REGISTERED NUMBER: |
Tweedside Design Co. Ltd |
Unaudited Financial Statements |
for the period |
1st November 2022 to 30th October 2023 |
REGISTERED NUMBER: |
Tweedside Design Co. Ltd |
Unaudited Financial Statements |
for the period |
1st November 2022 to 30th October 2023 |
Tweedside Design Co. Ltd (Registered number: 12964507) |
Contents of the Financial Statements |
for the period 1st November 2022 to 30th October 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 | to | 5 |
Tweedside Design Co. Ltd |
Company Information |
for the period 1st November 2022 to 30th October 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Tweedside Design Co. Ltd (Registered number: 12964507) |
Balance Sheet |
30th October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges her 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 were approved by the director and authorised for issue on |
Tweedside Design Co. Ltd (Registered number: 12964507) |
Notes to the Financial Statements |
for the period 1st November 2022 to 30th October 2023 |
1. | Statutory information |
Tweedside Design Co. Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade creditors, directors loans and accruals. |
Trade creditors, directors loans and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the period 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. |
Tweedside Design Co. Ltd (Registered number: 12964507) |
Notes to the Financial Statements - continued |
for the period 1st November 2022 to 30th October 2023 |
2. | Accounting policies - continued |
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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Going concern |
The company has a deficit on the balance sheet and relies on the support of its shareholder and also being able to come to an agreement with its creditors. Shareholder support has been confirmed for a period of at least twelve months from the approval of the financial statements. The director is currently taking advice on certain liabilities and plans to make a final decision on the future of the company in the early part of 2025, once the busy festive period is over. The director also continues to restructure company operations, with a view to reducing costs. Accordingly the director has prepared the financial statements on the going concern basis. |
3. | Employees and directors |
The average number of employees during the period was |
4. | Tangible fixed assets |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1st November 2022 |
Additions |
At 30th October 2023 |
Depreciation |
At 1st November 2022 |
Charge for period |
At 30th October 2023 |
Net book value |
At 30th October 2023 |
At 31st October 2022 |
Tweedside Design Co. Ltd (Registered number: 12964507) |
Notes to the Financial Statements - continued |
for the period 1st November 2022 to 30th October 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Director's advances, credits and guarantees |
The following advances and credits to directors subsisted during the year ended 31 October 2022 and 30 October 2023: |
2023 | 2022 |
£ | £ |
Director 1 |
Balance outstanding at start of year | - | - |
Amounts advanced | 2,657 | - |
Amounts repaid | - | - |
Balance outstanding at end of year | 2,657 | - |
This loan is unsecured and repayable on demand. No interest has been charged as the loans are below the HMRC reporting level. |