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2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
07321979
2020-04-01
2021-03-31
07321979
2021-03-31
07321979
2020-03-31
07321979
2019-04-01
2020-03-31
07321979
2020-03-31
07321979
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core:LongLeaseholdAssets
2020-04-01
2021-03-31
07321979
core:FurnitureFittings
2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2021-03-31
07321979
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2020-03-31
07321979
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2021-03-31
07321979
core:AfterOneYear
2020-03-31
07321979
core:ShareCapital
2021-03-31
07321979
core:ShareCapital
2020-03-31
07321979
core:RetainedEarningsAccumulatedLosses
2021-03-31
07321979
core:RetainedEarningsAccumulatedLosses
2020-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
07321979
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
07321979
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2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
07321979
Connolley & Company Limited
|
|
Filleted Unaudited Abridged Financial Statements
|
|
Connolley & Company Limited
|
|
Abridged Financial Statements
|
|
Year ended 31 March 2021
Officers and professional advisers
|
1
|
|
|
Accountants report to the director on the preparation of the unaudited statutory abridged financial statements
|
2
|
|
|
Abridged statement of financial position
|
3
|
|
|
Notes to the abridged financial statements
|
5
|
|
|
Connolley & Company Limited
|
|
Officers and Professional Advisers
|
|
Registered office
|
Stirling House
|
|
Carriers Fold
|
|
Church Road
|
|
Wombourne
|
|
Wolverhampton
|
|
West Midlands
|
|
WV5 9DJ
|
|
|
Accountants
|
Nicholas Barwell & Co Ltd
|
|
Accountants
|
|
Stirling House
|
|
Church Road
|
|
Wombourne
|
|
Wolverhampton
|
|
West Midlands
|
|
WV5 9DJ
|
|
|
Connolley & Company Limited
|
|
Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Connolley & Company Limited
|
|
Year ended 31 March 2021
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2021, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Nicholas Barwell & Co Ltd
Accountants
Stirling House
Church Road
Wombourne
Wolverhampton
West Midlands
WV5 9DJ
15 December 2021
Connolley & Company Limited
|
|
Abridged Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
5
|
|
3,484
|
4,115
|
|
|
|
|
|
Current assets
Debtors
|
75,402
|
|
(
7,138)
|
Cash at bank and in hand
|
4,313,462
|
|
1,898,453
|
|
------------
|
|
------------
|
|
4,388,864
|
|
1,891,315
|
|
|
|
|
Creditors: amounts falling due within one year
|
4,182,147
|
|
1,867,520
|
|
------------
|
|
------------
|
Net current assets
|
|
206,717
|
23,795
|
|
|
---------
|
--------
|
Total assets less current liabilities
|
|
210,201
|
27,910
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
23,849
|
24,284
|
|
|
---------
|
--------
|
Net assets
|
|
186,352
|
3,626
|
|
|
---------
|
--------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1
|
1
|
Profit and loss account
|
|
186,351
|
3,625
|
|
|
---------
|
-------
|
Shareholders funds
|
|
186,352
|
3,626
|
|
|
---------
|
-------
|
|
|
|
|
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 31 March 2021 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 her 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 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.
Connolley & Company Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
31 March 2021
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 December 2021
, and are signed on behalf of the board by:
Company registration number:
07321979
Connolley & Company Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stirling House, Carriers Fold, Church Road, Wombourne, Wolverhampton, WV5 9DJ, West Midlands.
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.
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.
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.
Income tax
The charge for taxation takes into account, where material, taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax laws that have been enacted by the balance sheet date.
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:
|
Leasehold property
|
-
|
20% straight line
|
|
Fixtures & fittings
|
-
|
20% reducing balance
|
|
Office equipment
|
-
|
15% reducing balance
|
|
|
|
|
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.
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 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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
20
(2020:
19
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 April 2020
|
18,212
|
Additions
|
8
|
|
--------
|
At 31 March 2021
|
18,220
|
|
--------
|
Depreciation
|
|
At 1 April 2020
|
14,097
|
Charge for the year
|
639
|
|
--------
|
At 31 March 2021
|
14,736
|
|
--------
|
Carrying amount
|
|
At 31 March 2021
|
3,484
|
|
--------
|
At 31 March 2020
|
4,115
|
|
--------
|
|
|
6.
Director's advances, credits and guarantees
A director's loan account balance remains at the year end in the sum of £1,418. This loan is interest free and repayable on demand.