Company Registration No. 05445906 (England and Wales)
777 ENVIRONMENTAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
777 ENVIRONMENTAL LIMITED
COMPANY INFORMATION
Director
Mr M Pearce
Company number
05445906
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
Unit 3
Coomber Way Industrial Estate
3 Coomber Way
Croydon
Surrey
CR0 4TQ
777 ENVIRONMENTAL LIMITED
CONTENTS
Page
Director's report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 9
777 ENVIRONMENTAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2020
- 1 -
The director presents his annual report and financial statements for the year ended 30 April 2020.
Principal activities
The principal activity of the company is that of asbestos surveyors.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr M Pearce
DIRECTORS' RESPONSIBILITIES STATEMENT
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Post reporting date events
The U.K. along with much of the rest of the world is currently in the middle of a pandemic caused by Covid-19. In March 2020 the U.K. Government introduced unprecedented measures to restrict the spread of the virus including closing down whole sectors of the economy and requiring most people, other than essential workers, to stay at home.
Between the date of the financial statements and the date of the signing of this report, the UK has been under varying levels of restrictions as the government sought to balance the need to restart the economy and also restrict the spread of the virus.
As of the date of this report it remains uncertain as to how long the pandemic will last and what other impacts will arise afterwards.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
777 ENVIRONMENTAL LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
On behalf of the board
Mr M Pearce
Director
11 January 2021
777 ENVIRONMENTAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 777 ENVIRONMENTAL LIMITED FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 777 Environmental Limited for the year ended 30 April 2020 set out on pages 4 to 9 from the company’s accounting records and from information and explanations you have given 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/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of 777 Environmental Limited, as a body, in accordance with the terms of our engagement letter dated 27 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of 777 Environmental Limited
and state those matters that we have agreed to state to the Board of Directors of 777 Environmental Limited, 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 777 Environmental Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that 777 Environmental Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of 777 Environmental Limited. You consider that 777 Environmental Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 777 Environmental Limited. 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 statutory financial statements.
Bryden Johnson Limited
13 January 2021
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
777 ENVIRONMENTAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
2020
2019
£
£
Turnover
103,292
346,823
Cost of sales
(86,573)
(354,594)
Gross profit/(loss)
16,719
(7,771)
Administrative expenses
(15,158)
(194,696)
Operating profit/(loss)
1,561
(202,467)
Interest receivable and similar income
93
-
Profit/(loss) before taxation
1,654
(202,467)
Tax on profit/(loss)
-
-
Profit/(loss) for the financial year
1,654
(202,467)
777 ENVIRONMENTAL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 5 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
-
50,000
Debtors
4
102,655
41,426
Cash at bank and in hand
476
3,624
103,131
95,050
Creditors: amounts falling due within one year
5
(39,378)
(32,951)
Net current assets
63,753
62,099
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
63,653
61,999
Total equity
63,753
62,099
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 January 2021
Mr M Pearce
Director
Company Registration No. 05445906
777 ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
1
Accounting policies
Company information
777 Environmental Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
777 ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 7).
2020
2019
Number
Number
Total
2
7
777 ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019
10,000
Disposals
(10,000)
At 30 April 2020
-
Depreciation and impairment
At 1 May 2019
10,000
Eliminated in respect of disposals
(10,000)
At 30 April 2020
-
Carrying amount
At 30 April 2020
-
At 30 April 2019
-
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
24,249
Corporation tax recoverable
-
13,720
Other debtors
102,655
3,457
102,655
41,426
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
30,735
26,584
Taxation and social security
7,114
2,785
Other creditors
1,529
3,582
39,378
32,951
777 ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 9 -
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
At the year end, included in other debtors is the amount £101,955 (2019: £Nil) due from 777 Demolition & Haulage Company Limited.