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Registered number: SC565247
Cosplayer World Ltd
Financial Statements
For The Year Ended 31 May 2023
Gillespie's Fife
Contents
Page
Accountants' Report 1
Balance Sheet 2
Notes to the Financial Statements 3—4
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Cosplayer World Ltd for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cosplayer World Ltd for the year ended 31 May 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Cosplayer World Ltd , as a body, in accordance with the terms of our engagement letter dated 29 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of Cosplayer World Ltd and state those matters that we have agreed to state to the director of Cosplayer World Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cosplayer World Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Cosplayer World Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Cosplayer World Ltd . You consider that Cosplayer World Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Cosplayer World Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
9th April 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: SC565247
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 40,788 28,936
Cash at bank and in hand 1,544 3,708
42,332 32,644
Creditors: Amounts Falling Due Within One Year 5 (5,204 ) (3,759 )
NET CURRENT ASSETS (LIABILITIES) 37,128 28,885
TOTAL ASSETS LESS CURRENT LIABILITIES 37,128 28,885
NET ASSETS 37,128 28,885
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 37,127 28,884
SHAREHOLDERS' FUNDS 37,128 28,885
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Susan Madley
Director
9th April 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cosplayer World Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC565247 . The registered office is 41 Whitelaw Crescent, Dunfermline, Fife, KY11 4RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Taxation
Corporation tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except it is related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Debtors
2023 2022
£ £
Due within one year
Other debtors 40,788 28,936
Page 3
Page 4
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 924 -
Corporation tax 1,934 1,570
Accruals and deferred income 1,021 864
Director's loan account 1,325 1,325
5,204 3,759
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
7. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from the director:
As at 1 June 2022 Amounts advanced Amounts repaid Amounts written off As at 31 May 2023
£ £ £ £ £
Mrs Susan Madley 1,325 - - - 1,325
The above loan is unsecured, interest free and repayable on demand.
8. Related Party Transactions
Included within Debtors is a loan of £40,788 (2022 - £28,936) which was provided to Airsoft World Ltd, a company of which Susan Madley is a shareholder and her husband is the Director. 
9. Ultimate Controlling Party
The company's ultimate controlling party is Susan Madley by virtue of her ownership of 100% of the issued share capital in the company.
Page 4