ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-03-01No description of principal activity22true 12291176 2022-03-01 2023-02-28 12291176 2020-11-01 2022-02-28 12291176 2023-02-28 12291176 2022-02-28 12291176 c:Director1 2022-03-01 2023-02-28 12291176 d:CurrentFinancialInstruments 2023-02-28 12291176 d:CurrentFinancialInstruments 2022-02-28 12291176 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12291176 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12291176 d:ShareCapital 2023-02-28 12291176 d:ShareCapital 2022-02-28 12291176 c:FRS102 2022-03-01 2023-02-28 12291176 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 12291176 c:FullAccounts 2022-03-01 2023-02-28 12291176 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12291176 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 12291176

38 MINUTES LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2023

38 MINUTES LTD

REGISTERED NUMBER: 12291176

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2023

		2023		2022
Note		£		£


Current assets
Stocks	4	473,205		34,342
Debtors: amounts falling due within one year	5	157,086		161,131
Cash at bank and in hand		6,261		62,166
		636,552		257,639
Creditors: amounts falling due within one year	6	(636,550)		(257,637)
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 23 November 2023.

M Brett

Director

The notes on pages 3 to 5 form part of these financial statements.

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38 MINUTES LTD

REGISTERED NUMBER: 12291176

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2023

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38 MINUTES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2023

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 Creative Works, 7 Blackhorse Lane, London, E17 6DS.

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.

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38 MINUTES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2023

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.

Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).

4.	Stocks
		2023	2022
		£	£

Production cost	473,205	34,342
	473,205	34,342

Debtors

					2023	2022
					£	£


Other debtors	157,086	161,131
	157,086	161,131

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	-	2,100
Other creditors	630,550	94,736
Accruals and deferred income	6,000	160,801
	636,550	257,637

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38 MINUTES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2023

7.	Related party transactions
	At the reporting date, £241,749 (2022: ££94,736) was due to Archer's Mark Studios Ltd. The loan is repayable on demand and not interest bearing.

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