CanCut Edit Limited
Annual Report and Unaudited Financial Statements
For the period ended 30 April 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 10110918 (England and Wales)
Cancut Edit Limited
CanCut Edit Limited
Company Information
Directors
J Godfrey
Company number
10110918
Registered office
6th Floor Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
73 Lugard Road
Peckham
London
SE15 2TB
Cancut Edit Limited
CanCut Edit Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Cancut Edit Limited
CanCut Edit Limited
Balance Sheet
As at 30 April 2017
Page 1
2017
Notes
£
£
Current assets
Debtors
3
2,822
Cash at bank and in hand
79,592
82,414
Creditors: amounts falling due within one year
4
(56,868)
Net current assets
25,546
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
25,545
Total equity
25,546
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 period ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
-
• The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 sole director and authorised for issue on
2 January 2018
02 January 2018
and are signed on its behalf by:
Director
Company Registration No. 10110918
Cancut Edit Limited
CanCut Edit Limited
Notes to the Financial Statements
For the period ended 30 April 2017
Page 2
1
Accounting policies
Company information
CanCut Edit Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 30 April 2017
are the
first
financial statements of CanCut Edit Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Cancut Edit Limited
CanCut Edit Limited
Notes to the Financial Statements (Continued)
For the period ended 30 April 2017
1
Accounting policies
(Continued)
Page 3
1.7
Taxation
The tax expense represents the sum of the tax currently payable.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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was nil.
3
Debtors
2017
Amounts falling due within one year:
£
Trade debtors
2,822
4
Creditors: amounts falling due within one year
2017
£
Trade creditors
1,250
Corporation tax
15,501
Other taxation and social security
3,409
Other creditors
36,708
56,868
5
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
6
Related party transactions
At the year end the company owed £36,708 to J Godfrey, the director of the company, this balance is included in other creditors. During the year the J Godfrey was paid dividends of £35,000.