WC1 Projects Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07004462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

WC1 PROJECTS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr N J Rae

SECRETARY:

Mr M N Rae

REGISTERED OFFICE:

Hartfield Place

40-44 High Street

Northwood

Middlesex

HA6 1BN

REGISTERED NUMBER:

07004462 (England and Wales)

ACCOUNTANTS:

Robert Clow & Co

Chartered Accountants

Hartfield Place

40 - 44 High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Tangible assets

4

846

893

CURRENT ASSETS

Stocks

1,050,000

750,000

Debtors

8,792

34,083

Cash at bank

3,006

392

1,061,798

784,475

CREDITORS

Amounts falling due within one year

1,045,003

780,531

NET CURRENT ASSETS

16,795

3,944

TOTAL ASSETS LESS CURRENT LIABILITIES

17,641

4,837

CAPITAL AND RESERVES

Called up share capital

5

2

2

Retained earnings

17,639

4,835

SHAREHOLDERS' FUNDS

17,641

4,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2020 and were signed by:

Mr N J Rae - Director

1.	STATUTORY INFORMATION

WC1 Projects Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Where the substance of a contract is that the contractual obligations are performed gradually over time,

revenue is recognised as contract activity progresses to reflect the partial performance of our contractual

obligations. The amount of revenue included reflects the accrual of the right to consideration as contract

activity progresses by reference to value of the work performed.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

1,588

Additions

235

At 31 August 2019

1,823

DEPRECIATION

At 1 September 2018

695

Charge for year

282

At 31 August 2019

977

NET BOOK VALUE

At 31 August 2019

846

At 31 August 2018

893

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is £1,019,585 (2018: £753,318) owed to the director.

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N J Rae.