A & J Wernick Limited - Period Ending 2020-04-05
A & J Wernick Limited - Period Ending 2020-04-05
COMPANY REGISTRATION NUMBER:
Chartered Accountants
1st Floor, 3 & 4 Cranmere Court
Lustleigh Close
Matford Business Park
Exeter
Devon
EX2 8PW
A & J Wernick Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
A & J Wernick Limited
Company Information
Directors |
Mr B Wernick Mr A Wernick Mr R Wernick Mrs J Wernick Mr J Wernick |
Company secretary |
Mrs J Wernick |
Registered office |
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Accountants |
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A & J Wernick Limited
(Registration number: 04652108)
Balance Sheet as at 5 April 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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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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Total equity |
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A & J Wernick Limited
(Registration number: 04652108)
Balance Sheet as at 5 April 2020
For the financial year ending 5 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and loss account has been taken.
Approved and authorised for issue by the
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Company secretary and director
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling and rounded to the nearest full £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when invoices are issued to customers.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leaseholds |
Not depreciated |
Plant & Machinery |
5% straight line |
Motor Vehicles |
20% straight line |
Office Equipment |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised in the financial statements of the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 6 April 2019 |
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Additions |
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At 5 April 2020 |
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Depreciation |
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At 6 April 2019 |
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Charge for the year |
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At 5 April 2020 |
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Carrying amount |
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At 5 April 2020 |
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At 5 April 2019 |
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Total |
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Cost or valuation |
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At 6 April 2019 |
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Additions |
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At 5 April 2020 |
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Depreciation |
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At 6 April 2019 |
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Charge for the year |
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At 5 April 2020 |
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Carrying amount |
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At 5 April 2020 |
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At 5 April 2019 |
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Other borrowings |
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A & J Wernick Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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99.70 |
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99.70 |
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0.10 |
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0.10 |
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0.10 |
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0.10 |
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0.10 |
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0.10 |
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Related party transactions |
Key management personnel
The directors
Summary of transactions with key management
No interest has been charged and there is no set date for repayment.
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