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Unaudited Financial Statements for the Year Ended 31st March 2020 |
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South West Asbestos Removal Ltd |
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Unaudited Financial Statements for the Year Ended 31st March 2020 |
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for |
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South West Asbestos Removal Ltd |
South West Asbestos Removal Ltd (Registered number: SC590315) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 4 |
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Report of the Accountants | 5 |
South West Asbestos Removal Ltd |
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Company Information |
for the Year Ended 31st March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
South West Asbestos Removal Ltd (Registered number: SC590315) |
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Balance Sheet |
31st March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
by: |
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South West Asbestos Removal Ltd (Registered number: SC590315) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2020 |
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1. | STATUTORY INFORMATION |
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South West Asbestos Removal Ltd is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax |
and other sales taxes. |
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Tangible fixed assets |
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Amounts written off each asset over the estimated useful life represent cost less residual value. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which |
they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or |
substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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Provisions and contingencies |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is |
probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated |
reliably. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
South West Asbestos Removal Ltd (Registered number: SC590315) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st April 2019 |
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Additions |
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Disposals | ( |
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At 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £10,000 (2019 - £4,000) were paid to the directors . |
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Mr SA Borthwick |
Director of the company |
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At 31st March 2020, the company operated a director's loan with Mr SA Borthwick. This sum is repayable on demand and no |
interest is charged on the sum advanced. |
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Amount due to Mr SA Borthwick at 31st March 2020 - £712 (2019: £901) |
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Mr KR Douglas |
Director of the company |
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At 31st March 2020, the company operated a director's loan with Mr KR Douglas. This sum is repayable on demand and no |
interest is charged on the sum advanced. |
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Amount due to Mr KR Douglas at 31st March 2020 - £712 (2019: £901) |
South West Asbestos Removal Ltd |
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Report of the Accountants to the Directors of |
South West Asbestos Removal Ltd |
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The following reproduces the text of the report prepared for the directors 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 Directors are not required to be |
filed with the Registrar of Companies. |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st March 2020 set out on pages three to seven and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
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