The Limit Ted Company Limited
Statement of financial position
as at
31 August 2020
Tangible assets
402,483
403,175
Cash at bank and in hand
5,950
-
Creditors: amounts falling due within one year
(146,783)
(149,340)
Net current liabilities
(140,833)
(149,340)
Total assets less current liabilities
261,650
253,835
Creditors: amounts falling due after more than one year
(345,107)
(328,024)
Provisions for liabilities
Deferred tax
(2,371)
(2,503)
Net liabilities
(85,828)
(76,692)
Called up share capital
100
100
Profit and loss account
(85,928)
(76,792)
Shareholders' funds
(85,828)
(76,692)
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2021 and were signed on its behalf by
L Gough
Director
Company Registration No. 06683143
The Limit Ted Company Limited
Notes to the Accounts
for the year ended 31 August 2020
The Limit Ted Company Limited is a private company, limited by shares, registered in England and Wales, registration number 06683143. The registered office is THE CORNER HOUSE, 23 MARKET STREET, CRAVEN ARMS, SHROPSHIRE, SY7 9NW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
5% per annum reducing balance on improvements
Motor vehicles
25% per annum reducing balance
Fixtures & fittings
25% per annum reducing balance
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 September 2019
409,517
4,269
413,786
At 31 August 2020
409,517
4,269
413,786
At 1 September 2019
6,511
4,100
10,611
Charge for the year
650
42
692
At 31 August 2020
7,161
4,142
11,303
At 31 August 2020
402,356
127
402,483
At 31 August 2019
403,006
169
403,175
The Limit Ted Company Limited
Notes to the Accounts
for the year ended 31 August 2020
5
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
5,009
7,324
Loans from directors
141,257
141,023
6
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
345,107
328,024
7
Average number of employees
During the year the average number of employees was 0 (2019: 0).