ACCOUNTS - Final Accounts

SECOND MOUNTAIN LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-09-302022-09-302021-09-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.20truetrue 13654324 2021-09-29 13654324 2021-09-30 2022-09-30 13654324 2020-10-01 2021-09-29 13654324 2022-09-30 13654324 c:Director1 2021-09-30 2022-09-30 13654324 d:ComputerEquipment 2021-09-30 2022-09-30 13654324 d:ComputerEquipment 2022-09-30 13654324 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-09-30 2022-09-30 13654324 d:CurrentFinancialInstruments 2022-09-30 13654324 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 13654324 d:ShareCapital 2022-09-30 13654324 d:RetainedEarningsAccumulatedLosses 2022-09-30 13654324 c:FRS102 2021-09-30 2022-09-30 13654324 c:AuditExempt-NoAccountantsReport 2021-09-30 2022-09-30 13654324 c:FullAccounts 2021-09-30 2022-09-30 13654324 c:PrivateLimitedCompanyLtd 2021-09-30 2022-09-30 iso4217:GBP xbrli:pure

Registered number: 13654324

SECOND MOUNTAIN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2022

SECOND MOUNTAIN LIMITED

REGISTERED NUMBER: 13654324

BALANCE SHEET

AS AT 30 SEPTEMBER 2022

		2022
Note		£

Fixed assets
Tangible assets	4		2,669
			2,669
Current assets
Cash at bank and in hand		37,079
		37,079
Creditors: amounts falling due within one year	5	(12,365)
Net current assets			24,714
Total assets less current liabilities			27,383

Net assets			27,383

Capital and reserves
Called up share capital			100
Profit and loss account			27,283
			27,383

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SECOND MOUNTAIN LIMITED

REGISTERED NUMBER: 13654324

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2022

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 year 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 and delivered 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 Company has opted not to file the profit and loss account or the directors' report 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 by:

A Kamalia

Director

Date: 2 July 2023

The notes on pages 3 to 6 form part of these financial statements.

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SECOND MOUNTAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.	General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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SECOND MOUNTAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

Over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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SECOND MOUNTAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.6

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.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

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

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SECOND MOUNTAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

4.	Tangible fixed assets

		Computer equipment
		£
	Cost
	Additions	2,805
	At 30 September 2022	2,805
	Depreciation
	Charge for the year on owned assets	136
	At 30 September 2022	136
	Net book value
	At 30 September 2022	2,669

5.	Creditors: Amounts falling due within one year
		2022
		£

	Corporation tax	6,762
	Other creditors	4,403
	Accruals and deferred income	1,200
		12,365

6.	Related party transactions
	Included within other creditors is an amount of £4,403 owed to a director of the company. This amount is interest free and repayable on demand.

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