ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

38 MINUTES LTD - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2true2020-11-01false2No description of principal activitytrue 12291176 2020-11-01 2022-02-28 12291176 2019-10-31 2020-10-31 12291176 2022-02-28 12291176 2020-10-31 12291176 c:Director1 2020-11-01 2022-02-28 12291176 d:CurrentFinancialInstruments 2022-02-28 12291176 d:CurrentFinancialInstruments 2020-10-31 12291176 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12291176 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 12291176 d:ShareCapital 2022-02-28 12291176 d:ShareCapital 2020-10-31 12291176 c:FRS102 2020-11-01 2022-02-28 12291176 c:AuditExempt-NoAccountantsReport 2020-11-01 2022-02-28 12291176 c:FullAccounts 2020-11-01 2022-02-28 12291176 c:PrivateLimitedCompanyLtd 2020-11-01 2022-02-28 12291176 2 2020-11-01 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 12291176









38 MINUTES LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2022
 
38 MINUTES LTD
REGISTERED NUMBER: 12291176

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2022

28 February
31 October
2022
2020
Note
£
£

  

Current assets
  

Stocks
 4 
34,342
29,193

Debtors: amounts falling due within one year
 5 
161,131
11,333

Cash at bank and in hand
  
62,166
174,975

  
257,639
215,501

Creditors: amounts falling due within one year
 6 
(257,637)
(215,499)

Net current assets
  
 
 
2
 
 
2

Total assets less current liabilities
  
2
2

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
  
2
2

  
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 24 February 2023.




M Brett
Director

Page 1
 
38 MINUTES LTD
REGISTERED NUMBER: 12291176
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2022

The notes on pages 3 to 5 form part of these financial statements.
Page 2
 
38 MINUTES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

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 Unit 3, 443-449 Holloway Road, London, N7 6LJ. 

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

Revenue

Revenue comprises distribution revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the Statement of Financial Position until further costs are incurred or profits anticipated. At this point the deferred income is released to the Statement of Income and Retained Earnings.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

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.

 
2.6

Debtors

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

 
2.7

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.

Page 3
 
38 MINUTES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.8

Creditors

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

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2020 - 2).


4.


Stocks

28 February
31 October
2022
2020
£
£

Production costs
34,342
29,193

34,342
29,193



5.


Debtors

28 February
31 October
2022
2020
£
£


Other debtors
161,131
11,333

161,131
11,333


Page 4
 
38 MINUTES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

6.


Creditors: Amounts falling due within one year

28 February
31 October
2022
2020
£
£

Trade creditors
2,100
35

Other creditors
94,736
-

Accruals and deferred income
160,801
215,464

257,637
215,499



7.


Related party transactions

At the reporting date £94,736 (2020: £nil) was due to Archer's Mark Studios Ltd. The loan is repayable on demand and not interest bearing.

 
Page 5