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Unaudited Financial Statements |
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for the Year Ended 30 November 2019 |
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for |
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WCT ROOFING CONTRACTORS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 November 2019 |
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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 2019 |
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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 2019 |
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2019 | 2018 |
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 | 9 |
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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 Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue 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 2019 |
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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 5-6 Greenfield Crescent, Edgbaston, Birmingham, B15 3BE. |
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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 amounts 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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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Financial instruments |
The company has elected to apply the exemption from the disclosure 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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 2019 |
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2. | Accounting policies - continued |
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Impairment of assets |
At each reporting period end date, the company reviews the carrying amounts of its fixed and current 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). |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. |
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An impairment loss is recognised immediately in profit or loss. |
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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 is increased to the revised estimate of its recoverable amount, to the extent that this does not exceed the original cost price of the asset. |
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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. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee’s services |
are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably |
committed to terminate the employment of an employee or to provide termination benefits. |
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Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks |
and rewards of ownership to the lessees. All other leases are classified as operating leases. |
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Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date |
of inception and the present value of the minimum lease payments. The related liability is included in the |
balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and |
interest elements. The interest is charged to the profit and loss account so as to produce a constant |
periodic rate of interest on the remaining balance of the liability. |
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Rentals payable under operating leases, including any lease incentives received, are charged to income |
on a straight line basis over the term of the relevant lease except where another more systematic basis is |
more representative of the time pattern in which economic benefits from the lease asset are consumed. |
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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 2018 |
and 30 November 2019 |
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Depreciation |
At 1 December 2018 |
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Charge for year |
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At 30 November 2019 |
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Net book value |
At 30 November 2019 |
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At 30 November 2018 |
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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 2019 |
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5. | Stocks |
2019 | 2018 |
£ | £ |
Raw materials |
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6. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Called up share capital not paid |
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7. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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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 | 24,876 | 36,489 |
Payments received on account | 255 | - |
Accrued expenses |
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8. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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10. | Director's advances, credits and guarantees |
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The following advances and credits to a director subsisted during the years ended 30 November 2019 and 30 November 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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