Company Registration No. 11093289 (England and Wales)
A CONNOLLY COMMERCIAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
A CONNOLLY COMMERCIAL LIMITED
COMPANY INFORMATION
Directors
Mr A Connolly
Mrs M F Connolly
Mr C J Connolly
Secretary
Mr A Connolly
Company number
11093289
Registered office
The Old Dairy
Leeds Street
Wigan
Lancs
WN3 4BW
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
The Old Dairy
Leeds Street
Wigan
Lancs
WN3 4BW
A CONNOLLY COMMERCIAL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 7
A CONNOLLY COMMERCIAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2019
- 1 -
The directors present their annual report and financial statements for the Year ended 31 March 2019.
Principal activities
During the year the company commenced trading in commercial building construction.
Directors
The directors who held office during the Year and up to the date of signature of the financial statements were as follows:
Mr A Connolly
Mrs M F Connolly
Mr C J Connolly
Auditor
The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A CONNOLLY COMMERCIAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C J Connolly
Director
12 December 2019
A CONNOLLY COMMERCIAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 3 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
421,564
100
Cash at bank and in hand
477,939
-
899,503
100
Creditors: amounts falling due within one year
4
(655,263)
-
Net current assets
244,240
100
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
244,140
-
Total equity
244,240
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 12 December 2019 and are signed on its behalf by:
Mr A Connolly
Mr C J Connolly
Director
Director
Company Registration No. 11093289
A CONNOLLY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
1
Accounting policies
Company information
A Connolly Commercial Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Dairy, Leeds Street, Wigan, Lancs, WN3 4BW.
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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company was incorporated on 04 December 2017 and the accounting reference date was subsequently shortened to 31 March 2018 to align it with the parent company. Although the comparative period only represents 4 months, the company was dormant during that period.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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 balance sheet 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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
A CONNOLLY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was 2 (2018 - 0).
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
192,374
-
Amounts owed by group undertakings
229,190
100
421,564
100
The amounts due from group undertakings are interest free, with no security and no fixed repayment terms.
A CONNOLLY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
50,679
-
Amounts owed to group undertakings
199,900
-
Taxation and social security
167,325
-
Other creditors
237,359
-
655,263
-
The amounts due
to
group undertakings are interest free, with no security and no fixed repayment terms.
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Seamus Ferguson FCA.
The auditor was Goldblatts.
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
199,900
-
A CONNOLLY COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
8
Parent company
The parent company is A Connolly Holdings Limited whose registered office is The Old Dairy, Leeds Street, Wigan, Lancs, WN3 4BW.
The ultimate parent company is The Connolly Group Limited whose registered office is The Old Dairy, Leeds Street, Wigan, Lancs, WN3 4BW.
A Connolly
Holdings Limited prepares group financial statements and copies can be obtained from -
The Company Secretary,
A Connolly
Holdings Limited
, The Old Dairy, Leeds Street, Wigan, Lancs,WN3 4BW.