Company No:
Contents
DIRECTORS | Mr J A Taylorson |
Mrs M F Taylorson | |
REGISTERED OFFICE | 45 Welsh Back |
Bristol | |
BS1 4AG | |
United Kingdom | |
COMPANY NUMBER | 11694706(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
30.11.2020 | 30.11.2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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5,374 | 4,230 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,443 | 8,623 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (23,979) | 2,269 | ||
Total assets less current liabilities | (18,605) | 6,499 | ||
Provisions for liabilities |
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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Directors’ responsibilities:
The financial statements of iStayBath Ltd (registered number:
Mr J A Taylorson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period.
iStayBath Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of iStayBath Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements, taking account of the continued possible impact of COVID-19 in trading performance.
The directors note that the business has net liabilities of £18,605. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company.
Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Plant and machinery - 33% straight line
Fixtures and fittings - 20% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Year ended 30.11.2020 |
Period from 23.11.2018 to 30.11.2019 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2019 |
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Additions |
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At 30 November 2020 |
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Accumulated depreciation | |||||
At 01 December 2019 |
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Charge for the financial year |
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At 30 November 2020 |
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Net book value | |||||
At 30 November 2020 |
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At 30 November 2019 |
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30.11.2020 | 30.11.2019 | ||
£ | £ | ||
Other debtors |
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30.11.2020 | 30.11.2019 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals and deferred income |
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Corporation tax |
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30.11.2020 | 30.11.2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.11.2020 | 30.11.2019 | ||
£ | £ | ||
- within one year |
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Transactions with the entity's directors
30.11.2020 | 30.11.2019 | ||
£ | £ | ||
Amounts owed to the directors | 11,711 | 621 |
This amount is interest free and has no fixed date of repayment.