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
The Fading Ape Ltd
Company Information
for the year ended 28 February 2022
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
The Fading Ape Ltd
Statement of financial position
as at 28 February 2022
Tangible assets
3,267
2,144
Cash at bank and in hand
41,487
33,098
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)
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
The Fading Ape Ltd
Notes to the Accounts
for the year ended 28 February 2022
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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.
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
At 28 February 2022
1,372
2,497
3,869
At 1 March 2021
137
101
238
Charge for the year
124
240
364
At 28 February 2022
261
341
602
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
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
7
Creditors: amounts falling due after more than one year
2022
2021
8
Average number of employees
During the year the average number of employees was 1 (2021: 1).