REGISTRAR OF COMPANIES |
Registration number:
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Cleveleys Practice Limited
Contents
Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cleveleys Practice Limited
for the Year Ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cleveleys Practice Limited for the year ended 31 March 2020 as set out on pages 2 to 8 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/regulation.
This report is made solely to the Board of Directors of Cleveleys Practice Limited, as a body, in accordance with the terms of our engagement letter dated 22 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of Cleveleys Practice Limited and state those matters that we have agreed to state to the Board of Directors of Cleveleys Practice 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 Cleveleys Practice Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cleveleys Practice Limited 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 of Cleveleys Practice Limited. You consider that Cleveleys Practice 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 accounts of Cleveleys Practice 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 accounts.
Chartered Accountants
Cornmarket
PENRITH
CA11 7HW
Cleveleys Practice Limited
(Registration number: 06673042)
Balance Sheet as at 31 March 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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Cleveleys Practice Limited
(Registration number: 06673042)
Balance Sheet as at 31 March 2020 (continued)
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:
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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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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P L Tsoi
Company secretary and director
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P H Thompson
Director
Cleveleys Practice Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
2 Brighton Avenue
CLEVELEYS
FY5 2AA
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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 when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Grants relating to revenue are recognised in the proft and loss acount on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.
Cleveleys Practice Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)
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 balance sheet 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 |
Long leasehold property |
15 year straight line basis |
Furniture, fittings and office equipment |
5 year straight line basis |
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.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Cleveleys Practice Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cleveleys Practice Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)
Tangible assets |
Long leasehold property |
Furniture, fittings and office equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
- |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Debtors |
2020 |
2019 |
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Other debtors |
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Creditors |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax liability |
2,978 |
- |
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Other creditors |
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Cleveleys Practice Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020 (continued)
Related party transactions |
Transactions with directors |
2020 |
At 1 April 2019 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 March 2020 |
P L Tsoi |
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Director loan |
- |
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( |
- |
- |
- |
- |
P H Thompson |
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Director loan |
- |
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( |
- |
- |
- |
- |
2019 |
At 1 April 2018 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 March 2019 |
P L Tsoi |
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Director loan |
- |
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( |
- |
- |
- |
- |
P H Thompson |
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Director loan |
- |
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( |
- |
- |
- |
- |
Directors' advances are repayable on demand.
No interest has been charged on advances to directors.
Non adjusting events after the financial period |
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