Company Registration No. 08150239 (England and Wales)
SHANE EDITS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
SHANE EDITS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
SHANE EDITS LIMITED
ENTERTAINMENT ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHANE EDITS LIMITED FOR THE YEAR ENDED 31 JULY 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shane Edits Limited for the year ended 31 July 2021 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us
.
It is your duty to ensure that Shane Edits Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Shane Edits Limited. You consider that Shane Edits Limited is exempt from the statutory audit
requirement for the year.
Theataccounts Limited
28 February 2022
Entertainment Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SHANE EDITS LIMITED
BALANCE SHEET
AS AT 31 JULY 2021
31 July 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,105
1,199
Current assets
Debtors
4
17,304
17,211
Cash at bank and in hand
5,808
1,768
23,112
18,979
Creditors: amounts falling due within one year
5
(15,637)
(16,582)
Net current assets
7,475
2,397
Total assets less current liabilities
10,580
3,596
Creditors: amounts falling due after more than one year
6
(10,000)
Net assets
580
3,596
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
579
3,595
Total equity
580
3,596
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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.
SHANE EDITS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2021
31 July 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2022
Mr S McCormack
Director
Company Registration No. 08150239
SHANE EDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 4 -
1
Accounting policies
Company information
Shane Edits Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Flat 2, 45 Beresford Road, Walthamstow, London, E17 4LN.
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.
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 contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
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:
Fixtures, fittings & equipment
Computer equipment
33% on cost
1.4
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.
SHANE EDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2020 - 1
).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2020
9,077
Additions
3,557
At 31 July 2021
12,634
Depreciation and impairment
At 1 August 2020
7,877
Depreciation charged in the year
1,652
At 31 July 2021
9,529
Carrying amount
At 31 July 2021
3,105
At 31 July 2020
1,199
SHANE EDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,220
4,620
Other debtors
15,084
12,591
17,304
17,211
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,404
Corporation tax
9,319
12,424
Other taxation and social security
3,841
3,095
Other creditors
1,073
1,063
15,637
16,582
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
10,000
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1