Registered number |
12979168 |
CUT YOUR WOLF LOOSE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD FROM 1 NOVEMBER 2021 TO 31 OCTOBER 2022 |
PAGES FOR FILING WITH REGISTRAR |
CUT YOUR WOLF LOOSE LIMITED | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 6 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 12979168 | ||||||
Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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………………………………….. | |||||||
Sebastian Joseph Woolf | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 OCTOBER 2022 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The UK economy is currently facing unprecedented uncertainty about the impact of the COVID-19 pandemic, together with the extent and duration of social distancing measures imposed by the UK Government. The director has foreseen the challenges in the coming months and considered carefully the potential impact of these matters. In taking into account available cash resources (including access to existing financing facilities) and the extent of support provided by the UK Government announced as of the date of signing these financial statements, the director has continued to adopt the going concern basis of accounting. | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 20% straight line | |||||||
Stocks | ||||||||
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
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Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Deferred tax | ||||||||
The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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2 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 November 2021 | ||||||||
At 31 October 2022 | ||||||||
Depreciation | ||||||||
At 1 November 2021 | ||||||||
Charge for the year | ||||||||
At 31 October 2022 | ||||||||
Net book value | ||||||||
At 31 October 2022 | ||||||||
At 31 October 2021 | ||||||||
4 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other taxes and social security costs | - | 1,722 | ||||||
Director's current account | 3,566 | - | ||||||
The director's current account represents amount due from Sebastian Joseph Woolf, director of the company. The maximum amount outstanding during the year was £3,566 and this amount was repaid within nine months after the year end. | ||||||||
5 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Other taxes and social security costs | - | |||||||
Other creditors | ||||||||
Director's current account | - | 95 | ||||||
6 | Other information | |||||||
Cut Your Wolf Loose Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |