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COMPANY REGISTRATION NUMBER: 05892204
Silksoundbooks Limited
Filleted Unaudited Financial Statements
31 December 2021
Silksoundbooks Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
180,853
193,176
Current assets
Debtors
5
8,589
10,338
Cash at bank and in hand
3,452
1,330
--------
--------
12,041
11,668
Creditors: amounts falling due within one year
6
134,947
170,002
---------
---------
Net current liabilities
122,906
158,334
---------
---------
Total assets less current liabilities
57,947
34,842
--------
--------
Net assets
57,947
34,842
--------
--------
Capital and reserves
Called up share capital
82,721
82,721
Share premium account
200,002
200,002
Profit and loss account
( 224,776)
( 247,881)
---------
---------
Shareholders funds
57,947
34,842
---------
---------
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 year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Silksoundbooks Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 14 September 2022 , and are signed on behalf of the board by:
R Weston
Director
Company registration number: 05892204
Silksoundbooks Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Leaman Mattei, Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
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.
Going concern
The directors have considered the current and future trading positions and are satisfied it is appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Recorded books
-
10% straight line
Website design
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
4. Tangible assets
Recorded books
Website design
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
460,079
83,039
543,118
---------
--------
---------
Depreciation
At 1 January 2021
266,903
83,039
349,942
Charge for the year
12,323
12,323
---------
--------
---------
At 31 December 2021
279,226
83,039
362,265
---------
--------
---------
Carrying amount
At 31 December 2021
180,853
180,853
---------
--------
---------
At 31 December 2020
193,176
193,176
---------
--------
---------
5. Debtors
2021
2020
£
£
Trade debtors
8,434
10,190
Other debtors
155
148
-------
--------
8,589
10,338
-------
--------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
134,947
170,002
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R Weston
( 15,196)
16,547
( 1,801)
( 450)
B Mitchell
( 1,149)
1,149
--------
--------
-------
----
( 16,345)
17,696
( 1,801)
( 450)
--------
--------
-------
----
2020
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R Weston
( 47,319)
( 764)
32,887
( 15,196)
B Mitchell
( 4,262)
3,113
( 1,149)
--------
----
--------
--------
( 51,581)
( 764)
36,000
( 16,345)
--------
----
--------
--------