SPITFIRE DANCE LIMITED Company accounts

SPITFIRE DANCE LIMITED Company accounts

SPITFIRE DANCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3173849
SPITFIRE DANCE LIMITED
Unaudited Financial Statements
5 April 2020
SPITFIRE DANCE LIMITED
Financial Statements
Year ended 5 April 2020
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
SPITFIRE DANCE LIMITED
Director's Report
Year ended 5 April 2020
The director presents his report and the unaudited financial statements of the company for the year ended 5 April 2020 .
Directors
The directors who served the company during the year were as follows:
Maurice Roy Saunders
Wendy Jill Leighton
(Resigned 1 April 2020)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 April 2020 and signed on behalf of the board by:
Maurice Roy Saunders
Director
Registered office:
7-10 Chandos Street
London
W1G 9DQ
SPITFIRE DANCE LIMITED
Statement of Income and Retained Earnings
Year ended 5 April 2020
2020
2019
Note
£
£
Turnover
63,405
56,094
--------
--------
Gross profit
63,405
56,094
Administrative expenses
( 128,670)
( 5,990)
---------
--------
Operating (loss)/profit
( 65,265)
50,104
Interest payable and similar expenses
4
( 8)
–
---------
--------
(Loss)/profit before taxation
( 65,273)
50,104
Tax on (loss)/profit
–
( 5,117)
--------
--------
(Loss)/profit for the financial year and total comprehensive income
( 65,273)
44,987
--------
--------
Retained earnings at the start of the year
66,751
21,764
--------
--------
Retained earnings at the end of the year
1,478
66,751
--------
--------
All the activities of the company are from continuing operations.
SPITFIRE DANCE LIMITED
Statement of Financial Position
5 April 2020
2020
2019
Note
£
£
£
Current assets
Cash at bank and in hand
17,160
74,330
Creditors: amounts falling due within one year
5
( 15,680)
( 7,577)
--------
--------
Net current assets
1,480
66,753
-------
--------
Total assets less current liabilities
1,480
66,753
-------
--------
Net assets
1,480
66,753
-------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,478
66,751
-------
--------
Shareholder funds
1,480
66,753
-------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 5 April 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 of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 April 2020 , and are signed on behalf of the board by:
Maurice Roy Saunders
Director
Company registration number: 3173849
SPITFIRE DANCE LIMITED
Notes to the Financial Statements
Year ended 5 April 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-10 Chandos Street, London, W1G 9DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the break up basis because it is the intention of the directors to close the company. No adjustments to assets or liabilities were required under Financial Reporting Standard 102.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from provisions of services and royalties falling within the company's ordinary activities.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Interest payable and similar expenses
2020
2019
£
£
Interest payable
8
–
----
----
5. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
–
2,460
Corporation tax
–
5,117
Other creditors
15,680
–
--------
-------
15,680
7,577
--------
-------