The Union Chiswick Limited - Period Ending 2020-02-16
The Union Chiswick Limited - Period Ending 2020-02-16
Period from 19 February 2019 to
Registration number:
The Union Chiswick Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Union Chiswick Limited
Company Information
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Directors |
Mr E D Guinness Mr M B W Jacomb Mr W J H Spooner |
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Registered office |
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Accountants |
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Page 1 |
The Union Chiswick Limited
Balance Sheet
16 February 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 liabilities |
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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 |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
The Union Chiswick Limited
Balance Sheet
16 February 2020
For the financial period ending 16 February 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 06170850
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Page 3 |
The Union Chiswick Limited
Notes to the Unaudited Financial Statements
Period from 19 February 2019 to 16 February 2020
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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
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, 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.
Going concern
The directors have prepared the financial statements on a going concern basis, on the understanding that they will continue to provide financial support if it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not forthcoming.
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. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
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Page 4 |
The Union Chiswick Limited
Notes to the Unaudited Financial Statements
Period from 19 February 2019 to 16 February 2020
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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:
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Asset class |
Depreciation method and rate |
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Leaseholds |
5% Straight Line Basis |
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Fixtures and Fittings |
15% Reducing Balance Basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Page 5 |
The Union Chiswick Limited
Notes to the Unaudited Financial Statements
Period from 19 February 2019 to 16 February 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Page 6 |
The Union Chiswick Limited
Notes to the Unaudited Financial Statements
Period from 19 February 2019 to 16 February 2020
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 19 February 2019 |
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Additions |
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At 16 February 2020 |
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Depreciation |
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At 19 February 2019 |
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Charge for the period |
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At 16 February 2020 |
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Carrying amount |
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At 16 February 2020 |
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At 18 February 2019 |
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Included within the net book value of land and buildings above is £135,632 (2019 - £144,366) in respect of long leasehold land and buildings.
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Debtors |
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2020 |
2019 |
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Other debtors |
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Prepayments |
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Page 7 |
The Union Chiswick Limited
Notes to the Unaudited Financial Statements
Period from 19 February 2019 to 16 February 2020
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Creditors |
Creditors: amounts falling due within one year
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2020 |
18 February 2019 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Related party transactions |
Loans from related parties
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2019 |
Other related parties |
Total |
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At start of period |
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Advanced |
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Repaid |
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At end of period |
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Terms of loans from related parties
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Page 8 |