Union Street Tin Company FILLETED ACCOUNTS COVER
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Company No. 09323520
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Union Street Tin Company BALANCE SHEET REGISTRAR
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at
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Company No.
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Notes
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2018
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2017
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£
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£
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Current assets
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Stocks
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2
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Debtors
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3
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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4
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(
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(
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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
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5
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(
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(
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Net liabilities
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(
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(
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Capital and reserves
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Called up share capital
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Profit and loss account
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6
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(
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(
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Total equity
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(
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(
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 20 September 2019
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And signed on its behalf by:
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J.B. Powers
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Director
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Union Street Tin Company NOTES TO THE ACCOUNTS REGISTRAR
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for the year ended 31 December 2018
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1
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Accounting policies
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Basis of preparation
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The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
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Going Concern
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There was a net deficiency of assets of £19,958 (2017 - £16,379) at the balance sheet date, however, the director has confirmed continued support and considers the company retains sufficient working capital to continue trading. The support will be reviewed 12 months from the date of these financial statements.
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • 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 economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Stocks
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Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. |
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Trade and other debtors
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Trade and other creditors
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Foreign currencies
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Provisions
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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2
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Stocks
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2018
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2017
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£
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£
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Finished goods
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3
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Debtors
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2018
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2017
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£
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£
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VAT recoverable
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Other debtors
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Prepayments and accrued income
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4
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Creditors:
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amounts falling due within one year
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2018
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2017
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£
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£
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Trade creditors
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Loans from directors
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5
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Creditors:
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amounts falling due after more than one year
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2018
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2017
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£
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£
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Other creditors
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6
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Reserves
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7
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Additional information
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Its registered number is:
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