ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

COMMUNITY WAREHOUSE LIMITED - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2020-04-302020-04-301true2019-05-01falseNo description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC475448 2019-05-01 2020-04-30 SC475448 2018-05-01 2019-04-30 SC475448 2020-04-30 SC475448 2019-04-30 SC475448 c:Director1 2019-05-01 2020-04-30 SC475448 c:RegisteredOffice 2019-05-01 2020-04-30 SC475448 c:Agent1 2019-05-01 2020-04-30 SC475448 d:ComputerEquipment 2019-05-01 2020-04-30 SC475448 d:ComputerEquipment 2020-04-30 SC475448 d:ComputerEquipment 2019-04-30 SC475448 d:ComputerEquipment d:OwnedOrFreeholdAssets 2019-05-01 2020-04-30 SC475448 d:CurrentFinancialInstruments 2020-04-30 SC475448 d:CurrentFinancialInstruments 2019-04-30 SC475448 d:CurrentFinancialInstruments d:WithinOneYear 2020-04-30 SC475448 d:CurrentFinancialInstruments d:WithinOneYear 2019-04-30 SC475448 d:ShareCapital 2020-04-30 SC475448 d:ShareCapital 2019-04-30 SC475448 d:RetainedEarningsAccumulatedLosses 2020-04-30 SC475448 d:RetainedEarningsAccumulatedLosses 2019-04-30 SC475448 c:OrdinaryShareClass1 2019-05-01 2020-04-30 SC475448 c:OrdinaryShareClass1 2020-04-30 SC475448 c:OrdinaryShareClass1 2019-04-30 SC475448 c:FRS102 2019-05-01 2020-04-30 SC475448 c:AuditExemptWithAccountantsReport 2019-05-01 2020-04-30 SC475448 c:FullAccounts 2019-05-01 2020-04-30 SC475448 c:PrivateLimitedCompanyLtd 2019-05-01 2020-04-30 SC475448 d:AcceleratedTaxDepreciationDeferredTax 2020-04-30 SC475448 d:AcceleratedTaxDepreciationDeferredTax 2019-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC475448









COMMUNITY WAREHOUSE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2020
 
COMMUNITY WAREHOUSE LIMITED
 
 
COMPANY INFORMATION


Director
Fergus Storrier 




Registered number
SC475448



Registered office
11 Dudhope Terrace

Dundee

DD3 6TS




Accountants
Findlays
Chartered Accountants

11 Dudhope Terrace

Dundee

DD3 6TS




Bankers
Royal Bank of Scotland
288 Brook Street

Broughty Ferry

Dundee

DD5 2AP




 
COMMUNITY WAREHOUSE LIMITED
 

CONTENTS



Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 9

 
COMMUNITY WAREHOUSE LIMITED
 
 
  
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COMMUNITY WAREHOUSE LIMITED
FOR THE YEAR ENDED 30 APRIL 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Community Warehouse Limited for the Year ended 30 April 2020 which comprise  the Balance Sheet  and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Director of Community Warehouse Limited in accordance with the terms of our engagement letter dated 20th November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Community Warehouse Limited  and state those matters that we have agreed to state to the Director of Community Warehouse Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Community Warehouse Limited and its Director for our work or for this report. 

It is your duty to ensure that Community Warehouse Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Community Warehouse Limited. You consider that Community Warehouse Limited is exempt from the statutory audit requirement for the Year.

We have not been instructed to carry out an audit or review of the financial statements of Community Warehouse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Findlays
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
25 November 2020
Page 1
 
COMMUNITY WAREHOUSE LIMITED
REGISTERED NUMBER: SC475448

BALANCE SHEET
AS AT 30 APRIL 2020

2020
2019
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,104
1,656

  
1,104
1,656

Current assets
  

Debtors: amounts falling due within one year
 5 
4,625
204

Cash at bank and in hand
 6 
205
3,125

  
4,830
3,329

Creditors: amounts falling due within one year
 7 
(4,713)
(3,339)

Net current assets/(liabilities)
  
 
 
117
 
 
(10)

Total assets less current liabilities
  
1,221
1,646

Provisions for liabilities
  

Deferred tax
 8 
(210)
(315)

  
 
 
(210)
 
 
(315)

Net assets
  
1,011
1,331


Capital and reserves
  

Called up share capital 
 9 
10
10

Profit and loss account
  
1,001
1,321

  
1,011
1,331


Page 2
 
COMMUNITY WAREHOUSE LIMITED
REGISTERED NUMBER: SC475448
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2020

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2020.




Fergus Storrier
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

1.


General information

Community Warehouse Limited is a private company limited by shares, incorporated in Scotland within the United Kingdom (company number SC475448). The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the Year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

3.


Employees

The average monthly number of employees, including directors, during the Year was 1 (2019 - 1).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2019
2,208



At 30 April 2020

2,208



Depreciation


At 1 May 2019
552


Charge for the Year on owned assets
552



At 30 April 2020

1,104



Net book value



At 30 April 2020
1,104



At 30 April 2019
1,656


5.


Debtors

2020
2019
£
£


Trade debtors
975
-

Other debtors
3,435
-

Prepayments and accrued income
215
204

4,625
204


Page 7
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

6.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
205
3,125

205
3,125



7.


Creditors: Amounts falling due within one year

2020
2019
£
£

Corporation tax
3,163
429

Other creditors
-
1,470

Accruals and deferred income
1,550
1,440

4,713
3,339



8.


Deferred taxation




2020


£






At beginning of year
(315)


Charged to profit or loss
105



At end of year
(210)

The provision for deferred taxation is made up as follows:

2020
2019
£
£


Accelerated capital allowances
(210)
(315)

(210)
(315)

Page 8
 
COMMUNITY WAREHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020

9.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



10 (2019 - 10) Ordinary shares of £1 each
10
10

 
Page 9