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TIGGI GEORGE INTERIORS LIMITED |
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Financial Statements |
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for the Year Ended 31 May 2020 |
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TIGGI GEORGE INTERIORS LIMITED |
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Financial Statements |
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for the Year Ended 31 May 2020 |
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TIGGI GEORGE INTERIORS LIMITED (REGISTERED NUMBER: 10765533) |
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Contents of the Financial Statements |
for the year ended 31 May 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TIGGI GEORGE INTERIORS LIMITED |
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Company Information |
for the year ended 31 May 2020 |
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Director: |
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Registered office: |
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Registered number: |
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TIGGI GEORGE INTERIORS LIMITED (REGISTERED NUMBER: 10765533) |
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Balance Sheet |
31 May 2020 |
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2020 | 2019 |
Notes | £ | £ |
Current assets |
Investments | 4 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 5 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 6 |
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Retained earnings |
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Shareholders' funds |
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The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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TIGGI GEORGE INTERIORS LIMITED (REGISTERED NUMBER: 10765533) |
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Notes to the Financial Statements |
for the year ended 31 May 2020 |
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1. | Statutory information |
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Tiggi George Interiors Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
TIGGI GEORGE INTERIORS LIMITED (REGISTERED NUMBER: 10765533) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2020 |
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2. | Accounting policies - continued |
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Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds both basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
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Financial assets - classified as basic financial instruments |
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(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
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At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
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(iii) Equity investments |
Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured reliably. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss. |
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(iv) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
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Going concern |
The financial statements have been prepared on a going concern basis. The director has reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the director has tested the cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the director has concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Post balance sheet events |
In the view of the director, the outbreak, COVID-19 remains as being considered to be a non-adjusting event as at 31 May 2020 and consequently no adjustment is made to these financial statements |
TIGGI GEORGE INTERIORS LIMITED (REGISTERED NUMBER: 10765533) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2020 |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | Current asset investments |
2020 | 2019 |
£ | £ |
Current asset investments |
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5. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Directors' loan accounts | 11,897,929 | 11,999,000 |
Accruals and deferred income |
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6. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |