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Unaudited Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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WCT ROOFING CONTRACTORS LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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WCT ROOFING CONTRACTORS LIMITED |
WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Contents of the Financial Statements |
for the year ended 30 November 2018 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Balance Sheet |
30 November 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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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 | 10 |
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Retained earnings |
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Shareholders' funds |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the director on
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WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Notes to the Financial Statements |
for the year ended 30 November 2018 |
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1. | Company information |
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WCT Roofing Contractors Limited is a private company limited by shares incorporated in England and |
Wales. The registered office is 2 Water Court, Water Street, Birmingham, B3 1HP |
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2. | Accounting policies |
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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. |
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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 £. |
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The financial statements have been prepared under the historical cost convention. The principal |
accounting policies adopted are set out below. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Notes to the Financial Statements - continued |
for the year ended 30 November 2018 |
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2. | Accounting policies - continued |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to |
the contractual provisions of the instrument. |
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Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when |
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a |
net basis or to realise the asset and settle the liability simultaneously. |
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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 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. |
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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. |
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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 the future paymen ts 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 cost, using the effective interest rate 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. 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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, |
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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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. |
WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Notes to the Financial Statements - continued |
for the year ended 30 November 2018 |
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2. | Accounting policies - continued |
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Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any such |
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the |
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, |
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that |
reflects current market assessments of the time value of money and the risks specific to the asset for |
which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. |
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a |
revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or |
cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had no |
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an |
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a |
revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
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Cash at bank and in hand |
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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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
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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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4. | Tangible fixed assets |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 December 2017 |
and 30 November 2018 |
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Depreciation |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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Net book value |
At 30 November 2018 |
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At 30 November 2017 |
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WCT ROOFING CONTRACTORS LIMITED (REGISTERED NUMBER: 07428235) |
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Notes to the Financial Statements - continued |
for the year ended 30 November 2018 |
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5. | Stocks |
2018 | 2017 |
£ | £ |
Raw materials |
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6. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Called up share capital not paid |
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7. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes | ( |
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VAT | 36,489 | 38,013 |
Accrued expenses |
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8. | Creditors: amounts falling due after more than one year |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | Leasing agreements |
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Lessee |
At the reporting end date the company had outstanding commitments for future minimum lease payments |
under non-cancellable operating leases, as follows: |
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2 018 | 2017 |
£ | £ |
- | 225 |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |