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REGISTERED NUMBER: 02800027 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Tangled up in Blue Limited

Tangled up in Blue Limited (Registered number: 02800027)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Tangled up in Blue Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M J Ziziros





SECRETARY: Ms L J Ziziros





REGISTERED OFFICE: The Mount
72 Paris Street
Exeter
EX1 2JY





REGISTERED NUMBER: 02800027 (England and Wales)

Tangled up in Blue Limited (Registered number: 02800027)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8 9
Investments 5 14,000 14,000
14,008 14,009

CURRENT ASSETS
Stocks 6 673,592 538,181
Debtors 7 31,546 32,618
Cash at bank 35,679 3,890
740,817 574,689
CREDITORS
Amounts falling due within one year 8 809,214 627,301
NET CURRENT LIABILITIES (68,397 ) (52,612 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(54,389

)

(38,603

)

CAPITAL AND RESERVES
Called up share capital 51 51
Retained earnings (54,440 ) (38,654 )
SHAREHOLDERS' FUNDS (54,389 ) (38,603 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





M J Ziziros - Director


Tangled up in Blue Limited (Registered number: 02800027)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tangled up in Blue Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and borrowing costs capitalised.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Fixed asset investments
Assets held for investment are shown in the balance sheet at market value. The change in market value is recognised in the income statement.

Stock and work in progress
Stock and work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Stock is recognised as an expense in the period in which the related revenue is recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

Going concern
At the end of the year, the company had net liabilities of £54,389 (2022 - £38,603). Included in creditors is an amount owed to the director of £796,282 (2022 - £605,537). The accounts have been prepared on a going concern basis as the director has confirmed his continued financial support of the company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Tangled up in Blue Limited (Registered number: 02800027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.

Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 January 2023
and 31 December 2023 2,142
DEPRECIATION
At 1 January 2023 2,133
Charge for year 1
At 31 December 2023 2,134
NET BOOK VALUE
At 31 December 2023 8
At 31 December 2022 9

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 14,000
NET BOOK VALUE
At 31 December 2023 14,000
At 31 December 2022 14,000

Artwork is held by the company as an investment. The director has confirmed that the cost of the investment is an accurate reflection of its market value at the balance sheet date.

Tangled up in Blue Limited (Registered number: 02800027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. STOCKS
2023 2022
£    £   
Stock and work in progress 673,592 538,181

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,631 11,595
Deferred tax asset 25,915 20,653
Prepayments - 370
31,546 32,618

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,025 7,899
Social security and other taxes 607 610
Other creditors - 10,000
Directors' current accounts 796,282 606,537
Accrued expenses 2,300 2,255
809,214 627,301