20/20 Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 02238604 (England and Wales)
20/20 Limited
Company Information
Directors
J Thompson
J Lee
Secretary
J Thompson
Company number
02238604
Registered office
6th Floor
17 Gresse Street
London
United Kingdom
W1T 1QL
Business address
Highbury & Islington
25 Horsell Road
London
N5 1XL
20/20 Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
20/20 Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,932
25,761
Investments
5
10,000
10,000
28,932
35,761
Current assets
Debtors
6
1,070,265
848,692
Cash at bank and in hand
221,044
340,544
1,291,309
1,189,236
Creditors: amounts falling due within one year
7
(293,548)
(255,401)
Net current assets
997,761
933,835
Total assets less current liabilities
1,026,693
969,596
Creditors: amounts falling due after more than one year
8
(32,500)
(62,500)
Net assets
994,193
907,096
Capital and reserves
Called up share capital
9
42,630
42,630
Share premium account
222,960
222,960
Capital redemption reserve
18,418
18,418
Profit and loss reserves
710,185
623,088
Total equity
994,193
907,096

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

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

20/20 Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
J  Thompson
Director
Company Registration No. 02238604
20/20 Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information

20/20 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover comprises income recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Any income received relating to incomplete projects is deferred to the extent that the proportion of that project is incomplete at the year end.

 

In respect of contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of such contracts is recognised by reference to the stage of completion.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% per annum
Computers
33% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

20/20 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised costs, with no financial instruments classified as other, or basic financial instruments measured at fair value.

20/20 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.9
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.

1.10
Taxation

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

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

20/20 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
15
12
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
39,519
26,657
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
101,030
Additions
9,254
Disposals
(4,918)
At 31 December 2024
105,366
Depreciation and impairment
At 1 January 2024
75,269
Depreciation charged in the year
16,083
Eliminated in respect of disposals
(4,918)
At 31 December 2024
86,434
Carrying amount
At 31 December 2024
18,932
At 31 December 2023
25,761
20/20 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
10,000
10,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
306,817
138,088
Corporation tax recoverable
-
0
1,870
Amounts owed by group undertakings
521,538
512,129
Other debtors
10,683
10,528
Prepayments and accrued income
191,362
106,693
1,030,400
769,308
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
39,865
79,384
Total debtors
1,070,265
848,692
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
46,981
26,774
Taxation and social security
73,356
67,034
Other creditors
6,543
11,436
Accruals and deferred income
156,668
140,157
293,548
255,401

At the year end there was a fixed and floating charge over the assets of the company held by Barclays Bank PLC.

20/20 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
20,000
40,000
32,500
62,500
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A shares of 10p each
426,304
426,304
42,630
42,630
426,304
426,304
42,630
42,630

All A Shares are non-redeemable and are entitled to one vote per share, the rights to participate in all approved dividend distributions for A Shares at the relevant reference date and the rights to participate in any capital distribution (including on a winding up).

10
Related party transactions

At the year end, there was an amount of £521,538 (2023: £512,129) due from 20 Studio Limited, a related party by virtue of its 100% shareholding in 20/20 Limited.

11
Parent company

The company's immediate parent is 20 Studio Limited.

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