Tungtree Communications Limited
Unaudited Financial Statements
For the year ended 29 November 2023
Pages for Filing with Registrar
Company Registration No. 03565861 (England and Wales)
Tungtree Communications Limited
Company Information
Director
M Hennessey
Company number
03565861
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Tungtree Communications Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Tungtree Communications Limited
Balance Sheet
As at 29 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
19,040
19,040
Cash at bank and in hand
2,350
2,350
21,390
21,390
Creditors: amounts falling due within one year
4
(20,490)
(20,490)
Net current assets
900
900
Capital and reserves
-
-
Called up share capital
5
900
900
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 November 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 22 August 2024
M Hennessey
Director
Company Registration No. 03565861
Tungtree Communications Limited
Notes to the Financial Statements
For the year ended 29 November 2023
Page 2
1
Accounting policies
Company information
Tungtree Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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
Going concern
During the year, Tungtree Communications Limited was dormant. As a result, the accounts have been prepared on a basis other than a going concern basis.
1.3
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes 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 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Tungtree Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 29 November 2023
1
Accounting policies
(Continued)
Page 3
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
19,040
19,040
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
555
555
Other creditors
9,290
9,290
Accruals and deferred income
10,645
10,645
20,490
20,490
Tungtree Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 29 November 2023
Page 4
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
9,000
9,000
900
900
These are ordinary shares and all shares carry equal voting and dividend rights.
6
Related party transactions
The company has taken the exemption available under FRS102 section 33 and not disclosed transactions with 100% group companies.
7
Control
The ultimate parent company is The Writer Limited by virtue of its ownership of 100% of the issued share capital.
The ultimate controlling party is director M Hennessey by virtue of his majority shareholding in The Writer Limited.