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Registration number: 09603798

Tangled Vine Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

image-name
 

Tangled Vine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Tangled Vine Limited

Company Information

Directors

HM Walker

SM Willey

Company secretary

SM Willey

Registered office

5 Herriot Close
Newport Pagnell
Buckinghamshire
MK16 8PU

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Tangled Vine Limited

(Registration number: 09603798)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,226

2,555

Current assets

 

Stocks

5

3,400

2,900

Debtors

6

18,221

7,497

Cash at bank and in hand

 

4,149

4,692

 

25,770

15,089

Creditors: Amounts falling due within one year

7

(30,574)

(19,948)

Net current liabilities

 

(4,804)

(4,859)

Total assets less current liabilities

 

(2,578)

(2,304)

Creditors: Amounts falling due after more than one year

7

(1,900)

(3,848)

Net liabilities

 

(4,478)

(6,152)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(4,578)

(6,252)

Shareholders' deficit

 

(4,478)

(6,152)

 

Tangled Vine Limited

(Registration number: 09603798)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

.........................................
HM Walker
Director

.........................................
SM Willey
Company secretary and director

 

Tangled Vine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
5 Herriot Close
Newport Pagnell
Buckinghamshire
MK16 8PU
UK

These financial statements were authorised for issue by the Board on 17 February 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

The current income 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.

 

Tangled Vine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Office equipment

33% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Tangled Vine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2023 - 2).

 

Tangled Vine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

1,008

2,748

1,788

1,498

Additions

-

-

-

219

At 31 May 2024

1,008

2,748

1,788

1,717

Depreciation

At 1 June 2023

-

2,295

747

1,445

Charge for the year

-

147

326

75

At 31 May 2024

-

2,442

1,073

1,520

Carrying amount

At 31 May 2024

1,008

306

715

197

At 31 May 2023

1,008

453

1,041

53

Total
£

Cost or valuation

At 1 June 2023

7,042

Additions

219

At 31 May 2024

7,261

Depreciation

At 1 June 2023

4,487

Charge for the year

548

At 31 May 2024

5,035

Carrying amount

At 31 May 2024

2,226

At 31 May 2023

2,555

5

Stocks

2024
£

2023
£

Inventory

3,400

2,900

 

Tangled Vine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

105

2,626

Amounts owed by related parties

13,500

-

Prepayments

 

4,616

3,516

Other debtors

 

-

1,355

   

18,221

7,497

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,100

2,152

Other creditors

 

2,358

1,822

Directors loan account

 

24,921

14,894

Accruals

 

1,195

1,080

 

30,574

19,948

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

1,900

3,848