Scan Magazine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06579237 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

FOR

SCAN MAGAZINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M E Petersen

T Winther

REGISTERED OFFICE:

3rd floor

News Building

3 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

06579237 (England and Wales)

ACCOUNTANTS:

Dattani

Chartered Accountants

Scottish Provident House

76/80 College Road

Harrow

Middlesex

HA1 1 BQ

FIXED ASSETS

Tangible assets

4

2,547

4,000

CURRENT ASSETS

Debtors

5

159,815

167,721

Cash at bank and in hand

201,866

146,403

361,681

314,124

CREDITORS

Amounts falling due within one year

6

121,174

194,829

NET CURRENT ASSETS

240,507

119,295

TOTAL ASSETS LESS CURRENT LIABILITIES

243,054

123,295

CREDITORS

Amounts falling due after more than one year

7

250,000

-

NET (LIABILITIES)/ASSETS

(6,946

)

123,295

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(6,948

)

123,293

SHAREHOLDERS' FUNDS

(6,946

)

123,295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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.

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 10 December 2021 and were signed on its behalf by:

M E Petersen - Director

1.	STATUTORY INFORMATION

Scan Magazine Limited 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 for the year ended 30 April 2017 are the first financial statements that comply with Financial Reporting Standard 102 Section 1A "Small Entities". The date of transition is 01 May 2016.

The transition to FRS 102 Section 1A "Small Entities" has resulted in no changes to the accounting policies to those used previously.

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 each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

37,500

Additions

729

At 30 April 2021

38,229

DEPRECIATION

At 1 May 2020

33,500

Charge for year

2,182

At 30 April 2021

35,682

NET BOOK VALUE

At 30 April 2021

2,547

At 30 April 2020

4,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

18,454

70,097

Other debtors

141,361

97,624

159,815

167,721

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

11,501

-

Trade creditors

20,380

50,622

Taxation and social security

52,019

65,279

Other creditors

37,274

78,928

121,174

194,829

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans

250,000

-

30.4.21

30.4.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

20,833

-

8.	SECURED DEBTS

The bank loan is under the Coronavirus Business Interruption Loan Scheme and secured by way of a guarantee provided by the United Kingdom government.

9.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors.