We Cut Any Size Limited |
Notes to the Accounts |
for the period from 1 July 2017 to 31 December 2017 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A small entities, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Creditors: amounts falling due within one year |
31/12/17 |
30/6/17 |
£ |
£ |
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Directors loan account |
2,312 |
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2,312 |
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Other creditors |
813 |
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713 |
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3,125 |
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3,025 |
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3 |
Related party transactions |
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Apart from the out of pocket expenses paid to the director and shareholder there are no other related party transactions as are required to be disclosed under the financial reporting standards for smaller entities. |
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The amount owed to the director and shareholder at the year end is £2,312 |
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During the year costs were paid for on behalf of the company by Ashby Signs Limited totalling £100. At 31 December 2017 the amount owed to Ashby Signs Limited was £813 (30 June 2017 : £713). |
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4 |
Controlling party |
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The ultimate controlling party is Mr N Horseman, director and shareholder of the company. |
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5 |
Other information |
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We Cut Any Size Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 1 Hatch Industrial Park, Greywell Road, Basingstoke, Hampshire, RG24 7NG |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out above. These policies have been consistently applied to all years presented unless otherwise stated and the transition to FRS 102 was from 1 July 2015. |