 Controlling party
The immediate parent undertaking and controlling party is Quality Property Group Ltd whose registered office is Craigmuir Chambers, Road Town, Tortola VG1110, British Virgin Islands.
8 Other information
Tiwani Promotions Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Gateway Mews
London
N11 2UT
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