Company registration number 09669203 (England and Wales)
Twelve Specialist Risk Ltd
UNAUDITED Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Twelve Specialist Risk Ltd
Content
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 3
Twelve Specialist Risk Ltd
Balance Sheet
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
4,917
12,512
Creditors: amounts falling due within one year
3
(119,776)
(95,273)
Net current liabilities
(114,859)
(82,761)
Creditors: amounts falling due after more than one year
4
(273,849)
(277,495)
Net liabilities
(388,708)
(360,256)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(388,908)
(360,456)
Total equity
(388,708)
(360,256)

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr Paul Dowling
Director
Company registration number 09669203 (England and Wales)
Twelve Specialist Risk Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Twelve Specialist Risk Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Although the balance sheet as at 31 trueDecember 2023 shows a negative net worth, the accounts have been prepared on a going concern basis as the company is being financed by personal loans from the director.

1.3
Cash and cash equivalents

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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Twelve Specialist Risk Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,970
3,970
Other creditors
115,806
91,303
119,776
95,273
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,449
27,095
Other creditors
250,400
250,400
273,849
277,495
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