Company Registration No. 08875948 (England and Wales)
TERN HOUSE RTM COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
TERN HOUSE RTM COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TERN HOUSE RTM COMPANY LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
41
Current assets
Debtors
3
187
179
Cash at bank and in hand
182
1,112
369
1,291
Creditors: amounts falling due within one year
4
(441)
(429)
Net current (liabilities)/assets
(72)
862
Total assets less current liabilities
(72)
903
Reserves
Income and expenditure account
(72)
903
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 29 February 2020 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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 2 August 2020 and are signed on its behalf by:
Ms M R Brzeska
Mr M T Riley
Director
Director
Company Registration No. 08875948
TERN HOUSE RTM COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 2 -
1
Accounting policies
Company information
Tern House RTM Company Ltd is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
1 Tern House, Mears Beck Close, Heysham, Morecambe, LA3 1FP.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
At the balance sheet date the company has negative reserves of £72. Further income has been contributed to the company and a
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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, fittings & equipment
25% straight line
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 surplus or deficit
.
1.5
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).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset
is reduced to its recoverable amount.
TERN HOUSE RTM COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
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
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets
are assessed for indicators of impairment at each reporting end 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 March 2019 and 29 February 2020
329
Depreciation and impairment
At 1 March 2019
288
Depreciation charged in the year
41
At 29 February 2020
329
Carrying amount
At 29 February 2020
-
At 28 February 2019
41
TERN HOUSE RTM COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 4 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Prepayments and accrued income
187
179
4
Creditors: amounts falling due within one year
2020
2019
£
£
Accruals and deferred income
441
429
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.