Company Registration No. 09305707 (England and Wales)
THE HEADSHOT GUY (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
THE HEADSHOT GUY (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE HEADSHOT GUY (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
5,922
2,959
5,923
2,960
Current assets
Debtors - deferred tax
8,939
-
Debtors - other
5
21,221
7,458
Cash at bank and in hand
3,031
419
33,191
7,877
Creditors: amounts falling due within one year
6
(26,010)
(23,939)
Net current assets/(liabilities)
7,181
(16,062)
Total assets less current liabilities
13,104
(13,102)
Creditors: amounts falling due after more than one year
7
(40,443)
(45,955)
Net liabilities
(27,339)
(59,057)
Capital and reserves
Called up share capital
108
108
Share premium account
79,892
79,892
Profit and loss reserves
(107,339)
(139,057)
Total equity
(27,339)
(59,057)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
THE HEADSHOT GUY (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2020 and are signed on its behalf by:
Mr J A Cassidy
Director
Company Registration No. 09305707
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
The Headshot Guy (UK) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ground Floor, Belmont Place, Belmont Road, MAIDENHEAD, SL6 6TB.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting 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
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion
can
be estimated reliably.
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.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Intellectual property
Not depreciated
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash held at banks.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
and
loans from
connected
companies, are
recognised at transaction price
including transactions costs.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
D
eferred tax assets are recognised to the extent that it is probable that they will be recovered against future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
3
3
Intangible fixed assets
Other
£
Cost
At 1 January 2019 and 31 December 2019
1
Amortisation and impairment
At 1 January 2019 and 31 December 2019
-
Carrying amount
At 31 December 2019
1
At 31 December 2018
1
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
4,964
Additions
5,868
Disposals
(1,148)
At 31 December 2019
9,684
Depreciation and impairment
At 1 January 2019
2,005
Depreciation charged in the year
2,365
Eliminated in respect of disposals
(608)
At 31 December 2019
3,762
Carrying amount
At 31 December 2019
5,922
At 31 December 2018
2,959
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
21,221
7,458
2019
2018
Amounts falling due after more than one year:
£
£
Deferred tax asset
8,939
-
Total debtors
30,160
7,458
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
3,600
2,787
Trade creditors
11,795
7,452
Taxation and social security
8,645
10,397
Other creditors
1,970
3,303
26,010
23,939
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
3,675
10,875
Other creditors
36,768
35,080
40,443
45,955
8
Directors' transactions
Notwithstanding the fact that there are no formal repayment terms, included in creditors : amounts falling due after more than one year is the £36,768 (2018 - £35,080) balance on the director's current account. The balance is interest free.