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Two I's Trading Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 13213768

 

Two I's Trading Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Two I's Trading Ltd

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

9,010

10,000

Debtors

5

167,813

148,358

Cash at bank and in hand

 

9,554

14,708

 

186,377

173,066

Creditors: Amounts falling due within one year

6

(180,767)

(167,074)

Net assets

 

5,610

5,992

Capital and reserves

 

Called up share capital

7

4

4

Profit and loss account

5,606

5,988

Shareholders' funds

 

5,610

5,992

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
A M I'Anson
Director

Company Registration Number: 13213768

 

Two I's Trading Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Apartment 9 The Old Auction House
54-56 Southampton Road
Ringwood
Hampshire
BH24 1JD
United Kingdom

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, and after eliminating sales within the company. Unbilled services are included in accrued income.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Two I's Trading Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises purchase price. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Other inventories

9,010

10,000

 

Two I's Trading Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

157,296

147,813

Prepayments

 

10,517

-

Other debtors

 

-

545

 

167,813

148,358

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

168

-

Other creditors

178,849

165,324

Accruals and deferred income

1,750

1,750

180,767

167,074

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

3

3

3

3

Golden Share of £1 each

1

1

1

1

 

4

4

4

4