33Seconds Limited - Period Ending 2020-03-31

33Seconds Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

33Seconds Limited

Company Information

Directors

A Regester D Cook

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

33Seconds Limited

Statement of Financial Position as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	7,674	12,014
Current assets
Debtors	5	686,364	606,456
Cash at bank and in hand		155,767	147,492
		842,131	753,948
Creditors: Amounts falling due within one year	6	(370,838)	(264,991)
Net current assets		471,293	488,957
Total assets less current liabilities		478,967	500,971
Provisions for liabilities		(908)	(2,137)
Net assets		478,059	498,834
Capital and reserves
Called up share capital		100	100
Profit and loss account		477,959	498,734
Total equity		478,059	498,834

33Seconds Limited

Statement of Financial Position as at 31 March 2020

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 19 August 2020 and signed on its behalf by:
 

.........................................

D Cook

Director

Company registration number: 07475480

33Seconds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of social media marketing.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

At 31 March 2020 the company had net assets amounting to £478,059 including cash at bank and in hand of £155,767.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. These enquiries include having suitable plans in place to be able to cope with the significant uncertainties to the business caused by the Covid-19 virus and ensuring recourse to sufficient working capital is available to enable the company to meet its obligations as they fall due.

The company has number of contracts signed prior to the pandemic restrictions which remain in place under which the company continues to provide marketing services. Many ongoing contracts are with larger and well-established companies, whose funding is considered to be secure in the medium term. The company has made use of support from the Coronavirus Job Rentention Scheme. The directors continue to monitor the company's position and are aware of ways to reduce costs further should circumstances require it but currently the company continues to trade and generate sufficient working capital to meet its outgoings.

Accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of marketing services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion of contractual services when the amount of revenue can be reliably measured.

33Seconds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line
Fixtures and fittings	25% straight line

33Seconds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company during the year, was 26 (2019 - 24).

33Seconds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Leasehold Property £	Fixtures & Fittings £	Computer Equipment £	Total £
Cost or valuation
At 1 April 2019	9,726	12,600	21,051	43,377
Additions	-	-	2,096	2,096
Disposals	(9,726)	(2,263)	(308)	(12,297)
At 31 March 2020	-	10,337	22,839	33,176
Depreciation
At 1 April 2019	9,726	10,314	11,323	31,363
Charge for the year	-	1,044	4,076	5,120
Eliminated on disposal	(9,726)	(1,178)	(77)	(10,981)
At 31 March 2020	-	10,180	15,322	25,502
Carrying amount
At 31 March 2020	-	157	7,517	7,674
At 31 March 2019	-	2,286	9,728	12,014

5

Debtors

	2020 £	2019 £
Trade debtors	635,660	526,945
Other debtors	50,704	79,511
	686,364	606,456

33Seconds Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Trade creditors	71,021	18,204
Taxation and social security	156,067	199,358
Other creditors	143,750	47,429
	370,838	264,991

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £41,876 (2019 - £41,454).