COMPANY REGISTRATION NUMBER:
00189761
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Statement of Financial Position
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|
30 June 2020
Fixed assets
Tangible assets
|
5
|
|
150,916
|
223,769
|
|
|
|
|
|
Current assets
Stocks
|
34,634
|
|
29,857
|
Debtors
|
147,087
|
|
148,079
|
Cash at bank and in hand
|
57,567
|
|
76,179
|
|
---------
|
|
---------
|
|
239,288
|
|
254,115
|
|
|
|
|
Creditors: amounts falling due within one year
|
53,591
|
|
93,194
|
|
---------
|
|
---------
|
Net current assets
|
|
185,697
|
160,921
|
|
|
---------
|
---------
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Total assets less current liabilities
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|
336,613
|
384,690
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
–
|
11,615
|
|
|
---------
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---------
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Net assets
|
|
336,613
|
373,075
|
|
|
---------
|
---------
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|
|
|
|
Capital and reserves
Called up share capital
|
|
22,000
|
22,000
|
Profit and loss account
|
|
314,613
|
351,075
|
|
|
---------
|
---------
|
Shareholders funds
|
|
336,613
|
373,075
|
|
|
---------
|
---------
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|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
30 June 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 March 2021
, and are signed on behalf of the board by:
Company registration number:
00189761
Notes to the Abridged Financial Statements
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Year ended 30 June 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents gross services provided.
Income tax
Provision is made at current rates for taxation deferred in respect of all material timing differences except to the extent that in the opinion of the directors, there is reasonable probability that the liability will not arise in the forseeable future.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
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Freehold buildings
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-
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10% straight line
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|
Plant and equipment
|
-
|
20% straight line
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|
Motor vehicles
|
-
|
20% 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, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2019:
7
).
5.
Tangible assets
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£
|
Cost
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|
At 1 July 2019 and 30 June 2020
|
592,538
|
|
---------
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Depreciation
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|
At 1 July 2019
|
368,769
|
Charge for the year
|
72,853
|
|
---------
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At 30 June 2020
|
441,622
|
|
---------
|
Carrying amount
|
|
At 30 June 2020
|
150,916
|
|
---------
|
At 30 June 2019
|
223,769
|
|
---------
|
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|
6.
Contingencies
A debenture registered on 4th September 1989 by Barclays Bank Plc provides a fixed charge over the company's freehold property at 23 Cedar Road, Newport NP19 0BA on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 16th February 1981 by Barclays Bank Plc provides a fixed charge over the company's freehold property at 1 Grafton Road, Newport NP19 0AS on all monies due or to become due from the company to the chargee on any account whatsoever.
7.
Related party transactions
The company was under the control of
Mr D.G. Hicks
throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.