Company Registration No. 07626617 (England and Wales)
Snag That Ltd
Unaudited Financial Statements
for the year ended 28 February 2022
Snag That Ltd
Unaudited Financial Statements
Contents
Snag That Ltd
Company Information
for the year ended 28 February 2022
Director
Justin Leigh Dymond
Company Number
07626617 (England and Wales)
Registered Office
Sequoia
Old Pinn Lane
Exeter
Devon
EX1 3RF
England
Snag That Ltd
Statement of financial position
as at
28 February 2022
Tangible assets
17,533
1,315
Cash at bank and in hand
205,804
155,790
Creditors: amounts falling due within one year
(41,803)
(29,928)
Net current assets
165,556
129,667
Total assets less current liabilities
183,089
130,982
Creditors: amounts falling due after more than one year
(10,403)
-
Net assets
172,686
130,982
Called up share capital
250
250
Profit and loss account
172,436
130,732
Shareholders' funds
172,686
130,982
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2022 and were signed on its behalf by
Justin Leigh Dymond
Director
Company Registration No. 07626617
Snag That Ltd
Notes to the Accounts
for the year ended 28 February 2022
Snag That Ltd is a private company, limited by shares, registered in England and Wales, registration number 07626617. The registered office is Sequoia, Old Pinn Lane , Exeter, Devon, EX1 3RF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance and straight line over 3 years
Motor vehicles
straight line over 5 years
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Snag That Ltd
Notes to the Accounts
for the year ended 28 February 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 March 2021
19,553
-
19,553
Additions
3,963
17,218
21,181
At 28 February 2022
23,516
17,218
40,734
At 1 March 2021
18,238
-
18,238
Charge for the year
1,519
3,444
4,963
At 28 February 2022
19,757
3,444
23,201
At 28 February 2022
3,759
13,774
17,533
At 28 February 2021
1,315
-
1,315
Amounts falling due within one year
Other debtors
1,555
1,555
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
2,773
-
Taxes and social security
4,812
-
Other creditors
140
1,352
Loans from directors
31,317
28,291
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
10,403
-
8
Average number of employees
During the year the average number of employees was 2 (2021: 2).