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Unaudited Financial Statements for the Year Ended 31 May 2022 |
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Sumdials Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2022 |
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for |
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Sumdials Limited |
Sumdials Limited (Registered number: SC181845) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Sumdials Limited |
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Company Information |
for the Year Ended 31 May 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
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BANKERS: |
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Sumdials Limited (Registered number: SC181845) |
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Balance Sheet |
31 May 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Sumdials Limited (Registered number: SC181845) |
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Balance Sheet - continued |
31 May 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Sumdials Limited (Registered number: SC181845) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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Sumdials Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company is developing and plans to launch a new educational computer app. The app is in the latter stages of development and testing and will be launched in the near future. |
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Subsequent to the year end a director who is the majority shareholder and financier passed away, at this point in time his executors are considering the options and have not indicated that the funds advanced to date would be called up. Their initial intention is to continue the business as a going concern and continue to support the business |
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Notwithstanding the deficiency of shareholders' funds, the financial statements have been prepared on the going concern basis as the executors have indicated that they intend to provide such funds as are necessary for the company to trade for the foreseeable future. |
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Significant judgements and estimates |
Preparing the financial statements may require the directors to make significant judgements and estimates. There were no items in the financial statements where these judgements and estimates were required. |
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Intangible assets |
Intangible assets consist of the costs of software development which have been capitalised and are being written off over the estimated useful economic life of 4 years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Impairment of tangible fixed assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Income Statement. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Sumdials Limited (Registered number: SC181845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, directors loan and bank loan. |
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Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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AMORTISATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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Sumdials Limited (Registered number: SC181845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within other creditors is an amount due to the estate of a ex director amounting to £320,082 (2021: £307,775). The loan is interest free and repayable on demand. |