Registration number:
Toyboy Warehouse Limited
for the Year Ended 31 May 2017
Suite 16D The McLaren Building
46 The Priory Queensway
Birmingham
B4 7LR
Toyboy Warehouse Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Toyboy Warehouse Limited
Company Information
Directors |
Michael Kazem Bandar James Edward Vardy |
Registration number |
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Registered office |
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Accountants |
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Toyboy Warehouse Limited
(Registration number: 06250730)
Balance Sheet as at 31 May 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Toyboy Warehouse Limited
(Registration number: 06250730)
Balance Sheet as at 31 May 2017
Michael Kazem Bandar
Director
Page 3 |
Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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 prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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 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.
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Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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 statement of financial position 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 |
Office Equipment |
33.33% SLM |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
50% SLM |
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.
Financial instruments
Classification
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where
shares are issued, any component that creats a financial liability of the company is presented as a liability in
the balance sheet. The corresponding dividends relating to the liability component are charged as interest
expenses in the profit and loss account.
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Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Amortisation |
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At 1 June 2016 |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
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Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Debtors |
Note |
2017 |
2016 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
- |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
9 |
9 |
9 |
9 |
Related party transactions |
Key management personnel
During the year the company made the following related party transactions:
Turn Partners Limited
(Turn Partners Limited owns 100% of the share capital in Toyboy Warehouse Limited).
At the balance sheet date the amount due to Turn Partners Limited was £20,481 (2016 -£63,367)
Hopper HQ Limited
(Subsidiaries of the same group).
At the balance sheet date the amount due froml(to) Hopper HQ Limited was £79.211 (2016 -£48,732).
Control |
The ultimate controlling party is
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Toyboy Warehouse Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Transition to FRS 102 |
The date of transition was 1 June 2015, and there were minimal changes required to the company’s accounting policies.
There is no difference between the financial position or financial performance as a result of the transition.
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