COMPANY REGISTRATION NUMBER:
12041920
FINE CUT INTERIOR DESIGNS LIMITED
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Filleted Unaudited Financial Statements
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FINE CUT INTERIOR DESIGNS LIMITED
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Statement of Financial Position
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30 June 2020
Fixed assets
Current assets
Cash at bank and in hand
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21,935
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Creditors: amounts falling due within one year
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6
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11,261
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--------
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Net current assets
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10,674
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--------
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Total assets less current liabilities
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11,874
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--------
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Net assets
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11,874
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--------
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Capital and reserves
Called up share capital
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100
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Profit and loss account
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11,774
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--------
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Shareholders funds
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11,874
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--------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
9 March 2021
, and are signed on behalf of the board by:
Company registration number:
12041920
FINE CUT INTERIOR DESIGNS LIMITED
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Notes to the Financial Statements
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Period from 10 June 2019 to 30 June 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45A HIGH STREET, STANWELL, TW19 7LJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
All assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Equipment
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-
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20% reducing balance
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Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
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5.
Tangible assets
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Equipment
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£
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Cost
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At 10 June 2019
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–
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Additions
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1,500
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At 30 June 2020
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1,500
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Depreciation
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At 10 June 2019
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–
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Charge for the period
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300
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At 30 June 2020
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300
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Carrying amount
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At 30 June 2020
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1,200
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6.
Creditors:
amounts falling due within one year
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30 Jun 20
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£
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Corporation tax
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2,769
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Other creditors
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8,492
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11,261
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7.
Director's advances, credits and guarantees
Directors loan account relates to directors current account.
8.
Related party transactions
The company was under the control of
Mr S SINGH
throughout the current year. Mr S SINGH
is the managing director and 70% shareholder.