Wolves Crown Constructions Ltd Filleted accounts for Companies House (small and micro)

WOLVES CROWN CONSTRUCTIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10020563

Wolves Crown Constructions Ltd

Filleted Unaudited Financial Statements

28 February 2019

Wolves Crown Constructions Ltd

Financial Statements

Year ended 28 February 2019

Contents	Page

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Wolves Crown Constructions Ltd

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Wolves Crown Constructions Ltd

Year ended 28 February 2019

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28 February 2019, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants

P.O. Box 10901 Birmingham B1 1ZQ

30 November 2019

Wolves Crown Constructions Ltd

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	7		5,589		4,096

Current assets

Debtors	8	55,440	77,154
Cash at bank and in hand		69,733	8,339
		---------	--------
		125,173	85,493

Creditors: amounts falling due within one year	9	88,001		57,993
		---------		--------
Net current assets			37,172		27,500
			--------		--------
Total assets less current liabilities			42,761		31,596

Provisions	213	213
	--------	--------
Net assets	42,548	31,383
	--------	--------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		42,448	31,283
		--------	--------
Shareholders funds		42,548	31,383
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wolves Crown Constructions Ltd

Statement of Financial Position (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 30 November 2019 , and are signed on behalf of the board by:

Mr. H. Lal
Director

Company registration number: 10020563

Wolves Crown Constructions Ltd

Notes to the Financial Statements

Year ended 28 February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Pritchett Avenue, Wolverhampton, WV4 6PJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% straight line
Equipment	-	15% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	5,297	4,673

Deferred tax:

Origination and reversal of timing differences	–	213
	-------	-------
Tax on profit	5,297	4,886
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	23,962	25,509
	--------	--------
Profit on ordinary activities by rate of tax	4,553	4,868
Effect of expenses not deductible for tax purposes	1,207	209
Effect of capital allowances and depreciation	( 463)	( 191)
	--------	--------
Tax on profit	5,297	4,886
	--------	--------

6. Dividends

	2019	2018
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	7,500	5,000
	-------	-------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 March 2018	500	490	3,450	1,780	6,220
Additions	–	–	7,500	595	8,095
Disposals	–	–	( 5,000)	–	( 5,000)
	----	----	-------	-------	-------
At 28 February 2019	500	490	5,950	2,375	9,315
	----	----	-------	-------	-------
Depreciation
At 1 March 2018	100	147	1,725	152	2,124
Charge for the year	50	73	1,123	356	1,602
	----	----	-------	-------	-------
At 28 February 2019	150	220	2,848	508	3,726
	----	----	-------	-------	-------
Carrying amount
At 28 February 2019	350	270	3,102	1,867	5,589
	----	----	-------	-------	-------
At 28 February 2018	400	343	1,725	1,628	4,096
	----	----	-------	-------	-------

8. Debtors

	2019	2018
	£	£
Trade debtors	22,042	49,649
Other debtors	33,398	27,505
	--------	--------
	55,440	77,154
	--------	--------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	48,133	29,802
Corporation tax	5,297	4,673
Social security and other taxes	9,713	7,816
Other creditors	24,858	15,702
	--------	--------
	88,001	57,993
	--------	--------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	213	213
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	213	213
	----	----

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. Director's advances, credits and guarantees

At 28th February 2019, other creditors include the following amounts due to the director:- Mr H. Lal £20,170 (2017 - £8,560) The loans are interest free and repayable on demand

13. Related party transactions

Mr H. Lal, director received dividends of £7,500 for period under review.