Company Registration No. 10875738 (England and Wales)
TYREKEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
TYREKEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TYREKEY LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
42,272
46,904
Tangible assets
4
615
345
Current assets
Stocks
564
211
Debtors
5
3,944
886
Cash at bank and in hand
50,070
64,234
54,578
65,331
Creditors: amounts falling due within one year
6
(45,161)
(55,412)
Net current assets
9,417
9,919
Total assets less current liabilities
52,304
57,168
Provisions for liabilities
(117)
(59)
Net assets
52,187
57,109
Capital and reserves
Called up share capital
7
150
150
Profit and loss reserves
52,037
56,959
Total equity
52,187
57,109
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 July 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.
TYREKEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 April 2021 and are signed on its behalf by:
Mr SP Jones
Director
Company Registration No. 10875738
TYREKEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 3 -
1
Accounting policies
Company information
Tyrekey Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Springboard Business Centre, Ellerbeck Way, Stockesley, United Kingdom, TS9 5JZ.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Amortisation 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:
Patents & licences
Amortised over 10 years
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Computers
33% straight line
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
TYREKEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
TYREKEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 5 -
1.11
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:
2020
2019
Total
3
3
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 August 2019
49,883
Additions - separately acquired
423
At 31 July 2020
50,306
Amortisation and impairment
At 1 August 2019
2,979
Amortisation charged for the year
5,055
At 31 July 2020
8,034
Carrying amount
At 31 July 2020
42,272
At 31 July 2019
46,904
TYREKEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 August 2019
458
Additions
433
At 31 July 2020
891
Depreciation
At 1 August 2019
113
Depreciation charged in the year
163
At 31 July 2020
276
Carrying amount
At 31 July 2020
615
At 31 July 2019
345
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
817
886
Prepayments and accrued income
3,127
-
3,944
886
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
641
460
Corporation tax
1,610
11,945
Other taxation and social security
1,305
657
Other creditors
39,605
40,350
Accruals and deferred income
2,000
2,000
45,161
55,412
TYREKEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 7 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A of £1 each
50
50
50 Ordinary B of £1 each
50
50
50 Ordinary C of £1 each
50
50
150
150