Company Registration No. SC551226 (Scotland)
TEN44TPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
TEN44TPS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2022
2020
Notes
£
£
£
£
Current assets
Debtors
4
144
Cash at bank and in hand
42,826
49,175
42,970
49,175
Creditors: amounts falling due within one year
5
(21,793)
(19,727)
Net current assets
21,177
29,448
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
21,077
29,348
Total equity
21,177
29,448
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 May 2022 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 period 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 28 September 2022 and are signed on its behalf by:
Mr Peter Horne
Director
Company Registration No. SC551226
TEN44TPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022
- 2 -
1
Accounting policies
Company information
TEN44TPS Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
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
The company ceased trading on 31 May 2022. The financial statements have therefore been prepared on the discontinuation basis. This is abnormal as financial statements are usually prepared on the basis that the company will carry on business as a going concern. Under the discontinuation basis, the financial statements include provisions for post cessation expenditure which will arise as a result of the company ceasing trading.
true
1.3
Reporting period
The company's year-end date was extended to 31 May 2022 when it ceased trading. The comparative amounts presented in the financial statements are therefore not entirely comparable.
1.4
Turnover
T
urnover comprises the
management of sporting image rights supplied by the company
, net of Value Added Tax and trade discounts.
1.5
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:
Computers
33.33% 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 profit or loss
.
1.6
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.7
Taxation
TEN44TPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 December 2020
1,638
1,638
Additions
1,350
2,820
4,170
Disposals
(1,350)
(4,458)
(5,808)
At 31 May 2022
Depreciation and impairment
At 1 December 2020
1,638
1,638
Depreciation charged in the period
668
653
1,321
Eliminated in respect of disposals
(668)
(2,291)
(2,959)
At 31 May 2022
Carrying amount
At 31 May 2022
At 30 November 2020
TEN44TPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
- 4 -
4
Debtors
2022
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
144
5
Creditors: amounts falling due within one year
2022
2020
£
£
Corporation tax
2,528
Directors current accounts
6,823
15,999
Accruals and deferred income
14,970
1,200
21,793
19,727
6
Called up share capital
2022
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100