Smoking Gun Editing Limited Company Accounts

SMOKING GUN EDITING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09400967

Smoking Gun Editing Limited

Filleted Unaudited Financial Statements

31 January 2017

Smoking Gun Editing Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Smoking Gun Editing Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		607	–

Current assets

Debtors	6	13,199	6,032
Cash at bank and in hand		6,560	6,383
		--------	--------
		19,759	12,415

Creditors: amounts falling due within one year	7	20,311		12,323
		--------		--------
Net current (liabilities)/assets			( 552)	92
			----	----
Total assets less current liabilities			55	92
			----	----
Net assets			55	92
			----	----

Capital and reserves

Called up share capital	1	1
Profit and loss account	54	91
	----	----
Member funds	55	92
	----	----

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 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 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Smoking Gun Editing Limited

Statement of Financial Position (continued)

31 January 2017

These financial statements were approved by the board of directors and authorised for issue on 4 October 2017 , and are signed on behalf of the board by:

Mr J Moriarty
Director

Company registration number: 09400967

Smoking Gun Editing Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Beds, SG19 1LB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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.

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. During the period in review, no assets were revalued, meaning no change in the carrying amount of an asset.

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:

	Computer equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing within these accounts, there have been no impairments in this period.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
Additions	950	950
	----	----
At 31 January 2017	950	950
	----	----
Depreciation
Charge for the year	343	343
	----	----
At 31 January 2017	343	343
	----	----
Carrying amount
At 31 January 2017	607	607
	----	----
At 31 January 2016	–	–
	----	----

6. Debtors

	2017	2016
	£	£
Trade debtors	6,000	1,800
Other debtors	7,199	4,232
	--------	-------
	13,199	6,032
	--------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	13,055	9,623
Social security and other taxes	4,519	–
Other creditors	2,737	2,700
	--------	--------
	20,311	12,323
	--------	--------

8. Director's advances, credits and guarantees

Amounts of £35,313 were advanced interest free, and repayable on demand, by the director during the year. At the year end, £5,157 was owed by the director to the company. (2016: £3,706).