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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 |
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Current assets | |||||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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Net current assets |
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Total assets less current liabilities |
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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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Profit and loss account |
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Shareholders' funds |
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G Baker | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The presentation currency of the financial statements is the Pound Sterling (£). |
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Significant judgements and estimates | ||||||||
There are no significant judgements and estimates applied to the numbers contained within these financial statements. | ||||||||
Turnover | ||||||||
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Other operating income | ||||||||
Other operating income is government grants received. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance related grants, income is recognised only when the performance related conditions are met. |
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Tangible fixed assets | ||||||||
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Plant and machinery | 25% reducing balance | |||||||
Motor vehicles | 25% reducing balance | |||||||
Computer Equipment | 3 years straight line | |||||||
Debtors | ||||||||
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Creditors | ||||||||
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Financial instruments | ||||||||
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. (i) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 asset's original effective interest rate. The impairment loss is recognised in the Profit and Loss Account. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, 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 and Loss Account. |
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Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Profit and Loss Account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities Basic financial liabilities, including trade and other creditors, loans from fellow Group Companies that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured, initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. These financial instruments are then subsequently measured at fair value and any changes in fair value are recognised in, the Profit and Loss Account. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. 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. Financial liabilities are derecognised when the liability is extinguished; that is, when the contractual obligation is discharged, cancelled or expires. |
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Cash and cash equivalents | ||||||||
Cash and cash equivalents comprise cash on hand. | ||||||||
Taxation | ||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. 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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Leased assets | ||||||||
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Going concern | ||||||||
The Directors' expectation is that the Company will continue to trade profitably for the forseeable future and hence generate the resources required to meet its obligations, if and when, they become due. In light of this, they are of the opinion that the Company should continue to adopt the going concern basis of accounting in preparing the annual financial statements. | ||||||||
2 | Employees and directors | 2021 | 2020 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Tangible fixed assets | |||||||
Plant and machinery etc | Motor vehicles | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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Depreciation | ||||||||
At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Net book value | ||||||||
At 30 June 2021 |
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At 30 June 2020 |
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4 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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5 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Trade creditors |
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Taxation and social security costs |
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Other creditors |
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6 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
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[Loan 1] |
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( |
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[Loan 1] |
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( |
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3,571 | 59,667 | (67,004) | (3,766) | |||||
7 | Related party transactions | |||||||
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8 | Other information | |||||||
Draysons Car Care Kensington Ltd is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Suite 25, Barkat House | ||||||||
116 - 118 Finchley Road | ||||||||
London | ||||||||
NW3 5HT |