Snip Itz Ltd - Accounts to registrar (filleted) - small 18.2

Snip Itz Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 10705017 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2020

for

Snip Itz Ltd

Snip Itz Ltd (Registered number: 10705017)

Contents of the Financial Statements
for the Year Ended 30 April 2020










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Snip Itz Ltd

Company Information
for the Year Ended 30 April 2020







DIRECTORS: K Callaghan
S E Norris





SECRETARY: M Callaghan





REGISTERED OFFICE: Office 5 The Modern Moulds Businesss Cen
2-3 Commerce Way
Lancing
West Sussex
BN15 8TA





REGISTERED NUMBER: 10705017 (England and Wales)





ACCOUNTANTS: THL Accountancy LLP
303 Goring Road
Worthing
West Sussex
BN12 4NX

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Snip Itz Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Snip Itz Ltd for the year ended 30 April 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Snip Itz Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Snip Itz Ltd and state those matters that we have agreed to state to the Board of Directors of Snip Itz Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Snip Itz Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Snip Itz Ltd 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 loss of Snip Itz Ltd. You consider that Snip Itz Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Snip Itz Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






THL Accountancy LLP
303 Goring Road
Worthing
West Sussex
BN12 4NX


23 October 2020

Snip Itz Ltd (Registered number: 10705017)

Balance Sheet
30 April 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 19,503

CURRENT ASSETS
Cash at bank - 956

CREDITORS
Amounts falling due within one year 5 21,849 20,757
NET CURRENT LIABILITIES (21,849 ) (19,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,849

)

(298

)

CAPITAL AND RESERVES
Called up share capital 175 175
Share premium 49,950 49,950
Retained earnings (71,974 ) (50,423 )
(21,849 ) (298 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Snip Itz Ltd (Registered number: 10705017)

Balance Sheet - continued
30 April 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2020 and were signed on its behalf by:





K Callaghan - Director


Snip Itz Ltd (Registered number: 10705017)

Notes to the Financial Statements
for the Year Ended 30 April 2020


1. STATUTORY INFORMATION

Snip Itz Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 5 years straight line
Plant and machinery - 3 years straight line
Computer equipment - 3 years straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 2 ) .

Snip Itz Ltd (Registered number: 10705017)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2020


4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 May 2019 26,201 6,008 229 32,438
Disposals (26,201 ) (6,008 ) (229 ) (32,438 )
At 30 April 2020 - - - -
DEPRECIATION
At 1 May 2019 8,802 3,993 140 12,935
Charge for year 5,240 2,003 76 7,319
Eliminated on disposal (14,042 ) (5,996 ) (216 ) (20,254 )
At 30 April 2020 - - - -
NET BOOK VALUE
At 30 April 2020 - - - -
At 30 April 2019 17,399 2,015 89 19,503

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Taxation and social security - (106 )
Other creditors 21,849 20,863
21,849 20,757