CanCut Edit Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2020
Company Registration No. 10110918 (England and Wales)
CanCut Edit Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CanCut Edit Limited
Balance Sheet
As at 31 March 2020
31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,313
719
Current assets
Debtors
4
4,900
34,056
Cash at bank and in hand
141,397
143,819
146,297
177,875
Creditors: amounts falling due within one year
5
(21,102)
(58,380)
Net current assets
125,195
119,495
Total assets less current liabilities
126,508
120,214
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
126,507
120,213
Total equity
126,508
120,214
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit
-
The director acknowledges her 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 and signed by the director and authorised for issue on 15 December 2020
J J E Godfrey
Director
Company Registration No. 10110918
Cancut Edit Limited
CanCut Edit Limited
Notes to the Financial Statements
For the year ended 31 March 2020
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.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has considered the impact that Covid-19 will have on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
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
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:
Computer equipment
25% 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
.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less
.
1.6
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.
Cancut Edit Limited
CanCut Edit Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 3
1.7
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.
1.8
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.
1.9
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1
).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
958
Additions
1,111
At 31 March 2020
2,069
Depreciation and impairment
At 1 April 2019
239
Depreciation charged in the year
517
At 31 March 2020
756
Carrying amount
At 31 March 2020
1,313
At 31 March 2019
719
Cancut Edit Limited
CanCut Edit Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 4
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
31,086
Other debtors
4,900
2,970
4,900
34,056
5
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
13,270
19,223
Other taxation and social security
6,558
4,578
Other creditors
1,274
34,579
21,102
58,380
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
7
Related party transactions
At the year end, the company owed £24 (2019: £33,329) to a director of the company. This amount is included in other creditors.
During the year dividends of £47,000 (2019: £40,000) were declared to a director of the company.
8
Ultimate controlling party
The ultimate controlling party is J J E Godfrey by virtue of her shareholding.