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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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Birmingham Drain Services Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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for |
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Birmingham Drain Services Ltd |
Birmingham Drain Services Ltd (Registered number: 07344240) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Birmingham Drain Services Ltd |
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Company Information |
for the Year Ended 30 November 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Crosby Court |
28 George Street |
Birmingham |
B3 1QG |
Birmingham Drain Services Ltd (Registered number: 07344240) |
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Balance Sheet |
30 November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stock and WIP |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Birmingham Drain Services Ltd (Registered number: 07344240) |
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Balance Sheet - continued |
30 November 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2020 |
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1. | STATUTORY INFORMATION |
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Birmingham Drain Services Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts. The policies adopted for the recognition of turnover are as follows |
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Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
The Company has transferred the significant risks and rewards of ownership to the buyer |
The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
The amount of revenue can be measured reliably; |
It is probable that the Company will receive the consideration due under the transaction; and |
The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stock and wip are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable/ payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in the other administrative expenses. |
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Cash and cash equivalents |
Cash at bank and in hand 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. |
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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 costs 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 at a discounted at a market rate of interest. |
Financial assets are classified as receivable within one year are not amortised. |
Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimate future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event accruing after impairment was recognized, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. |
The impairment reversal is recognised in the profit or loss. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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. |
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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 future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised costs using the effective interest method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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. |
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Government grants |
Grants are accounted for under the accruals model as permitted br FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates.The deferred element of grants is included in creditors as deferred income. |
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Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 December 2019 |
and 30 November 2020 |
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AMORTISATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 December 2019 |
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Additions |
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Transfer to ownership | (25,000 | ) |
At 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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Transfer to ownership | (16,000 | ) |
At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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Birmingham Drain Services Ltd (Registered number: 07344240) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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9. | PARENT AND ULTIMATE PARENT UNDERTAKING |
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The company's immediate parent is The Drain Group Limited, incorporated in England. |