Awesome Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2021
Company Registration No. 04047903 (England and Wales)
Awesome Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Awesome Limited
Balance Sheet
As at 31 March 2021
31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
80,775
74,209
Investments
5
100
100
Current assets
Debtors
7
300,373
300,000
Cash at bank and in hand
672
1,080
301,045
301,080
Creditors: amounts falling due within one year
8
(328,112)
(315,607)
Net current liabilities
(27,067)
(14,527)
Total assets less current liabilities
53,808
59,782
Creditors: amounts falling due after more than one year
9
(717,661)
(713,477)
Net liabilities
(663,853)
(653,695)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(663,953)
(653,795)
Total equity
(663,853)
(653,695)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Awesome Limited
Balance Sheet (Continued)
As at 31 March 2021
31 March 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 December 2021 and are signed on its behalf by:
Mrs A Newman
Mr C Newman
Director
Director
Company Registration No. 04047903
Awesome Limited
Notes to the Financial Statements
For the year ended 31 March 2021
Page 3
1
Accounting policies
Company information
Awesome Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 High Street, Welwyn, Hertfordshire, AL6 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
The Directors have also considered the impact of the Coronavirus and measures taken in the UK.
The company has limited ongoing working capital requirements. The company continues to meet its liabilities with the support of the shareholders.
The Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue to operate for at least 12 months from the date of signing these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives
.
Awesome Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 4
Plant and machinery
25% Straight Line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Awesome Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 5
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 2
).
3
Intangible fixed assets
Other
£
Cost
At 1 April 2020
74,209
Additions
6,566
At 31 March 2021
80,775
Amortisation and impairment
At 1 April 2020 and 31 March 2021
Carrying amount
At 31 March 2021
80,775
At 31 March 2020
74,209
No amortisation has been charged on the above intangible assets as the assets are not in use.
Awesome Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
29,802
Depreciation and impairment
At 1 April 2020 and 31 March 2021
29,802
Carrying amount
At 31 March 2021
At 31 March 2020
5
Fixed asset investments
2021
2020
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
100
Carrying amount
At 31 March 2021
100
At 31 March 2020
100
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Awesome UK Limited
United Kingdom
Retail sales via internet
Ordinary shares
100.00
0
Awesome Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
6
Subsidiaries
(Continued)
Page 7
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Awesome UK Limited
100
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
300,000
300,000
Other debtors
373
300,373
300,000
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
256,321
252,421
Amounts due to group undertakings
100
100
Other taxation and social security
50,000
51,582
Other creditors
21,691
11,504
328,112
315,607
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
16,983
Other creditors
700,678
713,477
717,661
713,477
Awesome Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 8
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
11
Related party transactions
As at 31 March 2021, included within other creditors due after more than one year was an amount due to Mr C Newman and Mrs A Newman, the directors of the company, of £700,678 (2020: £713,477). No interest was charged on amounts outstanding during the year.
As at 31 March 202
1
, included within d
ebtors w
as an amount of £
30
0,000 (20
20
: £
30
0,000) due
from
Make You Smile
Limited, a company registered in England and Wales of which Mr C Newman and M
r
s A
Newman
are directors.
As at 31 March 202
1
, included within c
reditors
within one year was an amount of £2
53
,
07
0 (20
20
: £
240,000
) due
to
Make You Smile
Limited, a company registered in England and Wales of which Mr C Newman and M
rs
A
Newman
are directors.