Slung Low Limited - Period Ending 2021-03-31
Slung Low Limited - Period Ending 2021-03-31
Registration number:
Slung Low Limited
Information for Filing with The Registrar
31 March 2021
Slung Low Limited
(Registration number: 07720259)
Balance Sheet
31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provision for liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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TOTAL EQUITY |
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For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.
Approved and authorised by the
A.K. Lane
Director
Slung Low Limited
Notes to the Accounts
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements
In preparing the financial statements it is necessary to make certain judgements and assumptions that affect the amounts recognised in those financial statements. The following judgement and estimate is considered by the director to have the most significant effect on the amounts recognised in the financial statements. Useful economic life: The annual depreciation charge for all categories of fixed assets is sensitive to change in estimated useful economic lives and residual values of assets. These are reassessed annually and amended where necessary to reflect current circumstances. |
Revenue recognition
Turnover represents; grants receivable, income from productions performed and workshops presented net of VAT.
Tax
The tax expense for the period comprises current and deferred tax.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Slung Low Limited
Notes to the Accounts
Year Ended 31 March 2021
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10 years straight line basis |
Motor vehicles |
4 years straight line basis |
Leasehold improvements |
Period of the lease |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Other grants
Grants are accounted for on a receivable basis.
Government grants
Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.
To the extent that the grant is made as a contribution towards expenditure on a fixed asset, the amount so deferred is treated as deferred income.
Staff numbers |
The average number of persons employed by the company during the year, was
Slung Low Limited
Notes to the Accounts
Year Ended 31 March 2021
Tangible assets |
Short leasehold improvements |
Plant and machinery |
Motor |
Total |
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Cost or valuation |
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At 1 April 2020 |
- |
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Additions |
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Disposals |
- |
( |
( |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2021 |
- |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
- |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Slung Low Limited
Notes to the Accounts
Year Ended 31 March 2021
Creditors |
2021 |
2020 |
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Due within one year |
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Amounts due to related parties |
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Corporation tax |
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Other creditors |
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2021 |
2020 |
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Due after one year |
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Deferred income |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |