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Company Registration No. SC620982 (Scotland)
The Fading Ape Ltd Unaudited accounts for the year ended 28 February 2022
The Fading Ape Ltd Unaudited accounts Contents
Page
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The Fading Ape Ltd Company Information for the year ended 28 February 2022
Director
Ryan Whitelaw
Company Number
SC620982 (Scotland)
Registered Office
7 Braidfauld Place Glasgow G32 8PU Scotland
Accountants
Calculo Ltd Red Tree Magenta 270 Glasgow Road Glasgow G73 1SA
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The Fading Ape Ltd Statement of financial position as at 28 February 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,267 
2,144 
Current assets
Debtors
- 
9 
Cash at bank and in hand
41,487 
33,098 
41,487 
33,107 
Creditors: amounts falling due within one year
(6,481)
(5,998)
Net current assets
35,006 
27,109 
Total assets less current liabilities
38,273 
29,253 
Creditors: amounts falling due after more than one year
(12,000)
(13,500)
Net assets
26,273 
15,753 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
26,263 
15,743 
Shareholders' funds
26,273 
15,753 
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 August 2022 and were signed on its behalf by
Ryan Whitelaw Director Company Registration No. SC620982
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The Fading Ape Ltd Notes to the Accounts for the year ended 28 February 2022
1
Statutory information
The Fading Ape Ltd is a private company, limited by shares, registered in Scotland, registration number SC620982. The registered office is 7 Braidfauld Place, Glasgow, G32 8PU, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% Reducing Balance
Computer equipment
10% Reducing Balance
Going concern
The COVID-19 pandemic has developed rapidly in 2020, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity. We have taken a number of measures to monitor and mitigate the effects of COVID-19, such as safety and health measures for our people (such as social distancing and working from home) and securing the supply of materials that are essential to our service delivery. At this stage, the impact on our business and results has not been significant and results have in fact been positive. As we operate in the barbering sector we have found increased demand for our services and expect this to continue. We will continue to follow the various government policies and advice and, in parallel, we will do our utmost to continue our operations in the best and safest way possible without jeopardising the health of our people. Even if, at this moment, no uncertainty about the entity's ability to continue as a going concern is identified, this can change at short notice and we have prioritised our liquidity position and growth in working capital within our financial KPI's to mitigate the risks.
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The Fading Ape Ltd Notes to the Accounts for the year ended 28 February 2022
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2021
1,372 
1,010 
2,382 
Additions
- 
1,487 
1,487 
At 28 February 2022
1,372 
2,497 
3,869 
Depreciation
At 1 March 2021
137 
101 
238 
Charge for the year
124 
240 
364 
At 28 February 2022
261 
341 
602 
Net book value
At 28 February 2022
1,111 
2,156 
3,267 
At 28 February 2021
1,235 
909 
2,144 
5
Debtors: amounts falling due within one year
2022 
2021 
£ 
£ 
Other debtors
- 
9 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
2,131 
1,500 
Taxes and social security
4,350 
4,498 
6,481 
5,998 
7
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
12,000 
13,500 
8
Average number of employees
During the year the average number of employees was 1 (2021: 1).
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