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Unaudited Financial Statements for the Year Ended 31 August 2021 |
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Weddings By Design (EA) Ltd |
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Unaudited Financial Statements for the Year Ended 31 August 2021 |
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for |
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Weddings By Design (EA) Ltd |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2021 |
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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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Report of the Accountant | 9 |
Weddings By Design (EA) Ltd |
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Company Information |
for the Year Ended 31 August 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANT: |
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t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Balance Sheet |
31 August 2021 |
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31.8.21 | 31.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET LIABILITIES | ( |
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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 director acknowledges her 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. |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Balance Sheet - continued |
31 August 2021 |
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The financial statements were approved by the director and authorised for issue on
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Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2021 |
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1. | STATUTORY INFORMATION |
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Weddings By Design (EA) Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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The financial statements are presented in Sterling (£). |
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Going concern: |
The directors have considered the company's position at the time of signing the financial statements, and in particular the additional operational and financial challenges caused by COVID-19. In the current circumstances, it is difficult to produce precise forecasts for the remainder of the current financial year and the medium term. Nevertheless, the directors have considered the company's financial strength together with an assessment of the potential impact of the disease on its operations and its finances and the measures available to mitigate ongoing costs. |
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The directors have confirmed that they will continue to financially support the company for the foreseeable future, and there have been no indications from the company's other creditors that they will not continue to support the company for the foreseeable future. Based on all of this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. Therefore they continue to adopt the going concern basis of accounting in preparing these financial statements. |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
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The following principal accounting policies have been applied: |
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Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
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Sale of goods: |
Revenue from the sale of goods is recognised when the company has transferred the significant risks and |
rewards of ownership to the buyer, which is usually on the shipment of the goods. |
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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. |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, using the straight line method. |
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Depreciation is provided on the following basis: |
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Plant and machinery etc - 25% on cost |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
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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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Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
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- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
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- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances |
have been met. |
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Deferred tax balances are not recognised in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans,are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 September 2020 |
and 31 August 2021 |
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AMORTISATION |
At 1 September 2020 |
and 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2020 |
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Additions |
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Disposals | ( |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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During the year the company has obtained a loan from the company's bankers under the terms of the Government backed Bounce Back Loan scheme. The loan is unsecured. |
Weddings By Design (EA) Ltd (Registered number: 08196157) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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10. | RELATED PARTY DISCLOSURES |
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Other creditors (see note 10) includes amounts owed to the director at the balance sheet date amounting to £405,056 (2020: £370,045). During the year the director made loans to the company and paid business expenses on behalf of the company to third parties, totalling £73,917 (2020: £nil). Repayments were made to the director during the year amounting to £38,906 (2020: £49,537).. The loans are unsecured, interest-free and repayable on demand. |
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The company leases business premises at full market rate from a company owned by the director. For the year ended 31 August 2021, the company has negotiated a rent holiday, and the landlord as written off arrears for earlier years. During the year ended 31 August 2021, the company rented business premises on licence to two companies in which the director owns a controlling interest. The income from these licences was recognised under Other Operating Income to the value of £9,173 (2020: £11,898l). Goods were also sold to the same companies to the value of £15,759 (2020: £37,952) and which were supplied at market value. |
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11. | POST BALANCE SHEET EVENTS |
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The company has been affected by the COVID-19 pandemic lockdowns during the year under review and into the current year, which resulted in a temporary closures of operations and furloughing a significant proportion of the work force, and which continued into the current year. Trading operations have recommenced and are continuing at the time of approving these accounts. |
Weddings By Design (EA) Ltd |
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Report of the Accountant to the Director of |
Weddings By Design (EA) Ltd |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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These financial statements have been prepared in accordance with our terms of engagement and in order to assist you fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 August 2021. We have prepared these financial statements based on the accounting records, information and explanations provided by you. |
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As a practising member of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk. |
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This report is made solely to the Board of Directors, as a body. Our work has been undertaken solely to prepare for your approval the accounts of the company and state those matters that we have agreed to state to the Board of Directors, as a body in this report, in accordance with the requirements of the Association of Accounting Technicians as detailed at www.aat.org.uk. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company and its Board of Directors as a body for our work or for this report. |
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On behalf of the board, you have acknowledged that it is your duty, to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of the company. |
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You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 August 2021. Therefore the financial statements are unaudited. 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. |
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t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |
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