TFF Breaks Limited 13363533 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Retail sale via mail order houses or via Internet Digita Accounts Production Advanced 6.30.9574.0 true true 13363533 2023-05-01 2024-04-30 13363533 2024-04-30 13363533 core:CurrentFinancialInstruments 2024-04-30 13363533 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13363533 core:FurnitureFittingsToolsEquipment 2024-04-30 13363533 bus:SmallEntities 2023-05-01 2024-04-30 13363533 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13363533 bus:FilletedAccounts 2023-05-01 2024-04-30 13363533 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13363533 bus:RegisteredOffice 2023-05-01 2024-04-30 13363533 bus:Director1 2023-05-01 2024-04-30 13363533 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13363533 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 13363533 core:OfficeEquipment 2023-05-01 2024-04-30 13363533 countries:EnglandWales 2023-05-01 2024-04-30 13363533 2023-04-30 13363533 core:FurnitureFittingsToolsEquipment 2023-04-30 13363533 2022-05-01 2023-04-30 13363533 2023-04-30 13363533 core:CurrentFinancialInstruments 2023-04-30 13363533 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 13363533 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure

TFF Breaks Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

TFF Breaks Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

TFF Breaks Limited

(Registration number: 13363533)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,173

7,082

Current assets

 

Stocks

5

374,995

215,000

Debtors

6

2,705

2,577

Cash at bank and in hand

 

136,236

41,313

 

513,936

258,890

Creditors: Amounts falling due within one year

7

(215,186)

(125,381)

Net current assets

 

298,750

133,509

Total assets less current liabilities

 

310,923

140,591

Provisions for liabilities

(3,043)

-

Net assets

 

307,880

140,591

Capital and reserves

 

Called up share capital

1

1

Retained earnings

307,879

140,590

Shareholders' funds

 

307,880

140,591

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

.........................................
Mr Lucas Jude Falkingham
Director

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
42 Crosby Road North
Liverpool
Merseyside
L22 4QQ
United Kingdom

These financial statements were authorised for issue by the director on 27 March 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.

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 £.

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.

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss of the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The reversal impairment is recognised in profit and loss.

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

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

Equipment

25% RB

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.

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 3).

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

8,120

8,120

Additions

8,422

8,422

At 30 April 2024

16,542

16,542

Depreciation

At 1 May 2023

1,038

1,038

Charge for the year

3,331

3,331

At 30 April 2024

4,369

4,369

Carrying amount

At 30 April 2024

12,173

12,173

At 30 April 2023

7,082

7,082

5

Stocks

2024
£

2023
£

Other inventories

374,995

215,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,000

1,041

Prepayments

1,581

1,536

Other debtors

124

-

1,705

1,536

 

2,705

2,577

 

TFF Breaks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

34,239

33,509

Taxation and social security

113,679

77,222

Accruals and deferred income

2,167

5,117

Other creditors

65,101

9,533

215,186

125,381

8

Transition to FRS 102

The financial statements have previously been prepared under FRS 105. The company no long qualifies and the directors have made the decision to prepare the financial statements under FRS 102 1A. No figures within the comparatives have been restated as a result of this change.

Balance Sheet at 1 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Retained earnings

51,790

-

-

51,790

Total equity

51,790

-

-

51,790

Balance Sheet at 30 April 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Retained earnings

140,590

-

-

140,590

Total equity

140,590

-

-

140,590