| Corridors Of Uncertainty Limited |
| Registered number: |
12521660 |
| Balance Sheet |
| as at 31 March 2021 |
|
| Notes |
|
|
2021 |
|
| £ |
|
| Fixed assets |
| Tangible assets |
3 |
|
|
320 |
|
| Current assets |
| Stocks |
|
|
15,272 |
| Cash at bank and in hand |
|
|
49,590 |
|
|
|
64,862 |
|
|
|
| Creditors: amounts falling due within one year |
4 |
|
(42,966) |
|
| Net current assets |
|
|
|
21,896 |
|
|
| Total assets less current liabilities |
|
|
|
22,216 |
|
|
|
| Provisions for liabilities |
|
|
|
(61) |
|
|
| Net assets |
|
|
|
22,155 |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
| Profit and loss account |
|
|
|
21,155 |
|
| Shareholder's funds |
|
|
|
22,155 |
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| B J Beattie |
| Director |
| Approved by the board on 15 December 2021 |
|
| Corridors Of Uncertainty Limited |
| Notes to the Accounts |
| for the period from 17 March 2020 to 31 March 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).
The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is generally recognised at the point of cash receipt or for sales on credit when the significant risks and rewards of ownership of the goods have transferred to the buyer which is usually on delivery of the goods. Turnover from the rendering of services is recognised when the value of the service can be reliably measured and it is probable that future economic benefits will flow. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2021 |
|
| Number |
|
|
|
Average number of persons employed by the company |
1 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
Additions |
400 |
|
At 31 March 2021 |
400 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the period |
80 |
|
At 31 March 2021 |
80 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2021 |
320 |
|
|
| 4 |
Creditors: amounts falling due within one year |
2021 |
|
| £ |
|
|
|
Taxation and social security costs |
8,420 |
|
Other creditors |
34,546 |
|
|
|
|
|
|
42,966 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2021 |
|
2021 |
|
| value |
Number |
£ |
|
|
Allotted, called up and fully paid |
|
Ordinary share |
£1 each |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
1,000 ordinary shares of £1 each where subscribed for on incorporation. |
|
| 6 |
Related party transactions |
|
|
The company acquired the artist business of the director on 1April 2020 including the fixed assets and stock as well as the property rights in the artworks. The total paid for the assets was equal to the book value on cessation of the previous business, £12,886. Trading commenced immediately.
The company has paid rent to the director for the use of studio facilities of £3,400 |
|
|
| 7 |
Other information |
|
|
Corridors Of Uncertainty Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The History Room at Farnham Pottery |
|
Pottery Lane |
|
Farnham |
|
Surrey |
|
GU10 4QJ |
