Company Registration No. 09305707 (England and Wales)
THE HEADSHOT GUY (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
THE HEADSHOT GUY (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE HEADSHOT GUY (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
3,540
5,922
3,541
5,923
Current assets
Debtors - deferred tax
8,939
Debtors - other
5
4,353
21,221
Cash at bank and in hand
46,644
3,031
50,997
33,191
Creditors: amounts falling due within one year
6
(13,043)
(26,010)
Net current assets
37,954
7,181
Total assets less current liabilities
41,495
13,104
Creditors: amounts falling due after more than one year
7
(83,341)
(40,443)
Net liabilities
(41,846)
(27,339)
Capital and reserves
Called up share capital
108
108
Share premium account
79,892
79,892
Profit and loss reserves
(121,846)
(107,339)
Total equity
(41,846)
(27,339)
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 2020 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 2020
31 December 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 August 2021
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 2020
- 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
10 years straight line
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 2020
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
4
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2020 and 31 December 2020
1
Amortisation and impairment
At 1 January 2020 and 31 December 2020
Carrying amount
At 31 December 2020
1
At 31 December 2019
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
9,684
Additions
274
Disposals
(1,893)
At 31 December 2020
8,065
Depreciation and impairment
At 1 January 2020
3,762
Depreciation charged in the year
2,340
Eliminated in respect of disposals
(1,577)
At 31 December 2020
4,525
Carrying amount
At 31 December 2020
3,540
At 31 December 2019
5,922
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
4,353
21,221
THE HEADSHOT GUY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
5
Debtors
(Continued)
- 6 -
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
8,939
Total debtors
4,353
30,160
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
3,675
3,600
Trade creditors
11,795
Taxation and social security
6,180
8,645
Other creditors
3,188
1,970
13,043
26,010
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000
3,675
Other creditors
33,341
36,768
83,341
40,443
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 £33,341 (2019 - £36,768) balance on the director's current account. The balance is interest free.