Company Registration No. 09366143 (England and Wales)
WA CASEMENT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
WA CASEMENT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
WA CASEMENT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Investments
2
7,848,557
7,848,557
Current assets
Trade and other receivables
3
2,600,100
100
Cash and cash equivalents
149,996
-
2,750,096
100
Current liabilities
4
(2,700,352)
(202)
Net current assets/(liabilities)
49,744
(102)
Total assets less current liabilities
7,898,301
7,848,455
Equity
Called up share capital
5
100
100
Share premium account
7,848,355
7,848,355
Retained earnings
49,846
-
Total equity
7,898,301
7,848,455
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 October 2019 and are signed on its behalf by:
S Goldberg
Director
Company Registration No. 09366143
WA CASEMENT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2017
100
7,848,355
-
7,848,455
Year ended 31 May 2018:
Profit and total comprehensive income for the year
-
-
372,035
372,035
Dividends
-
-
(372,035)
(372,035)
Balance at 31 May 2018
100
7,848,355
-
7,848,455
Year ended 31 May 2019:
Profit and total comprehensive income for the year
-
-
2,954,846
2,954,846
Dividends
-
-
(2,905,000)
(2,905,000)
Balance at 31 May 2019
100
7,848,355
49,846
7,898,301
WA CASEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
1
Accounting policies
Company information
WA Casement Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1121 Ashton Old Road, Manchester, M11 4AA.
1.1
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.
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 £.
The financial statements have been prepared under the historical cost convention.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash and cash equivalents
Cash and cash equivalents
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.
WA CASEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2019
2018
£
£
Investments
7,848,557
7,848,557
WA CASEMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
2
Fixed asset investments
(Continued)
- 5 -
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2018 & 31 May 2019
7,848,557
Carrying amount
At 31 May 2019
7,848,557
At 31 May 2018
7,848,557
3
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Other receivables
2,600,100
100
4
Current liabilities
2019
2018
£
£
Other payables
2,700,352
202
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordianry of £1 each
100
100