Authors Collective Limited Filleted accounts for Companies House (small and micro)

AUTHORS COLLECTIVE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11929706

Authors Collective Limited

Filleted Unaudited Financial Statements

31 March 2021

Authors Collective Limited

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	4	2,054	2,678

Current assets

Stocks		8,000	8,393
Debtors	5	304	2,240
Cash at bank and in hand		3,645	11,941
		------	------
		11,949	22,574

Creditors: amounts falling due within one year	6	130,359	111,075
		-------	-------
Net current liabilities		118,410	88,501
		-------	------
Total assets less current liabilities		( 116,356)	( 85,823)
		-------	------
Net liabilities		( 116,356)	( 85,823)
		-------	------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 116,456)	( 85,923)
	-------	------
Shareholders deficit	( 116,356)	( 85,823)
	-------	------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 16 December 2021 , and are signed on behalf of the board by:

P Richer-Clermont

Director

Company registration number: 11929706

Authors Collective Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 101, 4 Montpelier Street, London, SW7 1EE, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(d) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

(e) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(f) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Equipment
	£
Cost
At 1 April 2020 and 31 March 2021	3,117
	-----
Depreciation
At 1 April 2020	439
Charge for the year	624
	-----
At 31 March 2021	1,063
	-----
Carrying amount
At 31 March 2021	2,054
	-----
At 31 March 2020	2,678
	-----

5. Debtors

	2021	2020
	£	£
Other debtors	304	2,240
	---	-----

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	–	1,439
Other creditors	130,359	109,636
	-------	-------
	130,359	111,075
	-------	-------