ACCOUNTS - Final Accounts preparation

DOWNS INSTALLATIONS LIMITED - Company Information

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Registered number: 04582625

Downs Installations Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2020

Downs Installations Limited

Registered number: 04582625

Balance Sheet

As at 31 March 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	3,000		3,000
Cash at bank and in hand		62,584		53,281
		65,584		56,281
Creditors: amounts falling due within one year	5	(17,400)		(14,620)
Net current assets			48,184		41,661
Total assets less current liabilities			48,184		41,661

Net assets			48,184		41,661

Capital and reserves
Called up share capital	6	1	1
Profit and loss account		48,183	41,660
		48,184	41,661

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 her 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 23 November 2020.

Miss A L Russell

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

Downs Installations Limited

Notes to the Financial Statements

For the Year Ended 31 March 2020

1.	General information

Downs Installations Limited is a limited liability company incorporated in England and Wales with the registration number 04582625. The address of the company's registered office is Unit 53 John Wilson Business Park, Chestfield, Whitstable, Kent, CT5 3QT.

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 financial statements are presented in Pounds Sterling.
The financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

2.2

Going concern

The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. While the impact of the Covid-19 virus has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

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.

Page 2

Downs Installations Limited

Notes to the Financial Statements

For the Year Ended 31 March 2020

2.Accounting policies (continued)

2.4

Taxation

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.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

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.

2.7

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.

Employees

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

Debtors

					2020	2019
					£	£


Trade debtors	3,000	3,000
	3,000	3,000

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	987	2,924
Corporation tax	8,583	4,915
Other taxation and social security	4,633	3,584
Accruals and deferred income	3,197	3,197
	17,400	14,620

Page 3

Downs Installations Limited

Notes to the Financial Statements

For the Year Ended 31 March 2020

6.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1.00	1	1

7.	Related party transactions
	All directors' remuneration paid by the company during the year was done so under normal market conditions.

8.	Post balance sheet events

At the time of signing the accounts the director is aware of the potential economic effects of COVID-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the company will continue to mitigate this risk by following the UK Government's guidelines and adapting/developing its own internal strategy. Otherwise, there have been no significant events affecting the company since the year end.

9.	Controlling party

A Russell, a director of the company, is the ultimate controlling party by virtue of her 100% shareholding.

Page 4