REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Tangled up in Blue Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Tangled up in Blue Limited (Registered number: 02800027) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Office equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Deferred tax asset |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts |
Accrued expenses |