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COMPANY REGISTRATION NUMBER: 06954137
Tiny Tablet Limited
Filleted Unaudited Financial Statements
31 March 2024
Tiny Tablet Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
£
Fixed Assets
Tangible assets
5
70,876
138,081
Current Assets
Stocks
331,538
310,457
Debtors
6
218,793
521,134
Cash at bank and in hand
4,497
26,988
----------
----------
554,828
858,579
Creditors: amounts falling due within one year
7
215,352
244,218
----------
----------
Net Current Assets
339,476
614,361
----------
----------
Total Assets Less Current Liabilities
410,352
752,442
Creditors: amounts falling due after more than one year
8
50,568
327,003
Provisions
Taxation including deferred tax
16,907
45,313
----------
----------
Net Assets
342,877
380,126
----------
----------
Capital and Reserves
Called up share capital
10
100
100
Profit and loss account
342,777
380,026
----------
----------
Shareholders Funds
342,877
380,126
----------
----------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tiny Tablet Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 May 2024 , and are signed on behalf of the board by:
Mr G Young
Director
Company registration number: 06954137
Tiny Tablet Limited
Notes to the Financial Statements
Period from 1st January 2023 to 31st March 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B10, Hortonwood 10, Telford, Shropshire, TF1 7ES.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
15% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the period amounted to 6 (2022: 7 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st January 2023
111,827
5,827
122,461
240,115
Disposals
( 632)
( 48,093)
( 48,725)
----------
-------
----------
----------
At 31st March 2024
111,195
5,827
74,368
191,390
----------
-------
----------
----------
Depreciation
At 1st January 2023
76,060
3,777
22,197
102,034
Charge for the period
11,034
641
13,944
25,619
Disposals
( 173)
( 6,966)
( 7,139)
----------
-------
----------
----------
At 31st March 2024
86,921
4,418
29,175
120,514
----------
-------
----------
----------
Carrying amount
At 31st March 2024
24,274
1,409
45,193
70,876
----------
-------
----------
----------
At 31st December 2022
35,767
2,050
100,264
138,081
----------
-------
----------
----------
6. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
23,016
49,822
Other debtors
195,777
471,312
----------
----------
218,793
521,134
----------
----------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
67,189
80,687
Trade creditors
59,771
82,762
Social security and other taxes
58,858
32,043
Other creditors
29,534
48,726
----------
----------
215,352
244,218
----------
----------
Included within other creditors is hire purchase amounting to £10,083 (2022 - £31,742) secured against the fixed assets to which they relate. Bank loans and overdrafts amounting to £16,294 (2022 - £34,668) are secured by a debenture provided against all assets of the company.
8. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
37,512
105,527
Other creditors
13,056
221,476
---------
----------
50,568
327,003
---------
----------
Included within other creditors is hire purchase amounting to £13,056 (2022 - £23,353) secured against the fixed assets to which they relate. Bank loans amounting to £Nil (2022 - £5,029) are secured by a debenture provided against all assets of the company.
9. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
31 Mar 24
31 Dec 22
£
£
Included in provisions
16,907
45,313
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
31 Dec 22
£
£
Accelerated capital allowances
16,907
45,313
---------
---------
10. Called Up Share Capital
Issued, called up and fully paid
31 Mar 24
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
31 Dec 22
£
£
Not later than 1 year
21,750
9,171
Later than 1 year and not later than 5 years
21,750
---------
-------
43,500
9,171
---------
-------
12. Director's Advances, Credits and Guarantees
During the period the director entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr F Young
47,802
47,802
Mr G Young
317,832
86,536
( 321,329)
83,039
----------
---------
----------
----------
365,634
86,536
( 321,329)
130,841
----------
---------
----------
----------
31 Dec 22
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr F Young
47,802
47,802
Mr G Young
228,876
121,801
( 32,845)
317,832
----------
----------
---------
----------
276,678
121,801
( 32,845)
365,634
----------
----------
---------
----------
The non-interest bearing loans are repayable on demand.
13. Related Party Transactions
Included within other creditors due within one year is a loan of £56,372 (2022 - £5,984) from a company under common control. The non-interest bearing loan is repayable on demand. Included within other creditors due after one year is a loan of £Nil (2022 - £198,123) from a pension scheme under common control. The loan was settled in full during the period.