ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

38 MINUTES LTD - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-10-312020-10-3102019-10-31truefalseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12291176 2019-10-30 12291176 2019-10-31 2020-10-31 12291176 2018-10-31 2019-10-30 12291176 2020-10-31 12291176 c:Director1 2019-10-31 2020-10-31 12291176 d:CurrentFinancialInstruments 2020-10-31 12291176 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 12291176 d:ShareCapital 2020-10-31 12291176 c:OrdinaryShareClass1 2019-10-31 2020-10-31 12291176 c:OrdinaryShareClass1 2020-10-31 12291176 c:FRS102 2019-10-31 2020-10-31 12291176 c:AuditExempt-NoAccountantsReport 2019-10-31 2020-10-31 12291176 c:FullAccounts 2019-10-31 2020-10-31 12291176 c:PrivateLimitedCompanyLtd 2019-10-31 2020-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12291176









38 MINUTES LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020
 
38 MINUTES LTD
REGISTERED NUMBER: 12291176

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2020

2020
Note
£

  

Current assets
  

Stocks
 4 
29,193

Debtors: amounts falling due within one year
 5 
11,333

Cash at bank and in hand
  
174,975

  
215,501

Creditors: amounts falling due within one year
 6 
(215,499)

Net current assets
  
 
 
2

Total assets less current liabilities
  
2

  

Net assets
  
2


Capital and reserves
  

Called up share capital 
  
2

  
2


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2021.




M Brett
Director

The notes on pages 2 to 3 form part of these financial statements.

Page 1
 
38 MINUTES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020

1.


General information

38 Minutes Ltd is a private company limited by shares and registered in England & Wales.  The address of its registered office is 120-124 Curtain Road, London, EC2A 3SQ. 
The company was Incorporated on 31 October 2019 and began trading on this date.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current income 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 income.
The Company is eligible to claim a tax credit on production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.3

Stocks

Stocks comprise production costs, which are recorded as a current asset net of the relevant tax credit. Production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.

 
2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

Short term creditors are measured at the transaction price, less any impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from other third parties.

Page 2
 
38 MINUTES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Stocks

2020
£

Production costs
29,193

29,193



5.


Debtors

2020
£


Other debtors
11,333

11,333



6.


Creditors: Amounts falling due within one year

2020
£

Trade creditors
35

Accruals and deferred income
215,464

215,499



7.


Share capital

2020
£
Allotted, called up and fully paid


2 Ordinary shares of £1.00 each
2


On incorporation the company issued 2 ordinary shares of £1 each at par for a cash consideration.

 
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